HK textile giant to sink RMB39.6b into 3 projects in Chengmai, Hainan
The global textile giant Hong Kong Yumin Industrial (Int’l) Limited signed an agreement with the local government of Chengmai County of Hainan province on Wednesday.
According to the agreement, the company will invest 39.6 billion yuan into three projects in the county, including the Fushan Coffee Culture Town and its supporting 5-star hotel, the International Institute of Fashion Design, and the High-tech Mechanical Production & Research Park.
Lin Jinbiao, general manager of the Yumin Group, showed great confidence in the investment climate of Chengmai County. According to Lin, a total of 33 billion yuan will firstly be put into the construction of the High-tech Mechanical Production & Research Park.
Yumin Group owns 11 patents and three long-established brands in Germany. As there are hardly any self-owned luxury brands in China, the company plans to set up the International Institute of Fashion Design in Chengmai, in a bid to attract influential fashion designers to Chinese clothing enterprises. It’s estimated that this project will take eight years and require an investment of 5 billion yuan to construct the institute.
In addition to this, the company will also invest 1.6 billion yuan to build a coffee trading platform in Fushan.