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Overview

China Eximbank provides loan worth THB 11.6 billion for Chao Phraya Estate Landmark Waterfront Construction Project (Linked to Record ID#73300)

Commitments (Constant USD, 2023)$390,392,564
Commitment Year•2013Country of Activity•ThailandDirect Recipient Country of Incorporation•ThailandSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2013
Start (actual)
Jun 19, 2014
End (actual)
Feb 13, 2018

Geospatial footprint

Map overview

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The purpose of this project is to construct a high-end residential and hotel project (known as the Landmark Waterfront or Chao Phraya Estate) on a prestigious waterfront address along the Chao Phraya River in the city of Bangkok. More detailed locational information can be found at https://www.openstreetmap.org/way/406005613

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Landmark Holdings Company Limited

Implementing agencies

Private Sector

  • Country Group Development PCL

State-owned companies

  • Beijing Construction Engineering Group Co., Ltd. (BCEG)

Loan desecription

China Eximbank provides loan worth THB 11.6 billion for Chao Phraya Estate Landmark Waterfront Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2013, China Eximbank reportedly issued a loan worth 11.6 billion baht to Landmark Holdings Company Limited — a special purpose vehicle and joint venture of BCEG Thai International Co., Ltd and the MAI-listed firm Country Group Development Plc (CGD) — for the Chao Phraya Estate Landmark Waterfront Construction Project. The purpose of this project is to construct a high-end residential and hotel project (known as the Landmark Waterfront or Chao Phraya Estate) on a prestigious waterfront address along the Chao Phraya River in the city of Bangkok. Upon completion, it will be the first luxury, 5-star hotel-managed riverside condominium in Bangkok. The total investment in the project is 29 billion baht, of which 11.6 billion baht comes from the loan of the Export-Import Bank of China. A groundbreaking ceremony took place on June 6, 2014. However, construction did not begin until June 19, 2014. Construction ended on or around February 13, 2018. The hotel (Four Seasons Private Residences) officially opened during the summer of 2018.

Staff comments

1. This project is also known as the Chao Phraya Estate Project. 2. On September 19, 2016, it was announced that Country Group Development and Joint Venture partner BCEG Thai International Co., Ltd would continue project financing through China Pingan Bank with a THB 13.3 billion loan and would finish the project on schedule. The loan from China Pingan Bank was to be managed through Landmark Holdings Company Limited. The China Eximbank loan is separate from the 13.3 billion baht loan issued by China Pingan Bank also for the construction of the Chao Phraya Estate in 2016 (captured in Record ID#73300). 3. Beijing Construction Engineering Group International (BCEGI) reportedly holds a 30% ownership stake in Landmark Holdings Company Limited (through its subsidiary, BCEG Thai International Co., Ltd).