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Friday, March 29, 2024

Big Chinese developer investing $360m – Peza

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Potential Chinese investments in Philippine economic zones are expected to amount to $360 million, the Philippine Economic Zone Authority said Friday.

Peza director general Charito Plaza said during the Maritime Silkroad China -Philippines Business Opportunities Matching Conference in Manila the investment proposal came from China’s biggest economic zone developer, Xu Liang Dragon Group.

“We finalized the discussions Thursday. This is one of the projects we are waiting. This will add to the July investments,” she said.

The Peza board is expected to formally approve the Chinese investment proposal.

Peza has made arrangements to meet all mayors of the 10 municipalities that will be involved in the proposed 3,000-hectare ecozone in western Pangasinan.

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Xu Liang owner H.Y. Chen planned to build the required infrastructure, including a seaport in a span of three to four years, Plaza said.

H.Y. Chen is also the owner of the second tallest building in Taiwan, an 85-story edifice in Kaoshiung.

The proposed zone will be a mixed-used area that will be home to agriculture, tourism, renewable energy and cement companies.

The first project could be a petrochemical project that will be financed by Xu Liang.

The Chinese company will also invest P12 billion to build an IT building in the  Manila. It recently acquired the lot near Diamond Hotel where it will construct another IT building.

Xu Liang is an investor brokered by former House Speaker Joe de Venecia, said Plaza.

The biggest investors in economic zones are the Japanese, accounting for 30 percent of the total investments. Filipino investors ranked second, followed by mixed nationalities.

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