Located in the capital of Sichuan province, the development will represent Banyan Tree’s first entrance into China’s luxury residential market, and will feature a range of luxury homes and condominiums.
Eddy See, senior VP and CFO of Banyan Tree, is quoted as saying that Chengdu was chosen as the location for the development because of the Sichuan province’s robust potential for growth.
“Prices in Shanghai and Beijing are over the top,” he said. “Potential is limited.”
The Banyan Tree currently operates 30 luxury hotels and resorts in the Asia Pacific region, as well as three golf courses.
The group currently manages hotels in China in the cities of Hangzhou, Sanya and Macau, as well as holding equity interests in hotel and holiday homes in Lijiang in the Yunnan province