HAVING ousted traditional markets like the UK to become the Maldives’ top source market, China is boosting investment into high-end resorts to cater to the growing Chinese demand.
On June 5, the Maldives government signed an agreement with CJL Investments, a joint venture by Guangdong Beta Oceans and Maldivian partners, to set up the Kunaavashi Island Retreat & Spa.
Located on Kunaavashi Island in Vaavu Atoll, the five-star resort will have 71 villas. Construction is set to start this September and end in 14 months.
This is the first investment in a tourism project by a Chinese private company, tourism ministry officials said.
Earlier in May, the government also signed an agreement with the state-owned China Machinery Engineering Corporation to develop Thaa Atoll Kalhufahalafushi as a resort, with the latter expected to invest at least US$200 million in the project.
Visiting the Maldives is something many Chinese want to do at least once in their lifetime, said CJL Investments chairman Liang Chujin.
According to official figures, 88,887 Chinese visitors arrived in the Maldives from January to March this year, making up 32.6 per cent of the country’s total arrivals for the period.
“More Chinese investors will follow. There is a lot of interest from Sri Lanka and Singapore companies as well,” tourism minister Ahmed Adheeb told local newspapers.
According to him, the Chinese high commissioner in the Maldives is targeting a million Chinese tourists to the country.
Separately, Maldivian’s flights to Nanjing, Changsha and Xi’an which started February, on top of its existing services to Wuhan and Chongqing, is expected to boost Chinese arrivals also.
