Chinese join mega satellite city project

Cambodian conglomerate LYP Group and the China Minsheng Investment Group (CMIG) signed an MoU in December to develop a 550-hectare “Cambodia-Chinese Friendship City”.

The USD1.5 billion joint venture deal allows for CMIG, China’s largest investment company, to develop the residential area within the 2,000 hectare Garden City satellite city being built by LYP Group 10km north of Phnom Penh.

Construction on the “Cambodia-Chinese Friendship City” is expected to start in 2017 with the project including a convention centre, logistics centres, schools and other facilities.

The massive investment is seen to be consistent with supporting China’s “One Belt, One Road” initiative which has seen a number of mega-projects announced in the region in recent years.

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