Thanakorn Seriburi, chairman and CEO of the automotive industrial products business group (China) of CP Group, said next year it plans to team up with Luoyang city in Hainan province to develop a super complex on 115 rai of land. It will comprise two each of 60-storey and 40-storey buildings that will feature condominium units, a shopping centre, an entertainment complex, a hotel, an exhibition centre and government offices, including customs, a clearing house and other public services.
Construction of the complex will cost about 15 billon baht and kick off next year, with an expected completion date of six years. The group expects the project will break even three years after commercial operation.
Mr Thanakorn added the group also plans to list Shanghai Kinghill Co on the Shanghai stock market in early 2011 to mobilise funds to expand its retail and property-development business in China.
Shanghai Kinghill operates Super Brand Mall, one of Asia’s largest entertainment complexes. Located in Pudong, Shanghai’s economic zone, the mall covers 400,000 square metres.
CP was the first foreign investor in China. Over nearly four decades it has poured billions of dollars into shopping malls, the poultry industry, animal feed and motorcycle plants.
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