HAGL eyes Myanmar housing market

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Housing-to-hydropower group HAGL, the first Vietnamese investor in Myanmar's hotel and tourism industry, is also keen on that country's housing market because of the prolonged slump back home.

Le Hung, its general director, told news website VnExpress that it is the right time for the group to invest in Myanmar since the market is "new."

Earlier this month the Myanmar government approved HAGL's proposed US$300 million Hoang Anh Gia Lai Myanmar Centre comprising of a five-star hotel, shopping mall, and office and residential towers.

It will be situated in Yangon, the country's largest city and former capital.

The company is awaiting approval from Vietnam's Ministry of Investment and Planning, Hung said.

It is expected to be finished in 2018.

The group is Myanmar's biggest foreign investor, VnExpress quoted the country's Minister of Hotels and Tourism U Htay Aung as saying.

According to the Ministry of Hotels and Tourism, many foreign investors had been interested in entering the country since the late 80s, but there were no significant inflows until last November when the US lifted a trade embargo.

Singapore used to be the biggest investor, followed by Thailand, Japan, and Hong Kong.

Myanmar has so far approved a total of 35 foreign-invested hotel projects.

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