The Cabinet of Ministers has officially terminated the investment agreement for the construction of the environmentally friendly city of Asman in the Issyk-Kul region.

According to Order No. 329-r, signed by Prime Minister Adylbek Kasymaliyev, the investment agreement concluded on November 23, 2024, between the government, the Chinese company CITIC Merchant, and Modul House LLC has been annulled. At the same time, the previous order No. 724-r of November 13, 2024, which officially approved the project, has been declared invalid.

The Asman project involved the creation of an eco-city from scratch on 4,015 hectares of land in the Tamchinsky Ayu Okmotu. Under the agreement, the foreign investor committed to investing $480 million in infrastructure and construction, as well as to starting work no later than December 1, 2024. After completion, 10% of each constructed facility was to become the property of the state.

The reasons for the termination are not specified in the text of the order.