Southwest China is set to receive a new resort from a Chinese commercial real estate company after a deal to build a project in Iceland fell through, according to China Daily.
Zhongkin Investment Group, a commercial real estate company led by Huang Nubo, plans to create a resort spanning 60 square kilometers in Pu'er city, which is located in the Yunnan province. The development will be located close to the area's airport, and will be equipped with guestrooms, spas, recreation areas, golf courses and multiple other amenities, according to the news source. The property will cost approximately 50 billion yuan (USD $8 billion).
"We would renovate the original villages and build new villages among the old," Huang told the news source. "We are not going to overhaul the old and bring a city. We will minimize the environmental damage in the development."
The decision to build the Chinese resort was made after a plan for a resort in Iceland fell through, the news source added. That failed project was to cost approximately $200 million, and would have spanned 300 square kilometers.