FRANKFURT, GERMANY and LOS ANGELES, CA--(Marketwire - 03/02/10) - Philand Ranch Ltd. (Frankfurt:1P8 - News) (XETRA:1P8 - News) (WKN A0RPEA), a company engaged in the development of master planned communities and other real estate developments in Vietnam and Southeast Asia, announced today that it has secured a total of $100 million in funding for its projects in Central Vietnam through a Business Cooperation Agreement with EMHI Land Corporation.
Philand Ranch Ltd is a majority-owned subsidiary of PHIGroup, Inc. (OTC.BB Zunge rausstrecken HIE - News) (Frankfurt Zunge rausstrecken R7 - News) (WKN A0RNQV) whose business scope includes the development and management of real estate properties, mining interests and consulting, merger and acquisition advisory services.
The agreement calls for EMHI Land to provide capital for Philand Ranch's Pointe91 project in Chu Lai. In addition, the two companies will co-develop an internationally branded entertainment theme park and retail commercial venture on a 600-hectare township site located on Philand's north boundary master plan. The closing of the first tranche of funding is scheduled for March 31st, 2010.
EHMI Land's secured funding commitments from its current banking partners in Asia will enable Philand Ranch and EMHI to jointly develop various projects and provide financing for major real estate development programs like Philand Ranch. The Ranch's first phase construction is expected to begin shortly at Pointe91. This 118-acre first phase introduces a hot new five-star resort area, executive housing, mid-range cabana residences, a marina, and unfettered access to hiking and walking trails, beaches and the South China Seas. It also includes an economic free zone, industrial parks, educational and conference facilities. The development is expected to bring thousands of new jobs, new industry and commercial ventures, much needed housing, as well as providing economic opportunities to the area for decades to come.
Henry Fahman, Chairman of Philand Ranch Limited, said, "We are pleased to co-develop our Ranch with Mr. Allen Wu and EHMI Land. Having the secured financing is a big plus for us, but just as important is how we will continue to bring significant enduring value for our shareholders for generations to come."
Further, Allen Wu, CEO of EHMI Land, stated, "Philand will play an important role in developing and building new communities where people desire to live, work and play. We look forward to working together and being a part of Vietnam's successful future ."
About Philand Ranch Ltd.
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