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Myanmar Crisis

Myanmar building projects worth $1.3bn frozen since army took power

Double whammy of political instability and COVID leave developers out-of-pocket

A complex of four buildings called "Yoma Central" near Yangon Central railway station, is under construction on July 22. Before the change in government, work on the site was frenetic, but there are no workers there now.

BANGKOK -- Seventeen months after the military seized power in Myanmar, many real estate development projects in the country, once viewed as having great growth potential by foreign investors, stand incomplete. Until the dark cloud over the economic future of the Southeast Asian nation clears, these projects are unlikely to be restarted.

Japanese investors are among those caught in the middle. At least three large-scale projects with an estimated total investment of $1.3 billion backed by Japanese investors have been put on ice as spending by foreign tourists and middle-class consumers -- a key revenue source for commercial properties -- dried up.

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