Surging land prices, opaque tender process ‘deterring foreign investment’

Panel dicussion made on secondth day of Myanmar Global Investment Forum (Photo-EMG)

Foreign investors are disappointed that only domestic construction firms are being granted contracts to build government housing projects as surging land prices continue to make them wary of investing in housing, panellists said at the second day of the Myanmar Global Investment Forum.

Cyrus Pun, executive director of Yoma Strategic Holdings, said surging land prices were causing foreign investors to exit Myanmar’s housing sector. “They are not leaving because they are uninterested in this sector but because land prices are skyrocketing. The major cause of land prices skyrocketing is price manipulation,” he said.

Continues here:- http://www.elevenmyanmar.com/index.php?option=com_content&view=article&id=7599:surging-land-prices-opaque-tender-process-deterring-foreign-investment&catid=33:business&Itemid=356