The MoU was signed on August 6, 2026, at the corporate office of Deshbandhu Group in Banani, Dhaka.
Under the agreement, the two companies plan to jointly develop a number of large-scale residential, commercial, industrial and tourism infrastructure projects at different locations across Bangladesh. China Railway First Group will serve as the engineering, procurement and construction (EPC) contractor for the projects.
Work on the projects is expected to begin soon.
Initially, six projects have been planned under the MoU.
One of the projects is ‘Dakshina’, a residential condominium development at 150/1 in Ainuchbagh, Southkhan, Uttara, Dhaka.
Another project, ‘Deshbandhu City-01’, will be developed in Bogura as a mixed-use development featuring a shopping mall, corporate office building and hotel.
A similar mixed-use project, ‘Deshbandhu City-02’, is planned for Rangpur. The development will include a shopping mall, corporate office building, hotel and other modern facilities.
At Mastul Mouza beside the 300-foot Purbachal Expressway in Dhaka, the partners plan to develop ‘Deshbandhu Centre Point’, an integrated mixed-use project comprising a shopping mall, corporate office building, hotel and residential condominiums.
Another major project, ‘Deshbandhu Hi-Tech Park’, will be established at Hatikumrul in Sirajganj. The industrial technology park is planned to include industrial buildings, administrative and management offices, industry-support infrastructure and modern industrial facilities.
A further mixed-use development is also proposed under the agreement, incorporating residential, commercial, hotel and recreational facilities.
At the signing ceremony, GM Holdings Chief Executive Officer M.K.A. Shahinur Rahman Zahid signed the MoU on behalf of GMHL, while China Railway First Group Business Manager Fang Wanqun (Daniel) signed on behalf of CRFG.
Among those present at the ceremony were William Wang, managing director of China Railway First Group for Bangladesh, Nepal, Sri Lanka and the Maldives; Marketing Manager Tian Yu; Deputy Project Manager Li Chen; Arena for Global Engagement Ltd Chairman Syed Iqbal Rizvi; Deputy Managing Director Kazi Moazzem Hossain; and senior officials of GM Holdings.
The parties involved believe the agreement could contribute significantly to Bangladesh's modern urbanisation, industrialisation and expansion of international investment. They also expect the long-term strategic partnership to create new opportunities for economic development and sustainable growth.
Deshbandhu Group said it plans to invest around Tk 10,000 crore in new manufacturing-oriented projects to accelerate economic growth, employment generation and industrialisation in Bangladesh.
The planned investments include expansion of its existing sugar, beverage, polymer, packaging, cement and textile businesses, alongside new industrial ventures in steel, footwear, flexible intermediate bulk containers (FIBC), PSF-PET, electric vehicles, environment-friendly 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.
Deshbandhu Group's subsidiary GM Holdings is currently working on several major projects in the housing, hospitality, tourism and industrial sectors. These include the Dakshina condominium project in Southkhan, 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.
International companies including JLL, Sinohydro and Hilton are involved in the planning and development of some of these projects.
China Railway First Group, meanwhile, is a major subsidiary of China Railway Group Limited (CREC) and part of a large industrial conglomerate ranked among the Fortune Global 500 companies. The company has extensive international experience in railway, highway, bridge, tunnel, urban infrastructure and large-scale construction projects.
CRFG has also played a significant role in infrastructure development in Bangladesh. In particular, the company has served as a strategic and construction partner in the Padma Bridge Rail Link Project, one of the country's largest infrastructure projects. The project is considered an important milestone in improving Bangladesh's connectivity and supporting economic development.
Deshbandhu Group said its broader initiatives are aimed at creating new employment opportunities, reducing import dependency, promoting technology-driven industrialisation, attracting domestic and foreign investment, and making a long-term contribution to Bangladesh's industrial and economic development through sustainable growth.
