Suncity Group has withdrawn from the race to develop an integrated resort in Wakayama, Japan.
In a statement, Suncity CEO Alvin Chau said, “Due to the COVID-19 pandemic, the uncertain situation surrounding a huge numbers of companies around the world may continue for a long time, and the IR project procedure in Japan also is expected to take much longer. Therefore, we have considered the risks to our business and the fact that things are still uncertain and have decided to withdraw.
“In Japan’s IR business, I had the opportunity to propose a concept in Wakayama. For the efforts and contributions of the IR team consisting of specialist consultants from Japan, Hong Kong and Macau, and the support and cooperation so far, we would like to express our sincere gratitude to all concerned parties and local residents for their kindness.”
Suncity was one of two candidates in Wakayama, the other being Clairvest Neem Ventures (Tokyo) – a subsidiary of Canadian investment firm The Clairvest Group.
Wakayama had been due to announce its winning candidate in mid-April but said at the time it was delaying the decision until the end of the month. As of today, no such announcement had been forthcoming.