Vietnamese real estate conglomerate Hoang Anh Gia Lai Group has started work on the second stage of a major project in Myanmar estimated to cost US$230 million.
The amount accounts for more than half of the total projected cost of the Hoang Anh Gia Lai Myanmar Center in Yangon.
The group announced at a groundbreaking ceremony Saturday that it would build five 28-storied towers with more than 1,134 apartments and offices in the second stage.
It said it has leased out 60 percent of space at its two 27-storied office buildings and 100 percent of a shopping mall, which were completed at the end of last year.
Hoang Anh Gia Lai has begun the work amid reports about its increasing debts and shrinking profits.
Its debts were estimated at nearly VND32.64 trillion ($1.44 billion) at the end of last year, up 54.5 percent from 2014 and equivalent to more than 67 percent of its total assets, its latest financial statements show.
The group, which now mainly operates in the real estate and agriculture sectors, saw a year-on-year decrease of 46.5 percent in its post-tax profit to VND678.62 billion ($29.94 million) last year.