Hanhong bets on Kazakhstan with mammoth IR project

It’s perhaps one of the most ambitious examples to date of the concept, “if you build it they will come.” Beijing-based Hanhong Private Equity Management is leading a multi-billion dollar casino resort and eco-city project in Tengri, near Almaty, the largest city in Kazakhstan. The 1st stage of the resort project will cover up to 1 million square metres, with a total investment of $7 billion. If all goes to plan, the resort will open in late 2017. There are then plans for a further five stages over ten years that will include the construction of a new eco-city designed for up to 400,000 people. The Central Asian republic has a population of 17 million and is the ninth-largest country in the world. Its economy has boomed in recent years on the back of substantial oil and mineral resources, though slowed in 2014 because of problems in neighbouring Russia. However, the government...

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