13th Oct 2005 15:48
Crescent Hydropolis Resorts PLC13 October 2005 CRESENT HYDROPOLIS RESORTS PLC ANNOUNCEMENT The Directors of Crescent Hydropolis Resorts PLC (the Company) announce todaythat the Company has entered into a Cooperation Agreement (the Agreement) withthe People's Government of Laoshan District, Qingdao, China (Laoshan) as thefirst principal step in a development plan aimed at erecting Asia's firstdeepwater Hydropolis Hotel and Resort (Hydropolis Qingdao) prior to the start ofthe 2008 Beijing Summer Olympic Games. The Laoshan District of Qingdao, a resort city centrally located betweenBeijing, Shanghai and Seoul, South Korea on China's eastern coastline andrenowned for its green seas and picturesque scenery, will host the SailingRegattas at the Summer Olympics. Hydropolis Qingdao will feature a Hydropalace(TM) and Landstation gateway.Hydroyachts(TM) will connect the two structures by ferrying guests and visitorsfrom the Landstation's onshore piers to the underwater Hydropalace. HydropolisQingdao's design plan as conceived by Joachim Hauser, chief architect and theCompany's Executive Chairman, calls for 200 ultra-luxury suites, the world'slargest underwater ballroom, an oceanic museum, multiple conference and meetingrooms, underwater restaurants, a revolving Sea View restaurant with a visitorsviewing platform above the Hydropalace and bar/nightclub facilities. The Agreement calls for Laoshan to assist the Company in locating a suitablemarine site for the Hydropalace, and the corresponding location onshore forerecting the Landstation. The Agreement further provides that upon approval ofa suitable location for Hydropolis Qingdao by local and provincial governmentauthorities, the offshore marine location and land site will be contractuallyoffered to the Company and its wholly owned subsidiary companies (in formation,the Subsidiaries) on a long-term lease basis (the Land Lease). Management ofthe Company have viewed locations along the Laoshan District's coast and havenarrowed the search to two acceptable locations. The Agreement calls for the Company to complete its feasibility study forHydropolis Qingdao within three (3) months of the date of this announcement,including a specific timetable that allows for the commencement of hoteloperations prior to the Opening Ceremony of the 2008 Summer Olympic Games. SIBC GmbH, formerly Siemens Industrial Building Consultants and now a whollyowned subsidiary of Turner & Townsend, and Siemens AG have agreed to assist theCompany in developing the feasibility study and its component parts. SIBC hasagreed in principle to serve as project manager for the Hydropolis Qingdaoproject and had its representative present at the signing ceremony in Qingdaotoday. Mr Joachim Kundt, Executive Vice President of Siemens AG in charge ofInternational Operations for Africa, the Middle East and CIS States, is adirector of the Company. For further information contact:-Mansoor Ijaz Tel:- 07717 333 137Chief Executive 13 October 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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