Hong Kong Developer Sold Cambodia Land to China Developer
Hong Kong Developer Sold Cambodia Land to China Developer. In an announcement published by the companies, Hong Kong-listed China developer Jiayuan International said it bought five plots of adjoining land in Phnom Penh, Cambodia for an initial purchase price of approximately HKD279 million (equivalent to USD 35.6 million), from HK-listed Hong Kong developer Y Seng Co., Ltd., which have a total area of approximately 608,140 square meters and can be expanded to 3,500,000 square meters for comprehensive planning through its subsidiary Gang Yuan (Cambodia) Development Co., Ltd. The announcement mentioned no regulatory approval of the transaction.
The property development project, locates at Bek Kheng, Chroy Changvar District, Phnom Penh, Cambodia, along the National Highway 6, and is only 10 kilometres from downtown of Phnom Penh. It takes less than an hour driving to Phnom Penh International Airport. The auxiliary facilities of the project include hypermarkets, Golf hotels, PNN TV Station, Universities, hospitals and various properties under construction, indicating a comprehensive plan. Due to the significant demographic dividend and increasing urbanization in Phnom Penh, the Company is optimistic about the development and expansion in Phnom Penh. As a result, Chroy Changvar District, which will be built as a satellite city, is expected to attract a large population.
Moreover, the successive completion and commencement of operation of a series of infrastructures in the district, such as the main venue of Southeast Asian Games, Phnom Penh Safari World, and the largest water park in Asia has led to a more significant regional advantage. It is expected that after the commencement of operation of the Pan-Asian Railway in 2019, it would take only 4.5 hours from Kunming to Phnom Penh by high-speed railway. Phnom Penh will be closely tied to other ASEAN countries, and there will be more opportunities for the economic development of Cambodia.