The Chinese Overtake the Germans in Hotel Investments in Mallorca
21 March 2019 – El Cierre Digital
Since 2014, when a large Chinese company, Jiangsu GPRO, acquired the historical Valparaíso Palace hotel in Mallorca, interest from Chinese investors and tourists in the Balearic Island has soared.
Until then, some Chinese people had moved to live on the island but they had done so to create small businesses, above all in the Pere Grarau district, to form a small community of almost 4,500.
Since GPRO’s purchase of Valparaíso Palace, Chinese business people have been investing more in the island; the Balearic Government has been promoting different areas as backdrops for Chinese films; and now, plans are afoot for direct flights to begin between China and Palma de Mallorca with a layover in Barcelona or Valencia. The intention is to increase the holiday offering for Chinese tourists in the Balearic Islands.
Chinese companies are also interested in investing in the Par Bit technological park just north of Palma. They are committed to improving their image in the region and creating jobs.
Turespaña forecasts that by 2025, China will be the country with most tourists travelling the world, with around 220 million per year.
Original story: El Cierre Digital (by David González)
Translation/Summary: Carmel Drake