PRIME Minister Hon. James Marape last Friday (24 July 2026) hailed the Official Launch of the landmark Chinatown Development at Five Mile, Port Moresby, as one of the largest private foreign investments in Papua New Guinea’s history, describing the K3 billion Project as a powerful vote of confidence in the country’s Economy and its long-term future.
Joining National Capital District Governor Hon. Powes Parkop, International Trade and Investment Minister Hon. Richard Maru, the Chinese Investor and business leaders at the Official Launch ceremony, Prime Minister Marape said the Development demonstrated that Papua New Guinea continues to attract major International Investors who recognise the country’s enormous Economic potential.
The Prime Minister commended the Chinese developer, Baosen International Holdings Ltd, for its vision and confidence in Papua New Guinea.
“First of all, I commend the Investor for choosing to invest in Papua New Guinea. Three billion Kina is not little money. This is a tremendous vote of confidence in our country, our economy and our future. We greatly appreciate the faith that our friends from China have placed in Papua New Guinea.”
Prime Minister Marape said the Investment reflected growing international confidence in Papua New Guinea’s Economic direction under his Government, with Investors recognising the country’s strategic location and long-term growth prospects.
“They have seen the progress our country is making and have chosen to become part of our journey into the future. Investments of this magnitude do not happen by accident. They happen because Investors have confidence in the future of our nation.”
The Prime Minister noted that the relationship between Papua New Guinea and China extends back well over a century, with Chinese migrants making significant contributions to the country’s economic development since the late 1800s.
“China and Papua New Guinea share a long history. Since the first Chinese migrants arrived in our country in the nineteenth century, they have become part of our communities and have contributed immensely through retail, restaurants, plantations, commerce and many other Sectors. Today we welcome another generation of Investors who continue that proud tradition.”
Prime Minister Marape said Papua New Guinea’s geographical location provides enormous advantages for International Investment.
“Papua New Guinea sits at the doorstep of Asia. We are
positioned between East and West, North and South. We are uniquely located to become one of the Region’s premier investment destinations, welcoming investors from across the world.”
The Prime Minister said the Five Mile Chinatown Development would transform what had remained largely idle land into one of the country’s premier commercial precincts.
“What was once open grassland sitting idle for many years will now become home to three billion Kina worth of Investment. These buildings will remain here for generations. They will create jobs, generate business opportunities and add permanent value to our capital city and our economy.”
The mixed-use Chinatown development is planned as a modern commercial and residential precinct comprising hundreds of retail outlets, restaurants, office complexes, modern apartment buildings, business facilities and supporting infrastructure. Upon completion, it is expected to become one of Port Moresby’s largest integrated commercial developments and provide employment opportunities for more than 1,000 Papua New Guineans during construction and ongoing operations.
Prime Minister Marape said such Developments contribute significantly to urban renewal while creating new opportunities for local businesses, contractors, service providers and small and medium enterprises.
He said the Project aligns strongly with the Government’s broader Economic Strategy of encouraging quality Foreign Direct Investment while creating lasting Economic assets for Papua New Guinea.
The Prime Minister also commended Minister for International Trade and Investment Hon. Richard Maru for his leadership in attracting major Investors through the Government’s Special Economic Zone (SEZ), Public-Private Partnership (PPP) and Investment Reform Agenda.
“Minister Maru has been championing Investment into our country through practical Policies that make Papua New Guinea more competitive. Our Government remains committed to creating an environment where both local and international Investors can confidently invest.”
During the launch, Prime Minister Marape also announced a significant expansion of the Government’s First Home Buyer Incentive Scheme.
The Prime Minister announced that the Stamp Duty Exemption threshold for First-Time Home Buyers will increase from K750,000 to K1 million, while eligible First-Home Buyers purchasing Homes valued up to K1 million will also continue to be exempt from paying the 10 per cent Goods and Services Tax (GST).
“We want more young Papua New Guineans and ordinary working families to own Homes. We are, therefore, increasing the threshold to one million Kina. Eligible First-Time Home Buyers will not pay Stamp Duty, and they will also be exempt from GST on qualifying Homes.”
Prime Minister Marape encouraged Papua New Guinean Institutional Investors, including Superannuation Funds, State-Owned Enterprises, Landowners and Local Developers, to actively participate in similar Property and Urban Development Projects.
“I encourage our own Papua New Guinean Investors, including NASFUND, Nambawan Super, MRDC, our City Authorities, Motu Koita Assembly and Private investors not to simply watch from the sidelines. Where land is available, let us work together to develop our City and create lasting wealth for future generations.”
The Prime Minister said Port Moresby is undergoing a major transformation into a modern Regional capital capable of supporting future international events and expanding economic activity.
He noted that preparations for Papua New Guinea’s entry into the National Rugby League (Australia) in 2028, the country’s hosting responsibilities associated with Regional and International events, and future ambitions to host major Global Sporting Events all require continued Investment in quality urban infrastructure.
“Port Moresby is becoming a modern Cosmopolitan City serving not only Papua New Guinea but also our wider Region. As we prepare for our NRL participation, future international Conferences and greater Global Engagement, Investments like this help position our Capital City for the future.”
Prime Minister Marape reaffirmed that the Government remains committed to supporting responsible Investors who create jobs, stimulate economic activity and contribute to National Development.
“When Investors build in Papua New Guinea, they are building permanent Assets that remain here with our people. They create employment, stimulate business, strengthen our economy and leave a lasting legacy for future generations. We welcome all genuine Investors who are prepared to partner with Papua New Guinea as we continue building a stronger, more prosperous nation.”