Houston Community News >> Chinese Group to Develop Retirement Island

11/28/2007-- A group of Chinese investors will invest more than $75 million in the country for the development of an island in Palawan.

The 600-hectare island will be home to Chinese retirees.

"The Chinese would like to develop a retirement destination in the Philippines. They would like to build first class amenities in a beachfront property for their elderly," Susan Barlin, co-founder of the CEO Club Philippines said in an interview.

The initial $75 million will serve as lease. Barlin said details of how much more the Chinese will invest for the development of the island will be revealed after the groundbreaking to be held in the first quarter next year.

She said in two years time, the country has the opportunity to earn $40 billion. This includes the tourism, the retirement village will spur. "The children of the retirees will want to visit their parents and then take some time off themselves," she noted.

Barlin, who was responsible for bringing the 13 Chinese investors in the country, said aside from retirement, the tourism sector will likewise benefit from the potential Chinese investment.

According to her, the infrastructure needed for the Chinese Village will take two years to build. However, the benefits from tourism will accrue immediately.

The amenities for the Chinese Village will be strictly first class. The island will have its own airport, hospital, hotel, nursing home and other facilities to make the retirees comfortable.

Jing Ping Li, founder and CEO of Global CEO Clubs, said they are still uncertain where the island for retired Chinese will be.

"We are still looking at possible locations but definitely it has to be an island exclusive to the Chinese," Li said.

He said, the island should have an area of not less than 2,000 acres to accommodate all the fixtures including a hospital.

He said a big part of why they decided to build a retirement village here was the people. "Filipino nurses are the best in the world. We feel welcome here because the people are friendly and accommodating," the investor enthused.

Li said there is a need to build a Chinese Village outside China because the only beachfront island in the country is already sold out.

Hainan, the smallest province of China, consists of islands but Li said it is very expensive. An acre of beachfront property costs $1 million.

When asked if the Chinese are concerned about their security while in the country, Li said no. "I feel very safe here. I don’t think it’s a consideration at all," he noted.

The island will cater to the parents of the Chinese elite which makes up 10 percent of their entire population.

Beijing Capital City Real Estate Development Co. Ltd. is interested in building the project with a Filipino partner.

(Contributed by ABS-CBN)