Huge Chinese property project announced

Chinese firm Hainan Ruijin Investment Holding Company (HRIH) has announced an ambitious, US$5.8 billion property project including holiday resorts and high-rise apartments outside of Sihanoukville. Plans for the development, which has been dubbed Sihanoukville-Hainan City, have been approved by the Cambodian government. Further details, such as the exact location and the start of construction, have yet to be decided, according to Koam Kosal, chief of the cabinet of the president of the national Assembly, Heng Samrin. Massive property projects such as this have hit hurdles in the past due to land disputes and a lack of demand, experts say. Koam Kosal said the property project would be built on land purchased specifically for the project to avoid land disputes. The Chinese company will also invest US$700 million in a rice plantation and cow farm in Cambodia, he added.