Japan’s Keio scraps plan in Myanmar to develop hotels, apartments
YANGON, NNA - Japan’s railway-to-property group Keio Corp. said Monday it has cancelled a plan to develop hotels and serviced apartments in Myanmar through a joint venture with a local firm.
The company said it had failed to agree on the terms including the ownership ratio with Adventure Myanmar Tours & Incentives Co. The local unit was initially scheduled to be set up in April this year.
“Since Myanmar’s economy is expected to keep growing in the medium to long term, we will continue conducting research and consider (whether to enter the property market),” Keio said in a statement.