KUALA LUMPUR (Dec 23): Hong Kong-based Evergreen Offshore Inc has expressed  interest in a number of projects belonging to Palm Spring Development Sdn Bhd (PSD), which is wholly-owned by Tanco Holdings Bhd.

The projects, according to a Bursa Malaysia filing by Tanco, include a Double Tree Hilton Hotel, theme park, spa village and service suite and convention hall which are expected to be part of PSD’s Dickson Bay project in Port Dickson, Negeri Sembilan.

This follows a Memorandum of Understanding entered into between Evergreen and Tanco on Oct 15.

Evergreen is a Hong Kong-based private equity  firm  that manages a HK$10 billion (RM5.77 billion) fund called Asia Pacific One Belt One Road Tourism Industry Fund.

The fund was set up with a long-term vision to promote the tourism sector in countries along the 21st Century Maritime Silk Road to target the tourism sector in places such as Malaysia.  

Evergreen has allocated HK$2 billion from the fund to invest in Malaysian projects ahead of its other target markets, including Thailand and Vietnam.

PSD is principally involved in property development and property investment and is the master developer of Dickson Bay (previously known as Palm Springs Resort City), a 400-acre sea-fronting integrated resort development located in Port Dickson.

Tanco had said in October that a due diligence review would be conducted within 45 days of the MoU, on the various plans and documents to be submitted by PSD on Dickson Bay for Evergreen to consider and confirm the various phases for development as one of the projects

A formal project agreement would then be entered between the parties on terms to be mutually agreed upon with Evergreen.

Tanco shares did not trade today. It last traded at six sen on Dec 20, for a market capitalisation of RM19.48million.