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New Yangon City Chief Grilled Over Chinese Contractor’s Reputation

The CEO of the company developing the controversial New City project on the west bank of the Yangon River has defended the involvement of a Chinese firm with an international reputation for engaging in bribery and corruption. The Yangon government-backed New Yangon Development Company (NYDC) last year signed a US$1.5-billion (about 2.3 trillion kyats) framework […]

Public Needs Reassuring Over BRI-Related New Yangon City Project Yangon

Of all the development projects initiated by the Yangon government, the New Yangon City project is indisputably the most controversial. From the beginning, the project’s location—a 20,000-acre site on the west bank of the Yangon River—has been questioned due to the flood-prone topography of the area. Then it emerged that the project’s main developer, the […]

Beijing Urges Gov’t to Get Ball Rolling on China-Myanmar Economic Corridor

The vice chairman of China’s top economic planning agency has pushed Myanmar’s State Counselor to work out an implementation plan for the China-Myanmar Economic Corridor, a part of Beijing’s Belt and Road Initiative (BRI). China National Development and Reform Commission (NDRC) Vice Chairman Ning Jizhe held talks with State Counselor Daw Aung San Suu Kyi […]

Yangon Gov’t Abused Its Power by Investing in Controversial New City Project: Lawmaker

The Yangon Regional government was accused of abusing its power by investing 10 billion kyats ($6.5 million) in a controversial new city project on the western bank of the Yangon River without the parliament’s prior approval. In March, the Yangon government launched New Yangon Development Company (NYDC) which is to be the developer of the […]

New Yangon City CEO Urges Gov’t to Act Quickly to Secure Chinese Investment

The CEO of the New Yangon City project said he believed the controversial project on the western bank of the Yangon River will be “a success” if Myanmar is able to take advantage of trade tensions between the U.S. and China and lure more foreign investors. “I believe we will succeed; now is the right […]

Yangon’s new town plan expected to create about 900,000 job opportunities

The intended area for Yangon’s new town plan will cover up to 168,000 acres, and 20,000 acres of which will be used for the first phase and it is expected to create about 900,000 job opportunities, accord to the Socio-Economic Mater Plan of New Yangon Development Company. New Yangon Development Company (NYDC) hired top management […]

New Yangon City Project CEO Questioned About Role of Chinese Firm

YANGON—Serge Pun, the CEO of the controversial New Yangon City project on Saturday partially disclosed the terms of a deal with a Hong Kong-listed Chinese firm that could see it provide infrastructure for the first phase of the development. The revelation came amid a question and answer session at a public meeting organized by the […]

Yangon works with China to lay down development plan for new city project

New Yangon Development Company (NYDC) on Monday signed a framework agreement with China Communications Construction Company (CCCC) under which the two parties will carry out the necessary surveys and studies needed to develop and implement a new city in Yangon. NYDC is backed by the Yangon Regional Government, while CCCC is one of the largest […]

Yangon focuses on creating growth opportunities, raising living standards

The Yangon Regional Government is drawing up a master plan with the aid of the Japanese International Cooperation Agency and Korea International Cooperation Agency to transform Yangon into an economic hub with job and business opportunities for residents and investors, according to a report on the government’s performance by state-owned media yesterday. Topping the list […]

Investor interest in New Yangon City project rises, more FDI expected

Since its launch in early April, investor interest in the New Yangon City project from China, South Korea and ASEAN has been on the rise, Yangon Chief Minister U Phyo Min Thein said during a press conference at the 2018 Yangon Investment Forum on April 20. The Yangon Region Government is now courting foreign direct […]