South Korea’s boutique hotel and golf resort developer Emerson Pacific Inc. will join hands with China’s largest private investment company to aggressively tap into overseas markets.
According to multiple sources from the financial investment industry on Thursday, Emerson Pacific - widely known for its hotel and golf resort brand Ananti - will establish a joint venture with China Minsheng Investment Group (CMIG) in the second half of this year to advance into overseas markets. The joint company will operate and manage leisure facilities such as hotels and resorts in major cities on behalf of the owner.
Industry insiders note that the partnership between the two parties will create significant synergy based on Emerson Pacific’s business knowhow and CMIG’s capital and global network. In the early phase of partnership, the Korean developer plans to operate golf courses, resorts, and hotels owned by CMIG shareholders on behalf of them. It plans to gradually expand business into other regions including the United Kingdom, Canada, and Hong Kong through CMIG International, a subsidiary of CMIG that is responsible for overseas investment.
CMIG is China’s largest private investment company whose shareholders include 60 local private enterprises. The group - which has invested 180 billion won ($159.5 million) in Emerson Pacific in November, 2015 - manages about 9 trillion won worth of funds and invests in diverse industries including finance, insurance, energy, aircraft, and real estate.
Meanwhile, as its first overseas business, Emerson Pacific signed a memorandum of understanding with China’s Lundi Group late last year to operate Beijing Xiangshan International Golf Club. Beijing Lundi Group is one of CMIG’s shareholders.
Lee Man-kyu, chief executive of Emerson Pacific, said that Emerson Pacific’s partnership with CMIG will allow it to tap into foreign markets, which is meaningful in that it will not only be able to globalize its Ananti brand but also expand its brand platform and become a global lifestyle brand.
By Song Gwang-sup
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Source: Pulse by Maeil Business News Korea (May. 11, 2017)