Hong Kong's Evergreen To Spend US$238 Mln On Tourism In Malaysia In Next 5-10 Years

KUALA LUMPUR, Oct 14 (Bernama) -- Hong Kong-based private equity (PE) company Evergreen Offshore Inc. will spent US$238 million (RM1 billion) of its US$1.19 billion (RM5 billion) Asia Pacific One Belt One Road (OBOR) Tourism Industry Fund in Malaysia within the next five to 10 years. (US$1=RM4.20) Evergreen Chairman Davy Chan said the tourism investments in Malaysia would be managed by Evergreen's unit, Ever Centurion Ltd, while AFV Consultants Group Sdn Bhd had been appointed as the company's exclusive strategic partner. AFV Consultants Group will be tasked with conducting project assessment and due diligence process, he told a media briefing on the OBOR Tourism Industry Fund, which makes its debut here, Friday. The OBOR initiative is a development strategy and framework proposed by China's President Xi Jinping that focuses on connectivity and cooperation among countries primarily between China and the rest of Eurasia. Chan said the decision to launch the fund in the capital was prompted by Malaysia's growing tourism industry, coupled with the government's plan to boost investments in the sector. On the types of tourism investments sought by Evergreen, he said the company was looking at quality projects which held potentials to become tourist attractions. "It may not focus only on hotels or theme parks, but we will also consider investing in infrastructure and transportation that can help boost the tourism sector. "Malaysia is strategically located in the south belt. By working with Hong Kong and Mainland China, Malaysia will gain better financial strength, thus strengthening its existing foundation and infrastructure," he said, adding that this would help spur productivity and attract more investments. He said Evergreen was in talks with a few potential project owners, who were involved in tourism development projects, and would be signing memoranda of understanding with them. Chan, however, did not disclosed their names. Malaysia's tourism industry is projected to be worth RM262.2 billion or 15.8 per cent of gross domestic product in 2025 from RM61 billion in 2015. Meanwhile, tourist arrivals to Malaysia increased 3.7 per cent in the first half of this year, while tourist expenditure increased 10.7 per cent. -- BERNAMA