Chit Khaing

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Chit Khine
Native name ချစ်ခိုင်
Born 1948 (1948) (age 69)
Danubyu Township, Irrawaddy Division, Burma
Nationality Burmese
Occupation Founder and Chairman of Eden Group
Net worth US$ 3.2 billion
Spouse(s) Khin Soe Wai
Children 5

Chit Khine (Burmese: ချစ်ခိုင်, born 1948 in Danubyu Township, Irrawaddy Division, Burma) is one of Burma's richest business tycoons[1] with an estimated net worth of US$3.2 billion, which includes his assets in Myanmar. He is also considered to be among the Burma's elite. He is the president of Eden Group, one of Myanmar's largest and most successful conglomerates. He also serves as a director and largest shareholder of Asia General Electric (AGE), founded in 2008 to manufacture transformers and electrical switches.[2] Alongside his success, Chit Khine has done many various types of charity work and also donated several millions into the community of Myanmar.

He is well known for his close relationship with the former ruling junta, the State Peace and Development Council. He is believed to have funded the wedding of Thandar Shwe, Than Shwe's daughter.[3] Eden Group was one of the only 8 indigenous companies to construct Naypyidaw, the country's new capital.[4] In exchange, the Burmese government granted Eden Group several highly coveted licenses to import high-end automobiles into the country and it can also be seen that Chit Khine has also amassed great wealth from his role in the construction of Naypyidaw.[4] Chit Khine is also known for his close links to the government, having undertaken a huge range of construction projects in Nay Pyi Taw for the previous military regime. These include the President’s Palace, the Defence Services Museum, which honours the Myanmar armed forces, or Tatmadaw and many more.

Chit Khine is subject to American economic sanctions.[5][6][7] He was previously subject to EU sanctions but this has since been removed.[8]

In the early 1980s, he entered the restaurant business by opening Eden restaurant in Rangoon.[9] He established a construction company, Eden Group, in the mid-1990s.[10] A few years after Eden Group was founded, Chit Khine started to open five-star hotels and resorts all over Myanmar.

Chit Khine owns Delta United FC (now the Ayeyawady United F.C.), a football club in Ayewarwady Region.[11][12]

In 2010, Chit Khine, along with other government proxies, received preferential private banking licenses from the Central Bank of Myanmar.[13] In 2011, he established Myanma Apex Bank (MAB), one of the country's few private banks with $411,387,430 worth of total assets as of 2013 as quoted by the GIZ report.[14]

Chit Khine serves as the head of the Myanmar Rowing and Canoeing Federation (MRCF), the Myanmar Agribusiness Public Corporation and the Myanmar Rice Industry Association (MRIA).[15][16][17]

Business portfolio[edit]

Chit Khine's business portfolio includes a restaurants, a construction company, tourist resorts, coal mines, a private bank, a petroleum company, agriculture, electronics manufacturing company, trading and a few other businesses based in Singapore and Thailand,.[10][18] Eden Group signed a joint-venture contract with Virginia-based Hilton Hotels & Resorts in June 2014. 5 of his resorts will be operated under the management Hilton.[19] Chit Khine's has invested $50 million in his newest hotel, Hilton Garden Resort Hotel which recently opened in Naypyidaw.[20]

References[edit]

  1. ^ "Tycoon Turf". The Irrawaddy. September 2005. Retrieved 30 October 2015. 
  2. ^ Han Oo Khin (21 December 2009). "AGE firm begins making transformers". Myanmar Times. Retrieved 29 October 2012. 
  3. ^ "Video of Junta Chief’s Bejeweled Daughter Hits Web". The Irrawaddy. 31 October 2006. Retrieved 29 October 2012. 
  4. ^ a b Allchin, Joseph (20 September 2011). "Car swap scheme looks to cut pollution". Democratic Voice of Burma. Retrieved 29 October 2012. 
  5. ^ "Burma Relaxes Banking Regulations". The Irrawaddy. 14 June 2010. Retrieved 29 October 2012. 
  6. ^ "Commission Regulation (EU) No 411/2010". European Commission. 10 May 2010. Retrieved 29 October 2012. 
  7. ^ "Burma/Myanmar COMMISSION REGULATION (EC) NO 385/2008" (PDF). Financial Sanctions Notification. HM Treasury. 2 May 2008. Retrieved 29 October 2012. 
  8. ^ Council of The European Union. "Burma/Myanmar: EU sanctions suspended" (PDF). Retrieved 27 July 2016. 
  9. ^ Aung Zaw (September 2005). "Chit Khaing". The Irrawaddy. Retrieved 29 October 2012. 
  10. ^ a b "EDEN GROUP PROSPERING DUE TO REGIME CONNECTIONS". Embassy of the United States Rangoon, Burma. 16 November 2007. Retrieved 29 October 2012. 
  11. ^ Han Oo Khin (9 March 2009). "New era for football". Myanmar Times. Retrieved 29 October 2012. 
  12. ^ "Delta United Owner Changed". Soccer Myanmar.com (in Burmese). 2009-04-11. Archived from the original on 2011-07-16. Retrieved 2009-05-14. 
  13. ^ McCartan, Brian (22 December 2010). "A crony rises in Myanmar". Asia Times. Retrieved 29 October 2012. 
  14. ^ "GIZ report" (PDF). Myanmar Business Network. November 2013. Retrieved 30 October 2015. 
  15. ^ Thein Win Nyo (24 December 2007). "Smoke on the water: Myanmar boat racers make waves". Myanmar Times. Retrieved 29 October 2012. 
  16. ^ "Photo News - July 2012". Mizzima. July 2012. Retrieved 29 October 2012. 
  17. ^ "MAPCO to pick up agricultural products". New Light of Myanmar. 27 August 2012. Retrieved 29 October 2012. 
  18. ^ "Chit Khaing's Tourism Expansion". United States Embassy at Rangoon, Burma. 3 March 2008. Retrieved 29 October 2012. 
  19. ^ "Hilton partners with Eden Group, announces five new hotels". www.mmtimes.com. Zaw Win Than and Tim Mclaughlin (15 June 2014). Retrieved 16 July 2014. 
  20. ^ "Hilton and Eden Group Open Hilton Hotel in Naypyidaw". www.irrawaddy.org. Kyaw Hsu Mon (17 October 2014). Retrieved 17 October 2014.