Chinese, Cambodian firms sign $1.5 bln joint venture to build satellite city

[geovalin]

PHNOM PENH, Dec 1 (Reuters) - Cambodian conglomerate LYP Group signed a $1.5 billion deal with Chinese property developer SRE Group on Thursday to build a satellite city outside Cambodia's capital Phnom Penh.

 

The deal is the latest sign of China expanding its footprint in the frontier market as the United States vies for influence in the region, where China is Cambodia's closest ally.

Cambodia is one of the region's poorest countries and few among its population of about 15 million people will have a chance to use the new complex.

 

The project includes a 5-star hotel, a television station and an 18-hole golf course, which have already been constructed, Seng Nhak, managing director of LYP Group, told reporters, adding that a stadium to host the 2023 Southeast Asian Games was under construction.

Seng Nhak said the two firms also plan to build a safari-style attraction.

 

"We join hands with the Chinese company to make this an international city," Seng Nhak said. It will be named Cambodia-Chinese Friendship City.

 

 

Read more: http://www.reuters.com/article/cambodia-china-idUSL4N1DW3WA

[Saraburi121]

Build it , they will come!

[elgordo38]

Yes you can see the close connection discussed in the article between Cambodia and China. They both have deplorable worker relations. Its hard to judge who is the worst between the two. 

[catinthehat]

More black tiger money going to the new laundromat.