S. Korea’s Booyoung to build new town in Cambodia

Booyoung Co., a mid-sized South Korean conglomerate, said Tuesday that it broke ground for one of the largest housing projects in Cambodia, a project Cambodia hopes to spur foreign investments. Booyoung said it will build 40 apartments and seven residential and commercial complexes on 2.7 square kilometers of land in downtown Phnom Penh. The planned buildings could accommodate 17,760 households in a landmark project, called “Booyoung town,” the company said, without giving any further details on financial costs and a completion date of the project. … In terms of the cumulative foreign direct investments approved in the period of around 18 years ending at September 2011, the largest amount of US$8.9 billion came from China. The second biggest foreign direct investment provider is South Korea with $4 billion, according to data posted on the Web site of the Council for the Development of Cambodia.

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