Lih Pao Group (麗寶集團), a major construction company, will invest NT$2.5 billion (US$75.23 million) this year in building a hotel and shopping mall at Yamay Recreation World (月眉育樂世界) because the firm is upbeat about economic recovery and increasing numbers of Chinese tourists, the Chinese-language Economic Daily News reported yesterday.
Yamay general manager Chen Chi-hong (陳志鴻) announced the investment on Saturday when the resort, located in Taichung County, celebrated its 10th anniversary and the opening of its Mala Water Park (馬拉灣水上樂園).
Yamay also plans to relaunch its initial public offering (IPO) in 2012 and apply to become a publicly traded company, the paper said.
“Yamay will actively adjust its structure, move toward a multi-purpose leisure and recreational center and solicit gambling operators to set up shop,” Chen was quoted as saying.
Yamay plans to raise about NT$1 billion in capital via the issuance of shares, which Lih Pao Group intended to acquire, Chen said.
Yamay has a registered capital of NT$5.5 billion and a paid-in capital of NT$2.6 billion, he said, adding that it would gradually boost its capital.
Yamay re-elected its board of directors and supervisors at the beginning of this year after the Taichung District Court ruled at the end of last year that Yamay had completed its restructuring. Because Lih Pao holds a 99.98 percent stake in Yamay, Lih Pao chairman Wu Pao-tien (吳寶田) was elected to replace Ever-Fortune Corp (長億集團) chairman Yang Tien-sheng (楊天生) as chairman of Yamay.
Under the new plan, Lih Pao plans to invest NT$1 billion in a 220-room Yamay Fullon Hotel (月眉福容飯店), which is expected to be completed in two years, Chen said.
It will be the 12th hotel operated by Fullon Hotels and Resorts (福容大飯店), an affiliate of Lih Pao, when it is completed.
Aside from the hotel, Lih Pao will invest NT$1.5 billion in a shopping mall, with a space of roughly 17,000 ping (56,000m²) that will include shops, a movie theater and an agricultural product display center.
Lih Pao has been diversifying into the hospitality sector in recent years. Fullon Hotels and Resorts, which was sestablished four years ago, already has five hotels across the country. Fullon plans to open four more hotels in Kenting, Linkou, Hualien and Kaohsiung in two years.
In the next three years, Lih Pao plans to own and operate 16 chain hotels around the nation, with a total of 4,000 rooms, to become the nation’s largest hotel chain operator.
Last December, Lih Pao signed a memorandum of understanding with Australian gaming group Crown Ltd to establish a NT$10 billion casino at Yamay.
It was estimated that 900,000 people visited Yamay last year. After its renovation, Yamay expects to attract 1.2 million visitors this year, up by 30 percent from last year. Yamay’s revenue target this year is around NT$550 million.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS