Business
Hydropolis Qingdao Project
Hydropolis Qingdao Project.
About this update from Harena Rare Earths Plc
[{"type":"text","content":"\n Crescent Hydropolis Resorts PLC\n26 April 2006\n\n\n CRESCENT HYDROPOLIS RESORTS PLC\n\n NEW YORK ISLE OF MAN LONDON MUNICH MONACO DUBAI QINGDAO\n\n ANNOUNCEMENT\n\n Hydropolis Qingdao Project\n\nThe Directors of Crescent Hydropolis Resorts PLC (the Company) (AIM: CRES)\nannounce today that agreement has been reached with the People's Government of\nLaoshan District, Qingdao, China (Laoshan) to allocate land and sea rights\nrequired for building the world's first underwater hotel and resort, Hydropolis\n(Hydropolis Qingdao). Agreement has also been reached with Laoshan on Hydropolis\nQingdao's technical specifications and Laoshan has confirmed within their\nestablished authorities that all necessary regulatory and licensing approvals\nwill be put in place.\n\n\nThe proposed investment in Hydropolis Qingdao is expected to be approximately\n€400 million, to be raised from a mix of permanent construction loans and\nprivate equity from investors. Construction timetables envisage the HydroTower\ncomponent of the Hydropolis Qingdao being completed prior to the start of the\n2008 Beijing Summer Olympic Games. The sea-based Hydropalace will follow to\ncompletion and operation in 2009.\n\n\nOn 26 April 2006, Crescent Hydropolis Holdings Qingdao Limited (CHHQ), a wholly\nowned subsidiary of the Company created for the purpose of developing Hydropolis\nQingdao, entered into a Binding Cooperation Agreement (the Agreement) with\nLaoshan. Under terms of the Agreement, the HydroTower Landstation will be\nlocated on 33,000 sq meters of land (the Land) that comprise the previous\nlocation of the Ocean Entertainment Park in Qingdao. The purchase price of the\nLand leasehold shall be determined through an open auction tender process that\nwill, when paid, give the Company through its local subsidiaries the right to\nuse the Land for 40 years, with the right of first refusal to extend the Land\nleasehold.\n\n\nThe Hydropalace underwater hotel component will be situated southwest of the\nisland of Chidao and southeast of Xiao Maidao in the sea with a surface area of\napproximately 20,000 sq meters. Sea rights will be offered in the form of a\nlease at the site where the Hydropalace is to be situated. The Company's local\nsubsidiaries shall have the right to occupy and use the location for 25 years,\nwith the right of first refusal to extend the...