A Shenyang real estate developer has joined forces with a Myanmar-based company to construct and finance a building in Yangon, Myanmar.
The deal was struck by Shenyang Zhongmeng Investment and Development Co, a company involved in real estate development and estate management, in cooperation with KMA Group, a Myanmar-based firm with multiple businesses in the key economic fields of the country.
The Yangon building, with an area measuring 90,000 square meters, will cost an estimated 1 billion yuan ($144.9 million) and have a two-year construction period; and construction is set to begin in April.
When the finance building finishes construction, it is hoped it will entice firms involved in international trade, financing and the internet to establish themselves in the new building.
The finance building is an attempt to boost multilateral international trade and industrial cooperation among China and members of the Association of Southeast Asian Nations (ASEAN), especially between China and Myanmar.
Myanmar has an ever-increasing demand for imported rolled steel, cement, machinery and equipment; therefore, high-quality products at competitive prices manufactured in Northeast China have become an attractive prospect for Myanmar.
Last June, Shenyang Zhongmeng Investment and Development Co and KMA Group signed a bilateral trade memorandum of cooperation, which committed both sides to building a Sino-Myanmar Trade Park in Shenbei New District in Shenyang to serve as a storage area for imported and exported goods, and also as part of a trade cooperation project between Shenyang and Myanmar.