Peninsula discloses potential resumption of Yangon project
NP News – Mar 16
The #Peninsula_hotel chain unveiled possibilities to resume the hotel construction in Yangon’s downtown after two years suspension as per information reported by the Nikkei Asia.
During the annual press conference held by Hongkong and Shanghai Hotels yesterday, the CEO reportedly said, “for several years, so that we could restart the reconstruction anytime, when we think [it] is suitable,” adding that, "We generally take the view that you are helping people if you employ them."
The Peninsula Hotels operator announced temporary suspension the project progress in May 2021 in response to the Myanmar military takeover.
The joint venture project between Serge Pun's Yoma Group: Singapore-listed Yoma Strategic Holdings and Yangon-listed First Myanmar Investment and Hongkong and Shanghai Hotels, it worth 130m USD with 30/70 holding respectively.