Chinese property giant to invest $3B in hotels, PP,SHV.

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Luigi
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by Luigi »

CEOCambodiaNews wrote: Sun Mar 19, 2017 11:17 am Shame, but the $3B 6 star hotel projects for Cambodia are not ready to roll just yet, due to problems with Chinese capital controls apparently.

Capital controls hold back Chinese developer
Wed, 15 March 2017

The head of Chinese real estate developer Guangzhou R&F Properties, which has announced plans to invest $3 billion into a new luxury hotel in the Kingdom, has asked Chinese authorities to fast track its approval process for moving cash out of the mainland, according to a report yesterday in the South China Morning Post.

Zhang Li, founder and co-chairman of Hong Kong-listed firm, was quoted as saying that the project was a special case under China’s “One Belt, One Road” initiative.

“Current capital controls are too tight,” he said. “We will repatriate the money back to China if we make a profit outside.” Li previously met Royal Group’s Kith Meng to discuss developing a “six star” hotel in Phnom Penh or Sihanoukville.
http://www.phnompenhpost.com/business/c ... -developer

Interesting how Zhang Li describes his multi-billion dollar hotel scheme as a "residential and agricultural development programme in Cambodia" here:
“We applied for US$1 billion worth of overseas investment quota to the state foreign exchange authority more than two months ago, but have not yet received approval,” Zhang Li, founder and co-chairman of Hong Kong-listed R&F Properties told the South China Morning Postin Beijing on Sunday.
The most urgent projects included the acquisition of a chromium mine in Angola, and a residential and agricultural development programme in Cambodia, Zhang said.
http://www.scmp.com/business/companies/ ... cquisition
The residents will have an herb garden on their patio. It is a six star something. :popcorn:
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Duncan
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by Duncan »

“We will repatriate the money back to China if we make a profit outside.”
----------------------------------------------------------------------------------------------------
Written in stone.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by Anchor Moy »

Duncan wrote: Sun Mar 19, 2017 7:14 pm “We will repatriate the money back to China if we make a profit outside.”
----------------------------------------------------------------------------------------------------
Written in stone.
Yeah, I really "liked" this phrase. :thumb:
It's good for Cambodia, but all the profits go to China.
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Duncan
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by Duncan »

Anchor Moy wrote: Sun Mar 19, 2017 9:03 pm
Duncan wrote: Sun Mar 19, 2017 7:14 pm “We will repatriate the money back to China if we make a profit outside.”
----------------------------------------------------------------------------------------------------
Written in stone.
Yeah, I really "liked" this phrase. :thumb:
It's good for Cambodia, but all the profits go to China.
I liked the word,,,,, if,,,,,, that was included in the statement.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by SinnSisamouth »

cant believe any expat buys land in this country

they cant even own it anyway!

mugs
i am on these blocked lists;
pucketrichard
hotdgr
sailorman
rozzieoz
stroppychops

:fuckyou:
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by taabarang »

"cant believe any expat buys land in this country"
they cant even own it anyway!"

Actually I am a 49% owner of the property my wife and I own. Beats the hell out of paying rent for the last 16 years.
As my old Cajun bait seller used to say, "I opes you luck.
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Duncan
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by Duncan »

SinnSisamouth wrote: Mon Mar 20, 2017 9:08 am cant believe any expat buys land in this country

they cant even own it anyway!


mugs
Yea, I will agree with that.



Now let me tell you what I bought for my 70 th birthday present next month. ....The father/ and inlaw gave his daughter and son inlaw a 40 m by 15 m block of land in Sway Reing, ,,and as the 40 m x 20 m block next door was for sale for $3,000 I bought that. I know,, I cannot own land , so I gave it to them as well. They have no money so I guess I'll be the one to put a fence around it , build it up , and build a house , plant trees etc.

When I come back in my next life [ as a dog ] I know I will have a nice piece of land to walk around on.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by CEOCambodiaNews »

Royal Group inks deal with Chinese contractor to build Royal One
16 March 2018
OTK Royal One, a subsidiary of local conglomerate Royal Group, has signed a memorandum of understanding with Chinese state-owned construction firm Sichuan Huashi Group to build Royal One, a $150 million twin tower complex.

The 62-storey mixed-use development will occupy 4,000 square metres on the site of a former traffic police station at the intersection of Russian Federation Boulevard and Monivong Boulevard in Phnom Penh. A used-car lot until recently occupied the space.

The Royal One mixed-use development will include condominiums, office units, retail outlets and a five-star international hotel, as well as a stunning infinity pool perched on a sky bridge connecting the two towers.

“Royal One will become an international building that enhances Cambodia’s image,” Kith Thieng, a representative of Royal Group, said during the signing ceremony on Sunday.

He said construction would commence in September and take three years to complete.
http://www.phnompenhpost.com/supplement ... -royal-one
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by finbar »

Royal One will become an international building that enhances Cambodia’s image
I suspect not so much, if Men Kith has any aesthetic input.
-
Per ardua, ad stercus
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Re: Chinese property giant to invest $3B in hotels, PP,SHV.

Post by CEOCambodiaNews »

Previous on this: Last year R & F Properties were having problems getting authorization to move the necessary amount of money out of China for this investment. It has apparently been approved. : posting.php?mode=reply&f=21&t=12278#pr165104

China giant R&F pushing ‘Belt and Road’ initiative in Cambodia
Phnom Penh, 4 May 2018
When did the construction for R&F begin? When will it be completed? How much was the investment capital?
R&F City began construction in March this year and plans to finish everything by 2020. The project has an investment capital of more than $2 billion.

What are the special features of this project? When will it be open for sale?
This project has a total of 20 buildings with each boasting an impressive 33 floors. Furthermore, it has a total of 5,232 housing units, including a 3,200-square-metre gym, 38 shop houses and a spacious garden. This project is already open for sale, and we’re targeting the Chinese and Cambodian market especially. The structure and the design of the building is geared toward wealthy Chinese customers looking to get a taste of the luxury lifestyle abroad. We also focus on Cambodian customers because I think that in the future more Cambodian people will change their lifestyles and live in apartments or condominiums, because living in these spaces is more convenient and safe. The R&F City houses will sell from $1,900 per square metre.

There have been rumours that R&F has joined hands with the Royal Group on a luxury hotel in Sihanoukville. Is this true?

As of right now we are not working on any project nor have we partnered up with Royal Group, but we’re not sure what the future may hold. We are also not working on any project at present in Sihanoukville.
https://www.phnompenhpost.com/supplemen ... e-cambodia
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