Tuesday, July 25, 2017

Golden City denies Toener link

Luxury condominium and hotel project Golden City has denied any involvement with Chinese firm Toener Investment Group, which lists Golden City as a real estate project on its website.

Golden City released a public statement yesterday in response to an article in this paper on June 15, “Chinese group to develop 31-acre luxury complex in Yangon”, which said that Toener was involved in building Golden City in addition to two other Yangon residential projects.

The “real estate projects” section of that firm’s website lists three projects in Yangon: Golden City, Kanbae Towers and Riverfront Garden.

But Golden City said that the Hunan-headquartered Toener Investment Group has “never had any financial interest, partnership or affiliation” with Golden City, the developer Golden Land or its Singaporean parent company Uni Global Power (UGP).

“Golden Land is the only registered company involved in the development of Golden City,” the statement said.

Golden City has asked Toener to remove Golden City’s name from its website and “to refrain from providing any false information regarding any such relationship between Toener and Golden City”, it added.

A spokesperson for Zheng Xiao, managing director of SMI Real Estate, Toener’s local joint-venture company, confirmed that Toener is involved in Kanbae Towers and Riverfront Garden but has never had any involvement in Golden City.

The managing director believed there had been a “misunderstanding”, the spokesperson said. But she was unable to comment on why Golden City had been listed as a Toener project along with Kanbae Towers and Riverfront Garden.

Daphne Teo, chief investment officer at D3 Capital – a major shareholder in UGP – told The Myanmar Times that Toener officials had previously been told in person to remove Golden City from their firm’s website.

Yesterday’s statement was the first time Golden City, Golden Land and UGP had addressed the issue publicaly, she said, adding that the source of Toener’s misconception was unclear.

UGP had held talks in the past with Toener about collaborating on Myanmar projects, but not Golden City, Ms Teo said.

Toener had also rented out some Golden City offices, but after Toener’s use of Golden City on its website Toener was asked to leave, she said.