News Suncity Group Acquires Land In Okinawa For Future Hotel Resort Project

Hong Kong-listed Suncity Group has acquired a 108,799 square meter land plot in the Japanese prefecture of Okinawa with the purpose of developing a future hotel resort.
The land in question was said to be evaluated at some US$47.1 million, with a current designated use for natural fields, windbreak forest/barrier, farmland, or public roads, with Suncity intending to apply to Okinawa’s Legal Affair Bureau for the conversion of its designated use to allow a resort hotel.
Some 31.2 million visitors were said to have visited Okinawa in 2018, with 27 per cent being from China.
Suncity also noted that in addition to the 24 direct flights per day to the existing Miyako Airport, the Shimojishima Airport commenced its operations in March 2019, and two airlines have started operating up to 17 direct flights from Tokyo, Osaka and Hong Kong to the Shimojishima Airport per week, which will enhance the transportation to Miyako Islands.
The purchase will be funded by financing from a company wholly owned by Sunicty’s Executive Director, Alvin Chau Cheok Wa, which has previously made available to the company a facility in the principal amount of up to HK$1.5 billion for the purposes of the group’s daily operations, mergers and acquisitions, investments, business development and other corporate purposes.
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