The Antigua Labour Party says Yida International Investment Antigua Ltd – led by Yida Zhang – is the investor group it has been promising will pump billions into the economy if it wins the June 12th general election.
ALP leader Gaston Browne told a concert/rally of his party last night that the group is legitimate.
“And there is a particular one I would like to mention tonight, there is a gentleman by the name of Gilbert Boustany who brought a group of investors here, the Yida group. The Yida group will invest 200 million dollars annually in this countries economy for the next 10 years ABLP leader Gaston Browne “
We first heard of the Chinese investors in February…
The Chinese investment group – Yida International has reportedly reached an agreement to buy Guiana Island and surrounding lands from the Stanford liquidators through Gilbert Boustany.
The Stanford liquidators had put the 1,517 acres of waterfront land to market as a part of a development concept.
That concept includes; five hotels with 1,060 keys, 1,300 residential units, a casino and conference center, 27 hole golf course, marina and landing facilities and commercial, retail and sports facilities.
The lands include Guiana Island, Crump and Rabbit Island and the Crump Peninsula.
YIDA has not spoken on the investment and to whether it intends to implement the concept as is or make its own changes.
Finance Minister Harold Lovell has said the United Progressive Party led administration has been following the development of private transaction and are keen to offer incentives to YIDA.
Lovell says Yida Zhang, is seeking approval under the Citizenship by Investment Programme (CIP) as well as incentives under the Business and Tourism (Special Incentives) Act for a mega resort and residential development on Guiana Island and surrounding areas.
He says the government has been keen to see the project move full speed ahead but have been awaiting the completion of the private transaction between Yida and the Stanford liquidators.