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Chinese firm to spend US$1.5b to develop That Luang marsh
The government has given the green light for a Chinese company to develop the 365-hectare That Luang marsh area of Vientiane as a specific economic zone, to stimulate socio-economic development in Laos.
The agreement to develop the marsh was reached yesterday in Vientiane between the government and the Wan Feng Shanghai real estate company of China.
Minister to the Government Office and Vice President of the Lao National Committee for Special Economic Zones (NCSEZ) Ms Bounpheng Mounphosay and Vice Mayor of Vientiane Mr Anouphab Tounalom represented the government in signing the agreement.
The Chinese side included Wan Feng Shanghai President Mr Guo Ping Huang and company representative Mr Wei Ping Zhou. The signing was witnessed by Deputy Prime Minister and NCSEZ President Mr Somsavat Lengsavad, Chinese Ambassador to Laos Ms Bujinguo, and other high ranking officials.
Under the agreement, Wan Feng Shanghai will spend 12,000 billion kip (more than US$1.5 billion) to develop the marsh into a tourist attraction and cultural centre.
The company will create a large lagoon in the centre of the new urban area and develop infrastructure in line with the government's plan to ensure that waste water is properly drained off.
Wan Feng Shanghai will build the new zone on 303 hectares and leave 62 hectares undeveloped. The project site includes six villages in Xaysettha and Sisattanak districts - Nonvai, Meuang Noi, Nonkhor Neua, Phonthan, Phonpapao and Donekoi.
The development will include open spaces, a public park, lagoon, drainage, roads, a sports centre, and trade and service centres that contain five-star hotels, shopping centres and entertainment venues.
The project will also include a residential area and facilities that it is hoped will attract tourists to Laos.
Mr Guo Ping Huang said the company believed it would take 15 to 20 years to complete the development.
The first phase is expected to start in February next year, when some facilities will be built for the Asia-Europe Meeting Summit in November.
It is envisaged that the project will provide an exciting new feature for Laos while creating an attractive environment that everyone can enjoy.
The project will not only generate revenue for Laos and boost economic growth but will also create jobs and enable local people to ease their poverty.
vientiane times
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