18 October 2013
China Exim Bank has inked an agreement with newly-formed Thai property firm Country Group Development (CGD) to finance a high-end waterfront residential and hotel project in Bangkok worth nearly $400m.
CGD aims to turn the site into a luxury waterside development with nearly 6 hectares of hotels and residential space.
Country Group’s CEO Ben Taechaubol said his company appreciated "China Exim Bank’s expertise, international reputation and financial strength", Thai news site The Nation reported.
The Landmark Waterfront project will revitalise part of Bangkok’s Chao Phraya river (Credit: russavia/wikimedia)
Calling Landmark Waterfront a "flagship property", Mr Taechaubol said it would "redefine the ultra-luxury market in Bangkok".
This project is reported to be the Exim bank’s first major foray in Thailand’s private sector.
Beijing Construction Engineering Group (BCEG) is likely to be the main contractor on the project, scheduled for completion in 2017, The Nation said.
It has been a busy week for BCEG on the world stage: earlier this week it was appointed joint venture partner in the project to build the UK’s new Manchester Airport City.