China State Construction Engineering Corporation recently signed a contract to purchase the iconic British Colonial hotel in Nassau hotel and adjacent vacant property. Additionally, the Export-Import Bank of China loaned .45 billion to the principals of the vast Baha Mar development. China State Construction Engineering Corporation is an equity partner with Baha Mar and the casino-resort’s lead contractor.
Brent Symonette, the Bahamas’ former minister of foreign affairs, expressed concern that both the Hilton-owned British Colonial hotel and the Baha Mar resort will be owned by a single entity. That drew a strong reaction from Bahamas Prime Minister Perry Christie, who said, “Firstly, I’m surprised at Brent Symonette taking that position because if Brent Symonette is speaking about the Chinese, Brent Symonette’s government gave the Chinese, in a letter of 1994 signed by the prime minister at the time, the right to veto every development of a nature of a port even outside of Freeport. So even though there are persons wishing to put in a mega development, multinational conglomerate Hutchison Whampoa was given the right to say, ‘If you’re going to do that, you have to provide me with payment for it.’ So if Symonette wants to talk about who has done what and concern for this country and the country’s national interests, that is where he should start.”
The Chinese also agreed to partner with the government and other stakeholders along Bay Street to implement a redevelopment plan.
This drew concern from shadow Minister of Finance Peter Turnquest and Free National Movement Chairman Darron Cash. However, Christie said nothing can happen downtown without input from property owners. “Any proposal to do with respect to Bay Street must necessarily involve the Symonette family, the Bethel family, the Carey family and the Klonaris family, because they have, in fact, invested in the area. They have property in the area and anything we do will be predicated on their direct involvement in it. So that is out of the question.”
The Chinese plan to build a luxury hotel next to the British Colonial that will create 250 construction jobs, 500 permanent jobs for Bahamians and an additional 500 jobs in the amenities and commercial aspects, Christie said. “When they buy this hotel, the intention is presumably for this hotel to be managed either by the Hilton or someone of their choosing. That is the way of investment. What the FNM concern is, I have no idea.”
