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Hue to reclaim land from 32 abandoned projects
More than 1,000 hectares of land will be reclaimed from 32 suspended projects in the central province of Thua Thien Hue, the administration announced yesterday.
Many of these projects were undertaken by investors speculating on being able to get prime locations and later make profit by transferring them to other investors.
Provincial records of 2006 show that the Song Da Real State Join Stock Company alone had 12 registered projects covering 200ha of land with a total investment of more than VND1 trillion (US$62 million).
Licences for nine out of the 12 projects have since been revoked because they have been delayed or abandoned due to lack of capital.
One of the revoked projects is one to build a supermarket and highrise building complex at a T-junction between Hanoi, Nguyen Tri Phuong and Ly Thuong Kiet streets, arguably the most prime location in Hue City.
Provincial authorities said that many projects had been implemented just for form, causing a great deal of waste after the land was abandoned.
The Thua Thien Hue government is strongly urging investors to implement projects quickly.
The administration has also asked investors to make a commitment in writing on the progress of implementing projects and or resuming the operation of suspended projects.
VNN
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