Phnom Penh (FN), Jan. 4 - A giant Chinese Real Estates company has decided to invest $3 billion for 6-star hotels in Cambodia's capital city Phnom Penh and coastal beach of Sihanoukville province.

The investment project was announced Wednesday during a meeting between Zhang Li, president of Guangzhou R & F Properties Co. Ltd. and Cambodian Prime Minister Hun Sen in Phnom Penh.

Ieng Sophalleth, spokesman for Prime Minister Hun Sen told reporters after the meeting that Zhang Li had unveiled the investment deal he had made with Kith Meng, president of Royal Group Cambodia and who is also president of Cambodia Chamber of Commerce.

At the meeting, Zhang Li told the premier that he had confidence and trust in Cambodia, seeing it moving on the right track to economic growth and political stability and thus he decided to invest $3 billion for hotel projects in both Phnom Penh and in the country's southwestern province of Sihanoukville.  

According to the plan, the projects will take from 3 to 5 years to construct the hotels and other buildings.

Guangzhou R&F Properties Co., Ltd. is principally engaged in the development of properties and is currently employing 60,000 staff.

The Company operates its business through four segments: Property Development, Property Investment, Hotel Operations and Others. The Company’s customers are members of China’s large and growing middle class.

Through its subsidiaries, the Company is also engaged in residential architecture design.