Real estate developer Hainan Pearl River Holdings (000505) signed a contract with Heilongjiang Dahai Forest Service to develop the Xuexiang National Forest Park into a 5A level park, reports stcn.com, citing a company filing.
 
China’s tourism and interior ministries grade parks and other tourism sites on a five-tier basis, with 5A being the highest grade.
 
Pearl River will invest at least 1.5 billion yuan into the park over the next 10 years and obtain 50-year operating rights.
 
Ticket sale revenues will go to Dahai Forest Service, while Pear River Holdings will receive the remaining revenue earned by the park. Dahai Forest Service will provide various preferential policies to Pearl River, but it will also charge the company a fee for tourism resources, asset use and natural resource use.
 
The initial fee for the first five years is five million yuan but will be discounted by 20 percent thereafter. The fee will be modified in 2026. Xuexiang National Forest Park is located in Heilongjiang province and covers 18 square kilometers.
 
Pearl River plans to develop resort hotels, a ski area, restaurants, cable cars, and sight-seeing buses in the park.
 
SOURCE: capitalvue.com

  
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