Hofschneider, R-Tinian, in an interview yesterday said some of the investors they met in Beijing and Tianjin will arrive on May 10.
The investors’ visit, he said, is for the $120 million joint investment that involves not only a casino resort on Tinian but also a hotel, a boardwalk at the seaport, museum there and a CNMI-wide agriculture project.
Hofschneider added that the visit of Bridge Investment Group’s Howard Li and Eric Wang, and Xin Investment Company’s Jia Tie Liang will also kick off the establishment of a field office on Tinian. They also want to meet the other leaders of the island.
The senator said it would be the investors’ second time to visit Tinian. The last time was just earlier this year.
Hofschneider, Senate President Paul A. Manglona, Ind.-Rota, Sens. Frank Q. Cruz, R-Tinian, Henry H. San Nicolas, Covenant-Tinian, and Tinian Mayor Ramon De Cruz returned from China on Friday last week after attending the signing ceremony for the partnership of Bridge Investment Group and Xin Investment Company.
The $120 million investment, Hofschneider said, is composed of Bridge Investment’s $50 million for casino and Xin Investment’s $70 million for hotel, board walk, museum and CNMI agriculture development.
This investment, Hofschneider said, will come at a time when CNMI economy is in dire need of investment.
“Our visit to China was a wake-up call to the CNMI. We really need to focus on promoting the CNMI’s unique opportunities. We met investor after investor who had no idea that we exist in the Pacific and that we are only five hours away,” Hofschneider said.
“Everyone we spoke to was sincerely interested in what we had to say and many have promised to visit our islands to see first-hand what the CNMI has to offer in terms of investment,” he added.
For his part, Manglona said they also had the chance to tour several existing development projects of Bridge Investment Group and Xin Investment Company in China.
“Two major companies with ongoing projects worth more than $1 billion are teaming up to help develop Tinian and other CNMI islands, is great news for our people. Serious investors such as these two companies should be welcomed, encouraged and given our full support,” Manglona said.
Immigration woes
There is just one concern that these investors brought up with CNMI lawmakers: The federal mmigration regulation that is still pending.
According to San Nicolas, it was very clear from other investors they met that they are willing to join Bridge Investment and Xin Investment in investing in the CNMI. However, they need a clear picture of immigration regulations here.
That is why, he added, they need to work closely with Congressman Gregorio Kilili Camacho Sablan to push the Department of Homeland Security to issue the pending regulation.
Right now, San Nicolas said, “we cannot confirm to these investors that Chinese tourists will continue to be able to travel to the CNMI without U.S. visa.”
He added, “We need to work with Congressman Sablan to ensure that the CNMI is given continued access to the Chinese tourist market through the inclusion of China to the CNMI visa waiver program.”
