China eyes Russia's gem, Lake Baikal

Eurasia Capital Partners, a company from Hong Kong, is investing $100 million in the development of the all-season ski resort on Lake Baikal, Pyotr Shura, the general director of Rusresorts said.

"Rusresorts, a Russian investor in tourist projects, and Eurasia Capital Partners, a financial company from Hong Kong, concluded a partnership agreement within the scope of the investment project to build an all-season ski resort of international level on Lake Baikal," Mr. Shura said, according to TurMayak news agency.

The agreement on cooperation was signed on MIPIM Asia international exhibition. According to Denis Molchanov, the director Rusresorts for the Baikal project, the company will invest 50% in the project. The remaining part will arrive from a co-investor from other investors in the Asian-Pacific region.

The new resort will take 2,341 hectares of land. The resort town will occupy 265 hectares. More than 100 kilometers of ski tracks will appear on Bull Mountain. The resort is to be finished by 2020.