Evergrande Acquired Palm Island
New World China Land has agreed to sell its Palm Island Resort to Evergrande Real Estate Group, China’s second-largest property developer for RMB 1.1 billion. Opened in 1999, the 27-hole golf course was designed by Jack Nicklaus with resort style looks like one in Southern California. A flat challenging course with strategically placed palm trees, bunkers, lakes and rivers, Palm Island has attracted immediate interest from many Hong Kong golfers to purchase memberships. However, the course has been ruined by a heavy rainstorm in recent years and never looked the same. With the acquisition of Evergrande, Palm Island may reclaim its reputation as one of the best courses in Pearl River Delta. It also remains the only government-licensed golf course in the Huiyang district of Guangdong Province and is only 40 minutes from the Hong Kong/ Shenzhen border.