Chinese conglomerate Shanghai Jucheng Supply Management Group is investing an initial $100 million to develop an integrated resort with casino in Cagayan Special Economic Zone and Freeport.
Cagayan Economic Zone Authority administrator and chief executive Raul Lambino said the Chinese group planned to recreate a Jeju Island-inspired tourism project that would capitalize on the pristine allure of northeastern Luzon.
“This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” said Lambino.
Lambino signed a memorandum of understanding last week with Jucheng Group founding chairman Xue Chenbiao in Shanghai.
Ceza is headquartered in Santa Ana, Luzon’s northernmost town in Cagayan province, which boasts of stunning white sand beaches, diving spots, game-fishing haven, tropical forest getaways and beautiful sunsets.
Lambino said the project was expected to take off as soon as the agency and the Juncheng Group finalized the details of the proposed investment.
The Chinese group also expressed interest in managing Ceza’s seaports and airport, building townships and theme parks and engaging in Fintech solutions using the blockchain technology.
Ceza said the jewel of its operation would focus on the Jeju-inspired seaside integrated resort with casino component and theme and water parks that would approximate tourism-driven complexes in China and major attractions in other countries.
The proposed integrated resort and property development would include a duty free mall for branded products at discounted prices, a chain of the Island Pacific supermarket for imported and local merchandise and a five-star suite and service.
Juncheng Group recently expanded its operations in the American market with its recent acquisition of the Filipino-owned Island Pacific chain of supermarkets.
Lambino said Jucheng Group was also interested in the production of steel and lithium batteries that would use of local natural resources found in Cagayan province and provide local employment and business opportunities.
Jucheng Group counts among its varied operations the production of high-performance lithium batteries for electric vehicles as well as real estate development, global entertainment, sustainable energy, electronics manufacturing and logistics.
“They want to add more value to our natural resources in a more sustainable way while also protecting our environment,” said Lambino.
