CGD Announces Project Financing
New agreement with China Ping An Bank ensures the timely successful completion of the Chao Phraya Estate.
Country Group Development and its joint venture partner Beijing Construction Engineering Group (BCEG) recently announced financing through one of China’s most respected financial institutions.
China Ping An Bank, part of a group of companies formed in 1988 that became China’s first joint-stock insurance enterprise. The company has since diversified to cover all areas of the financial sector and banking, and is listed on the Shanghai Stock Exchange main board as well as the Stock Exchange of Hong Kong.
“This Agreement aligns perfectly with our business targets as we move ahead with the construction of all three components of the Chao Phraya Estate. We are confident that our unique combination of Four Seasons Private Residences, Four Seasons Hotel and Capella Hotel will set a new quality benchmark for mixed-use developments globally”, said CEO and Director of Country Group Development, Ben Taechaubol.
Beijing Construction Engineering Group (BCEG) was founded in 1953 and has successfully maintained a leading position in the construction industry in China while also expanding its global presence. The company is ranked as one of the world’s top 50 contractors by revenue and employs some 20,000 people around the globe with branches and filed offices in more than 20 countries.
“BCEG works with strong partners in various fields at home and abroad”, said Mr. Xing Yan, General Manager of BCEGI. “With solid finance through China Ping An Bank, the Thailand project team will continue to work towards our key target milestones”.
“Sound institutional financing is crucial for a luxury residential project of this calibre”, added Mr. Taechaubol. “We began construction of this project in Q3, 2014 and with this financing package and the right partners in place, we are on track to meet our completion target of Q4, 2018”.
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