A $1.5-billion deal is being prepared for signature between Cambodian conglomerate LYP Group and China Minsheng Investment Group (CMIG), which will see the development of a subsection of LYP Group’s 2,000-hectare Garden City community, located roughly 10 kilometres to the north of Phnom Penh.
The 550-hectare plot inside the satellite city will be named “Cambodia-Chinese Friendship City”. The deal is slated to be finalised during the Cambodia-Chinese Business Forum in Phnom Penh on December 1.
According to a statement by LYP Group director Seng Nhak broadcast on PNN TV, the project will include a convention centre, logistics centres, and schools amongst other facilities. The purpose-built Garden City features a golf course and country club, in operation since 2013, and has plans for residential areas, commercial centres, entertainment and sporting venues, and a river port.
CMIG is China’s largest investment group and announced last year that it would partner with private enterprises to invest $5 billion to develop an industrial park in Indonesia.
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