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China lends $462 million to complete 1st stage of luxury Punta Cana resort

Tourism Minister of the Dom Rep has announced that State Bank of China and the Foreign Trade Bank of China will lend $462 million to finish the hotel and real estate complex, Punta Perla, so that it can open its doors to travellers on Punta Cana holidays.

China lends $462 million to complete 1st stage of luxury Punta Cana resort

The Foreign Trade Bank of China and the State Bank of China will be lending $462 million in order to complete the first stage of the Punta Perla complex which will provide Punta Cana holidays for tourists and real estate for residents.

The Dominican Republic's Tourism Minister, Francisco Javier Garcia, announced the banks' involvement in the completion after recently attending the Shanghai Fair as part of the Dominican delegation.

Thon Yung structured the agreement which will also involve the engineering company, IPPR and construction company, Jiang XI Zhong.

This is the first investment from Chinese capitals in the Dominican Republic and the agreement will not only help finish the first stage of the luxury Caribbean all inclusive resort, but it also opens the doors to further financing from China towards Dominican Republic projects and developments.

The Tourism Minister commented: "Now the banks, the large Chinese corporations and the companies that manage Chinese tourism will have a point of reference for the country's development potential and will be able to evaluate the country's eagerness to expand its dealings with China."

The Punta Perla project is being led by Spanish investors and is being developed in eastern Punta Cana in the Dominica Republic. The first phase of the project will see the development of 1,500 apartment and villa units which will attract visitors booking Punta holidays as well as the first stage of its marina, clubhouse, boutique hotel, golf course and other sports facilities. The first phase is due to start in January 2011 and is expected to take two years to complete.

The addition to Punta Cana resorts will bring a welcome boost in tourism in the eastern province of La Altagracia on the beautiful Caribbean island nation. As well as providing a luxury resort for Punta Cana holidays, the complex will feature residential units. The three stages of the project are expected to develop over the next eight to ten years.

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