CP's mega project in China shows progress
Charoen Pokphand Group has reported substantial progress in its mix-use development project in Luoyang City in Hainan province, China, as high-end condominiums - part of the Bt20 billion project - will be available for booking in September.
Thanakorn Seriburi, chairman and CEO of the automotive industrial products business group (China) of CP Group, said today at a press conference that the entire project should be completed in 2015 as planned.
With the groundbreaking starting in 2011, the 120-rai development project, called Chia Tai International Plaza Luoyang City Civic Centre, covers an 8-story government centre, an 8-storey shopping centre, and 12 condominium blocks with 40-55 floors each.
On completion, the government centre would be sold to Luoyang City, at the profit margin of 3-5 per cent, Thanakorn said.
The project has won strong support from the city, where CP has invested in a big motorcycle assembly plant since 1992.
Thanakorn said that this city is an attractive investment destination, with the economic growth of over 20 per cent.
Meanwhile, he added that CP Group has involved in the construction of integrated agricultural villages in about 7 cities in China like Beijing and Guangdong. Each covers at least 5,000 rai.
