Chinese real estate and investment firm Landing International Development has announced the termination of a non-binding agreement to acquire a local gaming company amid a review of its investment plans in the Philippines.
In a filing to the Hong Kong Stock Exchange, Landing International referred to a previous announcement on 4 May 2017 about the original agreement, stating it had since “terminated all relevant discussions with the potential vendor.”
The company added that it “has since obtained certain preliminary legal advice on foreign investment in gaming business in the Philippines and has decided to further review and consider the feasibility in investing in gaming business in the Philippines as a foreign investor.”
Landing International Chairman and Executive Director Yang Zhihui had previously with Philippines President Rodrigo Duterte in Hong Kong on 13 May to discuss the company’s plans to invest in an integrated family resort and theme park in the Philippines.
Mr Yang said at the time, “It is my pleasure and great honor to meet with President Duterte and to share my vision for the tourism sector in the Philippines with him. President Duterte was excited and expressed his full support for the Project. With our experience in developing similar integrated resorts in the region, we are confident that we will develop a unique world-class family resort in the Philippines and contribute to the continuous growth of the tourism industry in the country.”
Landing International Development operates two gaming clubs – Landing Casino in Korea and Le Ambassadeurs Club in London – and will open Jeju Shinhwa World this year.
