Shanghai Jucheng Supply Management Group, eyeing a fresh tourism destination in Asia that has Jeju Island’s allure of nature, beaches and parks, has committed to pour in investments estimated at $100 million to develop this rarely explored corner off the Northern Pacific Ocean that is part of the sprawling Cagayan Economic Zone Authority (CEZA) territory.
Secretary Raul L. Lambino, CEZA Administrator and CEO signed a memorandum of understanding last week with the large-scale Chinese company in Shanghai, represented by Jucheng Group founding chairman Xue Chenbiao.
“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 in a statement.
Jucheng has brought to 18 total CEZA-approved principal licenses for fintech and blockchain operations expected to begin trading in full swing before the end of this year.
After earlier launching the “Crypto Valley in Asia” as hub for start-ups engaged in Financial Technology (Fintech) solutions, Lambino said he has adopted a two-pronged approach in developing the potentials of CEZA territory.
Lambino expressed optimism that things would start moving forward this month once CEZA and the Jucheng Group could finalize details of the projected investment.
The Chinese group has also expressed its interest on managing CEZA’s seaports and airport, building townships and theme parks, and engaging in the trade and exchange of Fintech solutions using the blockchain technology.
The jewel of Jucheng’s operation, however, is developing the Jeju-inspired seaside integrated resort with casino operations, and theme and water parks that would approximate tourism-driven complexes in China and major tourist attractions of the world.
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.
It has expanded its operations in the American market with its recent acquisition of the Filipino-owned Island Pacific chain of supermarkets. Additionally, it has interests in Asia, the Philippines being its newest partner in varied business ventures.
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 to provide fond memories to both local and foreign tourists.
In addition, Lambino said the Jucheng Group is also interested in the production of steel and lithium batteries that will make use of local natural resources found in Cagayan and provide local employment and business opportunities.