A Korean real estate investment firm based in Shanghai has signed an agreement with a Chinese property developer to attract investment in the That Luang Lake Special Economic Zone.
D&C Mineun, a Korean real estate investment firm with headquarters in Shanghai, has entered into a business partnership with Shanghai-based Wanfeng Property to assist the developer in attracting Korean real estate investment, according to the Korea Herald.
Under the partnership, D&C Mineun will work to attract investment and manage sales of apartments built in the development zone.
A signing ceremony was held yesterday between Mr. Yang Young-hwan, Chairman of D&C Mineun, and Mr. Jian Fu, President of Wanfeng Property. The signing was witnessed by Mr. Sinlavong Khoutphaythoune, president of the Lao Front for National Development, and Mrs. Khamchan Vongsenboun, Deputy Minister of Planning and Investment.
Meanwhile, Jungheung Group Vice Chairman Jung Won-ju attended the ceremony as an observer.
Wanfeng Property has invested over USD 391 million in infrastructure at the That Luang Lake Special Economic Zone, building roads, green areas, hotels, and commercial buildings.
Meanwhile, D&C Mineun is confident it can attract Korean investors to the site.
“The economic growth of Laos has been stalled due to lack of transportation and logistics infrastructure, but the country will be developed completely when a railroad opens to connect China and Laos,” Yang Young-hwan, Chairman of D&C Mineun was quoted as saying.
“Thatluang Lake Special Economic Zone, in particular, will enjoy a direct benefit from the inter-country railroad set to open [on 2 December].”