Asians Copy West in Travel & Consumption Patterns
LOS ANGELES, Sept. 12, 2018 /PRNewswire/ -- The Auran Group, the investment arm of the New Nordic Group, an Asian hospitality and real estate development company, is raising capital to take advantage of the growing number of Asians entering the middle class. Like their Western counterparts, they are increasingly seeking leisure time abroad. Auran is raising investment capital for the Auran Marcus Hotel, LLC in Pattaya, Thailand.
Asia's Middle-Class Growth "On Fire"
One of the world's most remarkable feats over the last 100 years has been the growth of the Chinese middle class. According to a recent McKinsey report, 76% of China's urban population will be middle class by 2022. That's 730 million people, over twice the population of the entire U.S. In 2002, only 4% of China's urban population was classified as middle class.
An article that appeared in the South China Morning Post noted that by 2030, it is estimated that over 2/3 of the world's "middle class" will live in Asia. Middle class expansion is happening in other Asia countries too. The World Bank noted that Thailand's poverty rate has dramatically declined from having 67% of its population living in poverty, to just 7.2% today. The Philippines now estimates that a third of its population has attained middle class status, this according to the Philippines Statistical Authority.
Travel and Tourism "Takes off"
A key characteristic of middle-class status is the desire to travel. The Chinese are now replacing the Japanese tourists who crowd Time Square and the white sandy beaches of Thailand. "We're seeing an increasing number of Chinese visitors to our properties in Thailand,," said Kurt Svendheim.
Auran Marcus Hotel in Thailand: Financing and Construction
New Nordic and Auran are developing the Auran Marcus Hotel, which is an up-market hotel in one of Asia's most popular tourist destinations, Pattaya, Thailand. The New Nordic Group is a significant investor in this $20 million project.
The Auran Group have offices in Los Angeles, Singapore, Hong Kong and Bangkok. The Auran Group is a wholly owned subsidiary of New Nordic Group and is issuing a private placement offering of $15 million. The 152-room branded hotel will be located within the sprawling New Nordic Group Pattaya Holiday Village which attracts thousands of guests from Asia and around the world. Considered by many as one of Asia's "hottest" vacation resort areas, Pattaya features beautiful beaches, a lively night life and lush tropical surroundings.
About the Auran Group
The Auran Group is the investment arm of the New Nordic Group, and is charged with finance and development of the new hotel and other development projects, as well as introducing new and exciting projects with the benefit of the New Nordic Group's experience, gained in the creation of approximately 500m USD worth of investment assets.
See the company's website at aurangroup.com.
About the New Nordic Group
The New Nordic Group provides real-estate options for those looking to generate income, or those simply seeking a property for personal use. The New Nordic Group offers condominiums and a range of real-estate related investments. These products give the investor a choice of terms, interest rates and capital appreciation.
See the company's website at newnordicgroup.com.
SOURCE Auran Group