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- Aims to Develop Large-Scale Integrated Tourism & Shopping Complex Projects
- Captures China's Fast-growing Tourism Market and Presents New Concept of Tourism and Consumption |
HONG KONG, Aug 21, 2014 - (ACN Newswire) - Carnival Group International Holdings Limited ("Carnival Group International" or the "Group;" stock code, 996), an operator of all-encompassing large-scale leisure and entertainment complex projects, and originator of new concepts in tourism and consumption, has announced its unaudited interim results for the six months ended 30 June 2014. The Group has turned around its business to achieve a profit during the period under review with profit attributable to owners of the Company reaching HK$8.6 million, mainly attributable to the increase in gain from sales of properties and the reduction of selling and administrative expenses and finance costs.
 | | Carnival Group International 2014 Interim Results Turnaround |
During the period under review, with its commitment to becoming a leading operator of large-scale urban leisure and entertainment complexes in China as well as globally, Carnival Group International has expedited a transformation of its business and is planning for the launch of its integrated tourism project in Qingdao - "Rio Carnival, Qingdao." The complex is targeted at large swaths of the tourism and consumer markets in China and presents the innovative concept of experiential entertainment, consumption and shopping. "Rio Carnival, Qingdao" is a major focus in the Group's development in 2014. To cater for growing demand of visitors to high-end tourism ancillary sites, the project comprises integrated facilities including discount shopping centers for international premium brands, indoor and outdoor theme parks, Langham Place Hotel and Eaton Luxe Hotel under the UK-based Langham Hospitality Group with a distinguished hotel heritage, a themed restaurant street along the river bank and a convention centre. Other highlights include the Chuan Spa centre based on traditional Chinese medicine treatment and a Ferris wheel "Qingdao Eye". The "Rio Carnival, Qingdao" is progressing well and is on track to open in mid-2015.
In addition, the Group has entered into a memorandum of understanding in late June this year for the acquisition of 70% equity interest in a 44,000 sq. m. parcel of land in Laoshan District, Qingdao City. Adjacent to a high-end "Seafood Street" tourism project focusing on leisure and catering, the land parcel is strategically located and well positioned to complement the "Rio Carnival, Qingdao," and reinforce the Group's positioning in the premium tourism and consumer markets.
Mr. King Pak Fu, Chairman of Carnival Group International, said, "Driven by China's continuous economic growth and the increasing spending power of its families, the demand for leisure and entertainment has continuously risen. In light of this, Carnival Group International has created a new concept of integrated tourism and shopping in the Greater China region. We aim to design, develop, operate and manage large-scale tourism and shopping complex projects featuring a theme park, hotel, shopping and leisure functions in major cities of China. Currently, the Group is studying the feasibility of replicating similar large-scale tourism projects in the first- and second-tier cities or key provinces and cities outside Qingdao to capture the opportunities brought about by the strong consumption power, particularly the escalating demand for tourism and shopping in China."
To accelerate the Group's business development, Carnival Group International has appointed Mr. Leung Wing Cheong, Eric as Chief Executive Officer on 1 July. His professional understanding of international capital markets, network of investor relations contacts and operational experience should benefit the Group in formulating a long-term development strategy.
Subsequent to the period under review, the Group has actively been in negotiations with other parties for similar projects in China and overseas and has also been evaluating merger and acquisition opportunities overseas. On 3 July, Carnival Group International signed a letter of intent of cooperation with E United Group, an operator of commercial tourism complexes in Taiwan, to establish a long-term strategic partnership. Both parties intend to co-develop large-scale urban leisure and entertainment complexes in cities across China. As part of a long-term strategic partnership, the Group and Taiwan-based E United Group plan to set up a joint venture company to engage in developing integrated theme park, hotel and shopping mall complexes in different parts of China. The joint venture company will be 60% and 40% owned by Carnival Group International and E United Group respectively. Pursuant to the letter of intent, Carnival Group International will acquire a theme park, a hotel with more than 650 rooms, an outlet for international premium brands with an area exceeding 200,000 sq. m. and 40% equity interest in a soon-to-be-completed hotel and shopping mall project in Kaohsiung, Taiwan from E United Group.
Operated by Taiwan-based E United Group, E-Da Outlet Mall in Kaohsiung opened in 2010. It is Taiwan's only commercial tourism complex integrating a shopping mall, a theme park, a hotel and a convention center and has attracted nearly 10,000,000 visits per year. After three years of operation, the E-Da Outlet Mall has been well received by citizens in Taiwan and has also attracted visitors from Mainland China, Hong Kong, Macau, Singapore, Malaysia, Japan and Korea, representing a successful role model for a large-scale "commercial tourism complex" in Taiwan and beyond. E-Da Outlet Mall is the largest outlet for international premium brands in Asia and the first of its kind in Taiwan. It has distinctive features in its business mix compared to the premium brand outlets elsewhere in Greater China and has enjoyed an outstanding business performance.
Mr. Leung Wing Cheong, Eric, Chief Executive Officer of Carnival Group International, said, "Carnival Group International possesses ample resources to support the development of large-scale projects in major cities in China while E United Group in Taiwan provides a successful and mature operational model of a commercial tourism complex. Thus the strengths of the two parties across the Straits complement each other, beginning through in-depth communications. Both parties will be able to jointly promote the integration of business and corporate culture across the Straits and boost the competitiveness of both partners in the international market. Through this partnership, Carnival Group International and E United Group can collaborate to build a large platform where tourism and consumer businesses locally and abroad can benefit, with the aim to generating greater investment returns to our shareholders."
Contact:
Strategic Financial Relations Limited
Roby Lau
Tel: (852) 2114 4950
Email: roby.lau@sprg.com.hk
Topic: Press release summary
Source: Carnival Group International Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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