CP Group builds giant complex in China

BANGKOK, May 3 (TNA) - Thailand's Charoen Pokphand (CP Group) has announced its mega-investment projects in China, under its Zhengda initiative, including the construction of a giant complex in Luoyang City in the Chinese western region. Thanakorn Seriburi, Vice CP Board Chairman and Chief Executive Officer (CEO) for the Industrial Division said today that the CP group has invested some 20 billion baht for the development of the giant complex in Luoyang, named the International Plaza Civic Center, comprising an eight-storey government cluster, an eight-storey department store and a twelve-block condominium with 40-55 floors each, located on a huge 120-rai area (2.5 rai = 1 acre). Thanakorn acknowledged that the construction of the giant complex began last year and is expected to be complete in 2015, and that the newly-build condominium will target upscale residents; while the new government cluster will be sold to the Chinese government to earn a 3-5 per cent profit. According to the CP CEO, the local economy in Luoyang, highlighted by its tourism and industries, has grown by up to 20 per cent on average since the Thai CP conglomerate invested in a motorcycle factory there two decades ago. The CEO told journalists that the CP group has also invested in model agricultural villages in 6-7 Chinese cities, including Beijing and Canton, each located on at least 5,000-rai plot of land, and in chicken and seafood processing plants, and that more branches of the CP-Lotus branded retail store will also be opened in both large and small Chinese cities, in addition to its existing 75 branches in China. (TNA)