THOUGH a relative newcomer in the Philippine property scene, tycoon Lucio Tan is quietly building a real-estate empire that is creating new urban landmarks across mainland China.
His privately held Eton Property Group now has a landbank of more than two million square meters in key urban hubs in Hong Kong, Shanghai, Xiamen, Dalian, Shengyang, Beijing and Shenzhen, which are simultaneously being developed into large-scale, mixed-use complexes. This makes Eton the biggest Philippine-based property developer in what is expected to soon be the world’s largest economy.
The group recently acquired a former zoo in Dalian, one of the most heavily industrialized areas in China, which was bid out by the local government. It is where the group is now building its first seven-star hotel, which will also be the tallest skyscraper (80 stories) in northeastern China, as part of a 6-billion yuan ($1 billion) five-building mixed-use complex to be completed by 2013.
The tallest building will house both the hotel (150 rooms in 20 floors), which will be managed under an international hotel brand, and another five-star hotel under its existing Eton hotel brand (500 rooms in 30 floors).
What is even more exciting than the Dalian project, Eton Properties Group general manager Patrick Wong told visiting Filipino journalists in Shanghai, is an 8-billion yuan ($1.2 billion) 10-building project in Shenyang, the transportation and commercial hub of northeastern China and the capital of Liaoning province. It is anticipated to be the city’s largest complex which, like in Dalian, will include an upscale hotel, luxury apartments and a shopping mall.
If the net worth of all the privately held overseas assets could be determined, not just in China but in Guam and other countries, there is a big probability that the Kapitan would not rank just second among the Philippines’ list of richest men.
Eton Properties Group, established in Hong Kong in the 1980s, is after all now one of the biggest unlisted private real-estate businesses there with a value of 20 billion Hong Kong dollars ($2.6 billion).For details on Eton properties, you may contact Reby Ramirez @ +63 916.4044.555 / +63 919.699.3572 / +63 922.941.4139 or e-mail: reby_ramirez@yahoo.com
For details on RA 9646 or RESA Law, please visit www.ra9646.com. RA9646.com is the central depository of all updates on the new law for the practice of real estate service in the Philippines. The Law has been passed and signed last June 29, 2009. Its implementing rules and regulations (IRR) has been published in July 2010 making the law fully operational as of August 08 2010.
source: Iinquirer, Jan 24 2011
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