HBC: Hoa Binh Corp. returns O Loan lagoon project in Phu Yen

According to the guidance of the People’s Committee of Phu Yen province and the resolution of the shareholders’ meeting of HBC on reducing the investment scale of Hoa Binh Phu Yen Investment & Development JSC, Hoa Binh Construction & Real Estate Corporation unanimously approved to give the tourism area project near O Loan lagoon back to Phu Yen province. The project has an area of 200 hectares, in two communes An Cu and An Hiep, Tuy An District.

At present, Hoa Binh Corporation is investing in An Hai bridge under BOT method and is deduced a part of land lease money for the ecological tourism area Duong Thanh Lau Forest (Area: 100 hectares) in An Hai commune, Tuy An district, Phu Yen province.

Restructuring real estate projects has been implemented by the Management after the 2008 financial crisis. This effort has contributed to bring good results to the Corporation. In 2010, profit after tax of HBC was VND137.76 billion, increasing 3 times from the previous year and 47 percent more than year target.

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