China developer Shanghai Wanfeng Group has commenced works on a US$1.6 billion (S$1.95 billion) integrated development in Vientiane, the capital of Laos. According to Bloomberg, construction works for the complex began last Saturday.
Known for developing shopping malls in China, the developer signed an agreement with the Lao government last year to develop 365 ha of land around That Luang Lake. The project will include residential, commercial and tourism components.
Meanwhile, a growing number of Chinese firms have made investments in Laos, a new member of the World Trade Organization (WTO) whose economy is set to grow eight percent in 2013, based on forecasts by the International Monetary Fund (IMF).
Ranging from dam builders to mall developers, the Chinese have invested a total of US$3.3 billion (S$4.03 million) in 2012, making them the third-largest foreign investor after Thailand and Vietnam.
For instance, China CAMC Engineering Co. has completed Phase 1 of a US$100 million (S$122.14 million) residential project located on a 1.6 km section of the Mekong River. The Yunnan Provincial Overseas Investment Co., a Chinese government investment arm, is also developing another US$40 million (S$48.856 million) property in Vientiane.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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