IHG/ CREC sign framework co-operation agreement
1 Oct 2014
OCTOBER 2014: China – IHG/ Guizhou China Railway and Engineering Company (CREC) sign framework co-operation agreement in London
The commercial terms have now been agreed for the IHG / CREC Joint Venture agreement to develop The Sun Valley International Hospital. It is a 200 bed international standard private facility. In addition the JV will develop a 200,000 sq mtr residential development focused on the over 65 market within the CREC International Eco City Project.
IHG has also completed its Phase 1 project for the branding strategy, feasibility study and business plan for the new development for CREC.
The 20 Square Kilometer CREC International Eco City Project is located in Guizhou province, China. The Overall CREC International Eco City comprises 3 valleys and one city, as follows:
Sun Valley- Wellness, Leisure & Healthcare Area
Baijing Valley – Tourism, Sports & Business District
Yunqi Valley – Theme Park & Style Town
Yuelong International City
The overall project has been identified as a key project of the Guizhou provincial government. In the 12th China Five-year Plan the CREC International Eco City Project has been listed as “The China Healthcare Demonstration Project”. The overall project land area is 2,036 hectares. The total investment in this project is circa 50 billion RMB (£5 billion).
The Sun Valley Wellness, Leisure, Health Care and Senior Care Project covers an area of 551 hectares and has been nominated as “The National Healthcare and Senior care Demonstration Project” by the Ministry of Housing and Urban-Rural Development of the People’s Republic of China (MOHRD).