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[Gene]

"The Fico Group yesterday postponed its joint venture with a group of investment funds from Singapore for the building of 30 to 40 hotels in Thailand and elsewhere in Asia. Fico, a diversified business conglomerate, said the move was a result of the global financial crisis.

Krit Srichawla, CEO of Fico Corp, said the group had planned to build the mid-priced three- and four-star hotels in Thailand and neighbouring countries like Laos, Cambodia and Vietnam, but the project was shelved for the time being.Under the plan, each hotel will have 100-150 rooms for an investment of between Bt2 million and Bt3 million per room.

"We worked out a joint-investment plan before the global economic difficulties took hold. Now the situation has changed dramatically, and there's a lot of uncertainty. During this time of financial difficulty, banks are denying loans and withholding financial support, but we expect the global financial situation to be better in the second or third quarter," he said.

The global economic slowdown has seriously affected international tourism. However, one of the biggest concerns for foreign investors is Thailand's political problems."

http://www.nationmultimedia.com/2009/02/05...ss_30095061.php