Chinese-owned company Zhongya Nekretnine has failed to pay US$2.1 million for Hotel Zagorje in Croatia by the extended December 31 deadline. The company wanted to develop a health tourism centre at the location of Hotel Zagorje, with construction works planned for 2020.
Zagreb-registered Zhongya Nekretnine claims that it has not given up the investment plan and is ready to discuss it again with the Croatian government, as the payment was delayed due to technical reasons.
Zhongya Nekretnine signed a contract with the Croatian government for the purchase of Hotel Zagorje in Kumrovec, 60 km north from the capital Zagreb. Zhongya was the sole bidder in the tender for the hotel.
The Chinese government has been working for months on how to control the export of capital from the country. Chinese investment in Europe has fallen significantly over the past year and part of the reason lies in the restrictions China has placed on the export of money from the country.
The Croatian government wants to sell Hotel Zagorje, a former political school. The buyers want to develop a four-star hotel and health tourism destination for European and Chinese visitors.
Zhongya Nekretnine plans to develop a health tourism centre at the location of Hotel Zagorje, with construction works planned for 2020. The same company has bought land in Kumrovec, adjacent to Hotel Zagorje.
Another investment project from the same company is a plan to build a traditional Chinese medicine centre at the site of an existing hotel in the mountain resort of Krapinske Toplice in the north, near Kumrovec. The plan includes the construction of a new hotel in Krapinske Toplice, as well as a nursing home for elderly people. The existing hotel in Krapinske Toplice will be demolished and a new 4 star hotel will rise in its place. The aim is to attract Chinese medical tourists for the spa and adjacent heart surgery clinic.
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