LH Corp. on Track Overseas
Korea Land and Housing Corporation’s overseas projects are getting on the right track one after another. The corporation signed a contract this month for joint venture establishment for its Korea-Myanmar Industrial Complex (KMIC) project. In addition, the corporation is working on the Al Abdullah New Town in Kuwait, the Hung Yen Industrial Complex in Vietnam, social housing complexes in Hanoi, etc.
At present, the corporation is vying with its Japanese and Chinese counterparts in Myanmar to win multiple infrastructure development projects. In the KMIC joint venture, the corporation has a 40 percent stake and the government of Myanmar and Global SAE-A invest 40 percent and 20 percent, respectively.
The corporation is going to be in charge of the development process so that South Korean companies can use land at a low price for at least 50 years and without ownership disputes in the country where land ownership disputes are frequent.
The corporation, in the meantime, signed an agreement five years ago with Grupo Empresarial Lafuente (GEL), a new town developer in Santa Cruz, Bolivia. The corporation has provided project management consulting for its new town project based on the agreement. The purpose of the project is to build a new town of 350,000 population by investing US$3.2 billion near Santa Cruz, the economic capital of the country.