China's Sailing Capital backs Maldives resort developer

The transaction size was not disclosed. The parties simply said Sailing would become "a significant investor" in Soneva, and that the deal represented the largest-ever Chinese private investment in the Maldives.

Soneva's origins can be traced back to 1995 when Eva and Sonu Shivdasani built the Soneva Fushi resort - as well as their home - on the deserted island of Kunfunadhoo in the Maldives. The group now owns and operates two resorts (one of which is in Thailand), a luxury yacht, and a number of private residences. It also developed the Six Senses Resorts and Spas brand before exiting the assets in 2012.

"The Maldives is one of the most beautiful places in the world and it has become a significant destination for Chinese tourists and investors. Soneva is both a world class player in the luxury hospitality industry, and the unmistakable leader in environmental performance and sustainable resort development," said James Liu, president and CEO at Sailing, in a statement.

Set up in 2012, Sailing operates the first and largest cross-border, renminbi-denominated private equity fund. The fund was launched by Shanghai International Group with a target of RMB50 billion ($8 billion), to be raised from domestic enterprises. It reached a first close of RMB12 billion.

The fund aims to aid overseas acquisitions by Chinese companies, participating throughout the capital structure.

Earlier this year, Sailing partnered with Sanpower Group to buy Brookstone, a US luxury-gadget retailer, for more than $173 million at a bankruptcy auction.

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• Topics
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