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Grenada and China celebrate 10 years of diplomatic relations as the Spice Island looks to the East for investment
February 23, 2015Article by Charlotte Ashton
This April, Grenada and China will celebrate ten years of resumed diplomatic relations, yet Grenada remains a largely undiscovered gem by Chinese travellers. Now, the Spice Island is looking to tap into the Chinese tourism market as well as bringing investors into the fold.
A Caribbean gem
Grenada is one of the Caribbean’s most stunning destinations, with powder-soft white sand, clear crystal waters and a fantastic climate. The island has a reputation as a luxury retreat for travellers looking to experience the exclusivity of the Caribbean in beautiful and peaceful surroundings. Its visitors hail mainly from Europe, the US and Canada. Indeed, Leo Qin of United Damei Group observes,
“Presently, over 90% of tourists in Grenada are from Europe, America and Canada. We realised that less than 1% of the Chinese market knows about Grenada. China is a tremendous and fast-growing market. With developments between China and Grenada expected in the future, China will be our biggest tourism export market.”
From tourists to investors
But it is not just Chinese tourists that Grenada is seeking, explains Ray Withers, Chief Executive of specialist property investment company Property Frontiers,
“As such a fantastic holiday destination, Grenada offers some excellent resort investment opportunities and many Chinese investors are just beginning to look to the Caribbean and discover the potential there.”
Withers cites Bacolet Bay as the perfect example of an investment opportunity on the Spice Island. The five star sea view Cinnamon Suites at Bacolet Bay are attracting investors with deposits from as little as $77,500 and an average projected NET yield per annum of 10.5%.
The Cinnamon Suites offer a triple incentive to wealthy Chinese investors. Not only do they offer excellent yields, but investors can enjoy four weeks’ personal usage, including one week during high season. Additionally, Grenada resurrected its citizenship by investment law in 2013, with citizenship available to those investing $500,000 or more in real estate.
“Grenada really does offer everything to investors,” continues Property Frontiers’ Ray Withers, “And Bacolet Bay in particular is an attractive prospect. The fact that investors can enjoy the property themselves is a fantastic lifestyle benefit, which coupled with the impressive projected yield makes this a lovely opportunity for those looking to be part of the luxury Caribbean travel market.”
Grenada will be represented at IT&CM China 2015 in order to raise its profile as a tourism and investment destination. With so much going for it, it will be interesting to see how such a move will impact on the Spice Island’s visitor demographic over the years ahead.