GM Holdings, China railway frst group sign MoU for major projects in Bangladesh

Published : Saturday, 8 August, 2026 at 9:24 PM

Observer staff correspondent

GM Holdings Limited (GMHL) and China Railway First Group Co., Ltd. (CRFG) have signed a Memorandum of Understanding (MoU) to jointly develop real estate, industrial high-tech park and hospitality projects at several locations across Bangladesh, with work expected to begin shortly.

The MoU was signed on August 6 at the Deshbandhu Group corporate office in Banani, Dhaka. Under the agreement, CRFG will serve as the engineering, procurement and construction (EPC) contractor for the proposed projects.

The planned developments include the Dakshina residential condominium at Ainuchbag in Dakshinkhan, Uttara; Deshbandhu City-01, a mixed-use development in Bogura featuring a shopping mall, corporate office tower and hotel; and Deshbandhu City-02 in Rangpur, comprising a shopping mall, corporate office tower, hotel tower and other facilities.

The agreement also covers Deshbandhu Center Point at Mastul Mouza in Purbachal along the 300 Feet Expressway, which is planned as an integrated mixed-use development with a shopping mall, corporate office tower, hotel and residential condominiums. Another major project is the Deshbandhu High-Tech Park at Hatikumrul in Sirajganj, featuring industrial buildings, administrative facilities and other industrial infrastructure. A further mixed-use development incorporating residential, commercial, hotel and resort facilities is also planned.

Mr M.K.A. Shahinur Rahman Zahid, Chief Executive Officer of GM Holdings Limited, and Mr Fang Wanqun (Daniel), Business Manager of China Railway First Group, signed the MoU on behalf of their respective organisations.

William Wang, Managing Director of CRFG for Bangladesh, Nepal, Sri Lanka and Maldives; Tian Yu, Marketing Manager; Li Chen, Deputy Project Manager; Syed Iqbal Rizvi, Chairman of Arena for Global Engagement Ltd.; Kazi Moazzem Hossain, Deputy Managing Director of AGE; and senior officials of GM Holdings Limited were also present at the signing ceremony.
According to the organisations, the agreement is expected to strengthen their long-term strategic partnership and contribute to urbanisation, industrialisation and investment in Bangladesh.
Deshbandhu Group has planned new investments of around Tk 10,000 crore in various manufacturing-oriented projects, according to the company. The group said the investments will include expansion of existing businesses in sugar, beverages, polymer, packaging, cement and textiles, alongside new ventures in steel, footwear, FIBC, PSF-PET, electric vehicles, eco-bricks and lithium-ion batteries.
The group expects these initiatives to create around 15,000 new jobs, taking its total workforce to approximately 40,000.
GM Holdings Limited is also developing projects in the real estate, hospitality, tourism and industrial sectors, including a condominium in Dakshinkhan, a boutique hotel in Dhanmondi, a five-star resort in Uttarkhan, a five-star hotel and shopping mall in Bogura, an amusement park in Rangpur and an industrial park in Sirajganj. The company said international organisations including JLL, Sinohydro and Hilton are involved in planning and development of some of these projects.
China Railway First Group, a subsidiary of China Railway Group Limited (CREC), has extensive experience in railway, highway, bridge, tunnel, urban infrastructure and large-scale construction projects. In Bangladesh, the company has been involved in the Padma Rail Link Project as a strategic and construction partner.
The companies said the planned investments are aimed at generating employment, reducing import dependency, promoting technology-driven industrialisation and attracting investment, with the broader objective of supporting Bangladesh's long-term economic development.

-HIS