Katherine Burton (Bloomberg) writes about a recent talk at the 2014 Puerto Rico Investment Summit in San Juan by billionaire hedge-fund manager John Paulson, who said that Puerto Rico’s economy is at the beginning of a turnaround. Saying that he is building a home there, he predicted that the island will become the Singapore of the Caribbean. Here are excerpts from Burton’s article with a link to the full version below:
The hedge-fund manager, who last year considered relocating to Puerto Rico to take advantage of new tax laws, said opportunities to buy real estate in the region won’t last much longer, and he’s looking to purchase sites that can be developed to serve people he expects to move here because of the legislation. “We are interested in future development opportunities,” said Paulson, 58, adding that what he builds will be higher-end than what currently exists on the island.
The New York-based firm, which took a stake in the St. Regis Bahia Beach Resort and the Bahia Beach Resort & Golf Club last September [where, apparently, Paulson will have a new residence, plans to invest $1 billion in Puerto Rican projects over the next two years, according to island officials.
[. . .] In March, Paulson & Co. bought resort complex La Concha Resort and the Condado Vanderbilt, neighboring beachfront hotels in the capital city of San Juan for $260 million, including costs to complete construction of the Vanderbilt. He’s the largest investor in the biggest bank, Popular Inc. (BPOP), and according to a person with knowledge of the situation, owns Puerto Rico municipal bonds.
[Photo of the St. Regis Bahia Beach Resort from http://bahiabeachpuertorico.com/the-st-regis-bahia-beach-resort/]
See more about the Bahia Beach Resort & Golf Club at http://bahiabeachpuertorico.com/