China's Elite Looking For A Retirement Island In The Philippines

Manila, Philippines (AHN) - Chinese businessmen are looking for a suitable island in the Philippines where rich chief executives could retire and spend their millions.

Business Mirror reported that the Global CEO Club, which counts 1,000 of China's elites as its members, has been scouting for an island at least 810 hectares which could be developed into a high-end exclusive Chinese village.

Jing Ping Li, Global CEO Club chief, said the ultra wealthy members agreed to pool their resources and fund the development of the community where they intend to live after retirement.

Based on the blueprint, the island will be developed into a high-end integrated village with its own airport, hotels, hospitals and nursing homes, among others.

The group originally planned to look for a place on the Chinese resort island of Hainan, but that place is already crowded. The land values are also prohibitive, running at a staggering $25 million per hectare.

With the reported planned investment, Chinese businessmen are apparently not discouraged by the national broadband network deal fiasco where a supply agreement with Chinese telecom giant ZTE Co. was unilaterally cancelled by the Philippine government.

Li said older Chinese chief executives prefer the tropical climate to cold areas like Beijing and that makes the Philippines the perfect place to build a retirement complex.

Li is in Manila with a Chinese delegation to inspect the areas where the multi-billion dollar village could be built. The investors may have to partner with local groups for the ambitious development project as Philippine laws restrict ownership of lands by foreigners.