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The real estate super-projects with licenses revoked in 2010
The real estate sector has been cited as one of the most attractive fields for foreign investors. However, a lot of super-projects have seen their licenses revoked recently because the investors were too slow in implementing their projects.
Bai Bien Rong ecological tourism complex
The information about the Bai Bien Rong ecological tourism complex in Dien Duong Commune in Dien Ban District in Quang Nam province surprised the public with its big investment scale: the project had the huge registered capital of $4.15 billion.
The project was expected to cover an area of 400 hectares in the localities which would include a park area close to the beach, a high grade hotel system, nine hotel complexes, an international convention centre with 10,000 seats, an international trade centre, high-end villas and apartments. The project was scheduled to kick off in 2010 and will be completed in 2019.
However, in late November 2010, the Quang Nam province’s authorities released the decision to revoke the license granted to the project, because until April 2010, Bai Bien Rong Group, the investor, had not begun the works as committed.
The AJ Vietstar project
The AJ Vietstar project was registered by South Korean invested AJ Vietstar Company. The Ba Ria-Vung Tau People’s Committee gave the investment license to AJ Vietstar to develop the $200 million project in Vung Tau City in February 2009.
However, in August 2010, the provincial authorities released the decision to stop the operation and revoke the investment license, because the South Korean investor was found financially incapable.
Ben Got urban and service area
In May 2010, the Phu Tho province’s planning and investment department decided to revoke the license granted before to the Ben Got urban and service area in Viet Tri City. The project had the registered capital of $38 million, including $15 million in legal capital.
The investor, Phu Tho-Korea Joint Stock Company, was allocated 48 hectares which it had the right to use for 49 years. The investor took initial steps to implement the project, but it then did not inject the capital. According to the provincial authorities, the company sent documents to the authorities three times, asking for the extension of the deadline for the project implementation. However, no considerable progress had made until the end of May 2010
Pegasus Fund 1 ecological tourism complex project
In mid June 2010, the Quang Nam province’s authorities announced the bankruptcy for the high grade ecological project Pegasus Fund registered by an US investor due to the tardiness of the investor in the project implementation.
The project which was expected to cover an area of 6.9 hectares in Dien Ban District in Quang Nam province, had the registered capital of $25 million. This project was designed to become a complex which would provide different services, from conference service, restaurants to massage, spa services. It was also expected to have hotels and villas.
Two super-projects of Tan Tao Group
The Kien Giang province’s People’s Committee has announced that they have accepted the proposal by the Tan Tao Industrial Investment Joint Stock Company (ITACO) and the Tan Tao Power Company, a subsidiary of ITACO to stop the implementation of the two super projects because of their anticipated low efficiency.
The projects were the one on building Hai Au artificial island in Rach Gia City, and the one on the industrial and urban zone in Kien Luong district. The cost for site clearance for the project has turned out to be overly high.
vietnamnet, VnMedia
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