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Senserey, KX Group reinforce alliance

Senserey, KX Group reinforce alliance

Local real estate developer Senserey Group on Friday signed a Memorandum of Understanding (MoU) to cooperate with Chinese-owned construction company KX Group.

Senserey Group managing director Ly Senserey said at the signing ceremony that the construction sector in Cambodia performed very well last year and will continue to thrive this year.

“The growth of the real estate and construction sectors underpins Cambodia’s fast economic growth. This growth shows the confidence of real estate developers as the government introduces new policies to regulate the sector.

“I hope the MoU between Senserey Group and KX Group will make it easier for the two companies to communicate and better understand each other.

“It shows the progress achieved in economic development and the good relations between Cambodia and China,” said Senserey.

Jackie Gao, a representative of KX Group, said the local real estate market is booming.

“After seeing the market opportunities in Cambodia, we decided to bring our excellent construction team here. We deeply value Senserey Group’s strategic cooperation.

“We will work hard in this beautiful country to achieve success. I believe that our strength will bring the two nations closer,” he said.

Founded in 1980, KX Group is headquartered in Jiangsu province’s Yancheng. The group’s activities include construction, municipal engineering, real estate development, capital market investment and research and development.

The companies did not announce any concrete plans for joint investments.

A report by the Ministry of Land Management, Urban Planning and Construction said the total value of construction investment in Cambodia last year was over $9.3 billion. Chinese companies are the biggest single investors in the industry, accounting for more than $2.8 billion.

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