Chinese to join in $1.5B project
CAMBODIAN conglomerate LYP Group is preparing to ink a $1.5 billion deal with China’s l argest pr i vat e investment group to develop a subdivision within a 2,000hectare satellite city the group is building north of the capital, according to company sources.
Ly Yong Phat, president of LYP Group and a powerful senator of the ruling Cambodia People’s Party, said yesterday his company would work with China Minsheng Investment Group (CMIG) to develop “Cambodia-Chinese Fr iendship City” on 550 hectares.
The deal is expected to be signed on December 1 during the Cambodia-Chinese Business Forum in Phnom Penh.
“It i s a joi nt vent u re invest ment bet ween our company and CMIG,” Phat said yesterday, without giving f urt her deta i ls. “Af ter the agreement is signed we will discuss the investment project more deeply.”
According to Seng Nhak, director of LYP Group and Phat’s son-in-law, construction on the Cambodia-Chinese Friendship City will begin next year with $1.5 billion in investment capital. The project will include a convention centre, logistics centres, schools and other facilities, he said on Tuesday in a broadcast aired on LYP Group-owned PNN TV.
He added that the project would take shape inside Garden City, a satellite city project announced in 2012 that LYP Group is developing some 10 kilometres CONTINUED
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