Chinese investors will spend approximately US$1 billion on a huge resort in Antigua and Barbuda that will include several luxury hotels, hundreds of private homes, marinas, golf courses, an entertainment district, a horse-racing track and the largest casino in the region, according to published reports.
Beijing-based Yida International Investment Group is creating the complex on land previously owned by U.S. financier Allen Stanford, Agence France Presse reported. Construction on the 1,600-acre (647-hectare) development, dubbed the Singulari, is scheduled to begin early next year.
According to a Yida spokesman, the project will create US$2 billion of gross domestic product and economic value for Antigua over the next decade.