Palm adds $22.5m investment in sports business

August 8: Chinese landscaper Palm Eco-Town announced that it is planning to make an extra RMB 150m (US$22.5m) in Yitong Weiqi, a joint venture co-founded by Shanghai Yunyao.

This venture is aimed to promote the development of the Chinese sports industry through investment. This new injection will add Palm’s investment in the venture up to RMB450m (US $67.5m), as stated in an official announcement.

According to news reports, Palm is looking to speed up the intellectual property development of West Bromwich Albion and the English Premier League in China, and the construction of sports eco-towns, which are the priority of the landscaping company at present.

From earlier reports, Palm has made eco-town a key target after the company’s indirect takeover of West Bromwich Albion. It is now seeking to build up 5 or 6 West Brom Sports (Soccer) Towns in China.

The company’s heavy investment in the eco-town business in the past two years has greatly increased its turnover by 47.8 per cent to RMB 2.1 billion in first half 2017.

Source: cs.com.cn

Proofread by William Logsdon