Tycoon Turf
covering burma and southeast asia
Tuesday, September 25, 2018
Magazine

COVER STORY

Tycoon Turf


By Aung Zaw SEPTEMBER, 2005 - VOLUME 13 NO.9


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(Page 14 of 14)

Eden Group has since become a major force in the construction industry in Rangoon and Pagan.

 

Among its many lucrative projects are three universities built for the Burmese government: Panglong University in Shan State, the Government Technological Institute in Myingyan, Magwe Division, and Pakokku University. Reluctant to compete with other leaders in Burma’s business community, Chit Khaing once claimed to prefer investing in rural areas that are not as heavily targeted by other developers. To this end, he once went as far as Putao in northern Kachin State to build guest houses and hotels. These investments, Chit Khaing claims, are now making steady profits. His reticence about popular development locations, however, has not stopped Eden Group from building numerous hotel complexes in some of Burma’s most popular tourist spots.

 

The extent of Chit Khaing’s earnings is not known, but he is said to have purchased earlier this year the luxurious Marina Residence condominium complex—home to many in Rangoon’s affluent expatriate community—for US $4.8 million. A significant player in the lucrative cross-border trade with China, and rarely in need of financial backing by the government for his many development projects, Chit Kaing is clearly not strapped for capital.

 

Chit Khaing’s reputed attempts to forge close ties with Burma’s military leaders—particularly with former prime minister Khin Nyunt—might have caused more problems than they solved. Since Khin Nyunt’s ouster last October, Chit Khaing has kept a low profile, particularly after his name appeared on a list of 19 businessmen known to be linked to Khin Nyunt—all of whom were investigated by the junta last year. Power and wealth has its privileges, however, as Chit Khaing was never arrested or formally charged.

 

Burma's Other Barons

 

While not currently ranked among Burma's top tycoons, the following businessmen have nonetheless amassed considerable fortunes and stand poised to reap even greater profits and privileges in future years—that is, if they can navigate successfully Burma's turbulent political waters.


- Kyaw Win, founder and chairman of Shwe Thanlwin Co

- Nay Win Tun, managing director of Ruby Dragon Jade and Gems Co

- Michael Moe Myint, managing director of Myint & Associates Group Co

- Aung Thet Mann, managing director of Ayer Shwe Wah Co


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