Charoen Pokphand Group (CP) is planning to invest $1 billion in a 50 hectare (124 acre) property development project in Vietnam’s Ho Chi Minh City, citing Dhanin Chearavanont, the group’s chairman, the Saigon Times reported.

Mr. Dhanin said he has been asked by Vietnam’s biggest city government to invest in the Thu Thiem new urban area.

Charoen Pokphand is also seeking to start a corn-planting project and a rice-processing factory for export in Vietnam, the Saigon Times said.

The company has been investing in Vietnam for about 20 years, according to the report.