Beijing to build 7-star hotel in Mentougou

The construction of a super-luxury seven-star hotel will be launched in 2014 in Beijing's Mentougou District, according to a deal signed on October 24 at the 17th Beijing-Hong Kong Economic Cooperation Symposium held in the capital city, Beijing News reported.

The hotel, to be built in Yongding Town, is part of a high-end commercial complex project called the Middle East Gulf Financial Trade Center.

The complex project involves a total investment of $3 billion US dollars from the Middle East Gulf Investment Group and Hong Kong Hua Tong Investment Co., Ltd.

Investment in the first phase will reach some $1 billion, covering the development of the hotel, as well as an international petroleum transaction platform and the Middle East Commercial and Trade Center.

It's said the hotel will be more luxurious than the Burj Al Arab in Dubai and helicopter shuttle services will be available to guests.

Under another deal, an international cancer treatment hospital, together with a tumor proteomics research platform, will also be developed in Mentougou in 2014, with an investment of 3 billion yuan ($483.87 million) from JP Global Investments (HK) Ltd.

Deals worth $7.07 billion, covering 15 investment projects across the city, were signed on October 24.

The symposium, initiated in 1997, is now an effective platform for the cooperation between Beijing and Hong Kong companies. It took place from October 23 to 24.