The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

FOREIGN Affairs Minister Darren Henfield said China’s recently announced restrictions on overseas investments will possibly impact “new investments” in the Bahamas but not those that have already been approved, such as The Pointe or Baha Mar. 

The directive from the Central Committee of the Chinese Communist Party announced last month restricted investment in real estate, hotels and entertainment while encouraging investment in technology and agriculture, among others. 

“The Ministry of Foreign Affairs is aware of the recently promulgated Chinese overseas investment policy and the discussions surrounding it in local media,” a statement from the Ministry of Foreign Affairs said yesterday. “These new rules laid out by China and revealed in mid-August are aimed at governing overseas investments; specifically, what China has called the ‘irrational’ acquisitions of assets in industries ranging from real estate to hotels and entertainment.”

“The authorities have set out three categories––banned, restricted and encouraged. Outlawed are investments in gambling and the sex industry. Property, hotel, film, entertainment and sports investments will now be subject to restrictions. The elements highlighted this year were already part of the official China policy, but were only brought together in a single space.

“With specific reference to investments in the Bahamas, such as The Pointe project, the government is of the view that the new policy will have no impact as such investments were approved developments. The Bahamas is confident that its ongoing excellent relations with China will continue and be further strengthened in the years to come, and that any future investments will continue to meet the standards deemed acceptable to all.”

Baha Mar was not mentioned in the government’s statement because, Mr Henfield said when contacted by The Tribune, it is “sold and (in the process of completion).” 

The Tribune revealed this week that Daniel Liu, head of the China Construction America (CCA) entity behind the $250 million Pointe project, wrote a letter to the Minnis administration four days after China’s policy announcement seeking “immediate assistance” from the government for The Pointe’s condominium and marina construction approvals. 

Ground breaking for The Pointe’s latest development phase took place in early March 2017 under the former Christie administration. Once approved, it will include a 100-room, eight story condominium complex with oceanfront residences, originally due to open in September 2018.

A 150-room branded resort and spa with business centre, dining and retail amenities was scheduled to open in November 2018. Once completed, The Pointe will include a marina and yacht club, 50,000 square feet of retail and office space, restaurants, upscale shopping and entertainment venues, such as a performing arts centre, movie theatre, nightclub and roof top bar.