A Chinese company with an ambitious Makaha Valley resort development plan is seeking investors or a buyer for the project, raising uncertainty over the plan it announced last year that included golf superstar Tiger Woods designing one of two golf courses at the heart of the endeavor.
Pacific Links International announced today that it has retained commercial real estate brokerage firm CBRE to market 644 acres planned for hotel, timeshare and residential properties along with one new golf course to be designed by Woods and reconstruction of an existing course by boutique firm Gil Hanse Golf Course Design.
Pacific Links primarily described CBRE’s job as a “recapitalization” effort to seek investment from outside China in response to economic challenges in China that make it difficult for Pacific Links to carry out its project.
However, the company also said CBRE will explore “all strategic options.”
CBRE’s offering states that Pacific Links is receptive to co-investment, or an outright sale “where a new owner can create their own vision.”
Rudy Anderson, president and CEO of Pacific Links, said in a statement that the economic forecast in China over the next three years encouraged the company to consider options with its Makaha Valley property and that attracting capital investment from outside China provides the best chance to realize its vision.
“Chinese companies with offshore holdings are currently facing pressures as the government increases capital controls in response to macro-economic issues and the depreciation of the national currency, the renminbi,” Anderson said. “Many companies are looking to alternative sources of financing major projects as moving money out of the country becomes more difficult, and Pacific Links International is no different in this regard as its primary source of revenue is generated in mainland China.”