Asia Properties rides property boom
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"API is pleased to be participating in the Asian property investment boom that is currently underway," said Asia Properties CEO Daniel McKinney. On July 18, 2007 Ryan Chittum, writing in The Wall Street Journal, quoted Jones Lang LaSalle, a Chicago based global commercial real estate firm, and stated that investment in the Asia-Pacific region was up 15% to US$55 billion in the first six months of this year from US$48 billion in the year-earlier period. With growth in the region strong and interest rates low, Jones Lang LaSalle sees investment interest in Asian properties remaining strong in the year´s second half. As a result, McKinney added: "Asia Properties remains bullish and plans an aggressive acquisition program in Philippines resort sites over the next 6-12 months."
API is currently negotiating to acquire the majority of a tropical island and create a new tourist destination with four, five and six star resorts with major international hotel brands managing the resorts. Our planned acquisition in the Philippines, if successful, will be the largest investment and single most important transaction in the history of API.
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