Chinese buyers have been offering up to 30 times the going rate for plots of land in Kyain Seikgyi Township, southern Kayin State, according to local residents.
The remote rural area in lower Myanmar is reportedly close to antimony deposits located between Tadaoo and Chaungwa villages, a lucrative metal used as a hardening alloy for lead, especially storage batteries and cable sheaths.
“I heard they [Chinese] buy the land under the names of local people. I don’t know exactly. There are about 50 antimony mines in Kyain Seikgyi region. Many Chinese people do this business,” said one local farmer from the area.
Land in Kyain Seikgyi usually sells for between Ks 500,000 (US$500) and Ks 600,000 ($600) per plot of land but Chinese buyers are now paying up to 30 times the market price.
Some have offered between Ks 15 million ($15,000) to 20 million ($20,000) per plot based purely on its location in the Kyain Seikgyi area. There are rubber plantations on some of the land but most of it is vacant.
The new Chinese owners have opened shops and restaurants on the land.
Source: ELEVEN MYANMAR