Evergrande Group Sold Crystal City Project in Hangzhou for CNY3.66 billion

China-based Evergrande Group (“EG”) has announced to sell the land use and the building ownership of Crystal City Project (“CCP”) in Hangzhou to Zhejiang Zhejian Real Estate Group (“ZZREG”) and Zhejiang Construction Engineering Group (“ZCEG”) for CNY3.66 billion. CCP is envisaged to be a luxury regional attraction for tourists and residents. The proceeds of the transaction will be used to repay the construction fee of CNY920.7 million to ZCEG and the rest for the expense of its working capital. EG is expected to gain a profit of CNY216 million from the deal.

PLP Architecture Unveils Masterplan of Tokyo’s Largest Mixed-use Regeneration Development

UK-based PLP Architecture International Ltd has developed plans for Tokyo Cross Park, an upcoming redevelopment of an entire district led by Japan-based Mitsui Fudosan Co., Ltd., which is set to become the most important development site in the metropolitan area of Tokyo. The project includes a total floor area of 1.1 million square meters, and the site connects to the 16-hectare Hibiya public park and will consist of four towers, a 31-meter-tall podium, and a two-hectare public plaza, together containing offices, commercial facilities, hotels, residential, co-creation spaces, and an extensive public realm. In addition to the rejuvenation of the new Imperial Hotel main building, a separate small super-luxury hotel and a wellness-focused hotel will also be both opened. Furthermore, rental housing and serviced apartments will introduce a new premium level ‘live’ offering into the area.

Singapore to Provide Additional Funding of SGD500 Million for the Recovery of the Tourism Industry

The Singapore government has set aside a budget of SGD500 million as financial support for the recovery of the tourism sector. The funds would be used to assist and strengthen the manpower capabilities in the sector, reduce expenses and improves competitiveness through digital transformation, and encourage the adoption of sustainable solutions. The COVID-19 pandemic has greatly reduced the tourism workforce. To prepare the tourism workforce for the recovery of the tourism industry, Singapore Tourism Board (“STB”) and National Trades Union Congress and Workforce Singapore (“NTUCWS”) has set up the Tourism Career Hub (“TCH”) to assist both working individuals and business owners to develop relevant skills for the industry. In line with Singapore's strategy to be a sustainable urban destination, Singapore had also launched the Tourism Sustainability Programme (“TSP”) to motivate tourism businesses to adopt innovations that enhance resource efficiency and improve business competitiveness.

VISA and Tourism Malaysia Collaborate to Drive Tourist Expenditure

US-based Visa Inc (“Visa”) has announced a partnership with Tourism Malaysia (“TM”) to promote the country as a preferred travel destination and drive tourism receipts in both domestic and international markets. The partnership includes the launch of the Visa Preferred Merchant (“VPM”) programme, providing exclusive offers in accommodation, air tickets, dining, shopping, and medical wellness for Visa cardholders. Malaysia had achieved 26.1 million international visitor arrival back in 2019 and recorded MYR86.1 billion in tourism receipts. By the end of 2022, Malaysia aims to attract two million international visitors arrival and MYR6.8 billion in tourism receipts.

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