Chinese factory in Myanmar ransacked by hundreds of angry workers

Hundreds of workers in Myanmar attacked a Chinese garment factory in Yangon, destroying equipment and briefly detaining seven Chinese workers on Thursday, the official China News Service reported. The attack on the factory was carried out by staff angered by the sacking of a colleague, according to a local newspaper report. The seven Chinese “captives” […]

ADB Trade Finance Program Marks Milestone with First Transaction in Myanmar

The Asian Development Bank’s (ADB) Trade Finance Program (TFP) has issued its first guarantee for Myanmar, supporting the import of fertilizers from Italy. The guarantee was issued in favor of Banca Popolare di Sondrio in Italy in respect of the payment obligation of United Amara Bank (UAB), one of TFP’s local partner banks in Myanmar. […]

Sri Lanka gets direct cargo link between Colombo and Yangon

Mar 24, 2016 (LBO) – Sri Lanka’s Continental Shipping Lines’ “Pathien Star” made it’s inaugural call at the Jaya Container Terminal in Colombo yesterday. The vessel is scheduled to leave for Port Yangon of Myanmar soon. “This is the first time that a direct cargo link has been established between Colombo and Yangon opening a new […]

Moving in difficult due to permit delays

Delays issuing Building Completion Certificates (BCC) are keeping owners and renters from moving into recently completed buildings, say developers. Contractors often have to wait up to a month to be issued the permits from Yangon City Development Committee (YCDC), which translates into lost revenue for developers unable to move in tenants and owners immediately after […]

New Property Tax Expected to Spur Demand for Low-end Real Estate

YANGON — Myanmar’s government is expected to introduce a new property tax system next month that will reduce tax rates, in particular for lower value properties. Realtors said the move will stimulate demand for the latter market segment, but warned that high-end property demand will remain sluggish. A proposal for the new property tax was […]