Over the past month a number of listed companies have announced they will soon launch or already have launched businesses related to the horse racing industry in Hainan province.
China is to support the development of horse racing and other projects including beach and water sports in Hainan, according to a reform agenda and announced in the official Xinhua News Agency.
“Horse racing has grown quickly in China in recent years, but it’s the first time the central government has promoted the game for a city and simultaneously encouraged further development of sports lottery,” said Su Guojing, chairman of China Lottery Industry Salon, a business group. “Although it still takes time to explore, Hainan may try to launch a lottery for more sporting events, including horse racing and rowing, to help boost Hainan’s tourism.”
So far, Luoniushan Co. Ltd. announced that it plans to invest 28.8 billion (US$4.52 billion) in building an international horse racing entertainment cultural town on the island.
Hainan RuiZe New Building said it too has invested in the establishment of a wholly-owned company to develop culture and tourism projects related to horses and Xinjiang Tianshan Animal said its subsidiary has invested in the business of breeding, including frozen sperm and embryo technology.