Thailand’s $1bn Property Project Halted after Coup
Thailand’s largest industrial estate developer has suspended work on a $1 billion project in Myanmar due to fears that the military coup and possible international sanctions will drive investors away from the country. Amata had just begun construction on the 2,000-acre industrial complex outside Yangon in December but the development, including a new power plant, will be put on hold, chief marketing officer Viboon Kromadit stated. The announcement is a sign of the impact that the military coup, which began on 1st February with the detention of Ang Sang Suu Kyi and other civilian leaders, could have on business activity in the country. Around 20 companies, mostly Japanese, are in talks to buy land in the complex to set up production bases, according to Amata. The company said it has already spent 140 million baht ($4.7 million) on the first phase of construction. Several other multinational companies have suspended operations due to the military coup while trading on the local stock exchange has been disrupted.