China firm proposes $6.5bn deal

Chinese firms have huge ambitions for Cambodia, with a second firm this week proposing three projects worth an estimated US$6.5 billion to the National Assembly yesterday, but no deadlines were set for the implementation of the projects, according to officials. Pan Xiaoping, chairman of Ruijin Investment Holding Ltd, based in  the Chinese province of Hainan, yesterday met with the president of the National Assembly, Heng Samrin, to seek the support for his company’s investment projects, said Kaom Kosal, cabinet director for the National Assembly. The announcement comes after Shangdong Shuitai, a major farm machinery manufacturer from China, spoke with the National Assembly on Monday about investing in the Kingdom’s agriculture sector. … The first project is a rice plantation worth approximately $400 million; the second is a tourism investment project called Sihanouk-Hainan City, a resort and associated infrastructure worth a reported $5.8 billion; and the third project is focused on animal husbandry, namely cows, and is worth an estimated $300 million. … In an effort to avoid land disputes the development of Sihanouk-Hainan City would only be done on land specifically purchased for the project, Koam said, but did not elaborate on what guarantees this would bring. …

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