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Biz News Korea(Eng)
Korea’s Emerson Pacific to establish a JV for golf and resort business in China
- Collected
- 2016.12.07
- Distributed
- 2016.12.09
- Source
- Go Direct
Emerson Pacific CEO Lee Man-kyu (fourth person from the left) is taking a commemorative picture after sigining an MOU with Richland Investment Group.
Emerson Pacific signed a memorandum of understanding (MOU) with Richland Investment Group Corp. to establish a joint venture that develops and operates local properties to launch joint projects in China, the company said on Monday. In addition, the two parties signed a contract to run Beijing Xiang Shan international golf club on behalf of the Chinese owner and offer design and management consultation for a new resort project Beijing Yushu Linfeng.
With a total capital of 20 billion yuan ($2.91 billion), Richland Investment Group, a shareholder company of China Minsheng Investment Corp., develops and operates local properties and make investment in cultural and art businesses.
Richland Investment Group aims to introduce Emerson Pacific’s management knowhow to the Chinese market and expand its business areas to high-end properties and leisure industry. Both parties plan to set up another joint venture by the first half of 2017 combining assets and capital of Richland Investment Group and Emerson Pacific’s business models.
By Song Gwang-sup
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