HDC: Information on Residential Project on Thong Nhat Road

Ba Ria - Vung Tau House Development Joint Stock Company (HDC: HODECO) announces the withdrawal of Building Project on Thong Nhat Road:

* The People’s Committee of Ba Ria – Vung Tau has revoked the residential project on Thong Nhat Road invested by HODECO:

* The People’s Committee of Ba Ria – Vung Tau had assigned HODECO to be the investor of the 6.7-hectare project. The project is on two sides of Thong Nhat (prolonged) Road. However, this prolonged road has not been built. In 2008, HODECO had a proposal to the Committee for making an advance of capital to build this road, then deducting from HODECO’s land tax. But, the provincial traffic management has not had any reaction.

* As Thong Nhat Road has not been built, and clearance compensation and investment in the project are unrealizable and may take long-time, HODECO has suggested the Committee to revoke the above project.

* Recently, the People’s Committee of Ba Ria – Vung Tau has accepted the suggestion to withdraw the project on Thong Nhat Road.   

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