Funds pour into Hainan’s emerging horse racing industry
State Council moves to support the development of horse racing, sports lottery and scratch lottery, a first for the Chinese province
During the past month a number of listed companies have announced they will soon deploy or already have businesses related to the horse racing industry in Hainan province, sparing no effort to catch up with this new investment opportunity, Economic Information Daily reported.
The State Council said in a guideline on promoting Hainan’s further reform and opening up that the provincial government should encourage the development of horse racing, sports lottery and scratch lottery, which is the first time for China to propose the development of horse racing in Hainan.
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 made the foray to the business of breeding, including frozen sperm and embryo technology.
However, insiders think a completed industry chain includes horse breeding, trading, event operations and gaming services, as well as horse transportation and food services. It may some day be a market worth tens of millions, but Hainan still has a long way to go.