In a filing to the Hong Kong Stock Exchange last Friday, the Suncity Group revealed that it had acquired ownership of a 108,800 square meter plot of land in northern Miyakojima which it intends to utilize for a resort hotel development.
The filing indicates that, should the necessary regulatory approval be provided, Suncity intends to build a hotel with more than one hundred rooms, forty villas, and a swimming pool on the site.
The Suncity statement also expressed confidence in Japan as a tourist destination, especially for Chinese nationals.
The purchase price for Suncity’s controlling stake in the land was less than US$10 million.
Suncity has recently unveiled its concept for a “Wakayama IR 2.0,” and presumably the Miyakojima facility is envisioned as a complementary tourist asset.
Miyakojima, Okinawa Prefecture, is geographically positioned much closer to Taiwan and to Chinese cities such as Fuzhou than it is to Japan’s main islands. (AGB Nippon)