HK firm postpones property project<\/p>\n
HANOI (DPA): A one billion dollar foreign real estate
\ndevelopment investment approved by Vietnamese authorities at the
\nvery end of last year has now been indefinitely postponed,
\naccording to an official report yesterday.<\/p>\n
Hong Kong's City Horse Trading ltd. company has apparently
\nasked for the indefinite suspension because of difficulties
\nraising capital for the US$997 million An Phu residential
\nproject, according to their local partners.<\/p>\n
The development in the Thu Duc district of southern Ho Chi
\nMinh City was the largest foreign investment project approved
\nlast year for the former Saigon, The Vietnam News reported
\nMonday.<\/p>\n
The Ho Chi Minh City Urban Development and Service Company,
\nthe local partner, also complained that City Horse Trading firm
\nhad asked for several major changes to the license.<\/p>\n
The An Phu project was approved Dec. 30, along with a US$1.1
\nbillion mixed development project for Hanoi, put forward by the
\nCiputra Group of Indonesia.<\/p>\n
The last-minute approvals were widely seen as a transparent
\nattempt by Vietnamese officials to boost the year-end foreign
\ninvestment figures which had slumped over the previous few years
\nas foreign investors grew disillusioned with the slow pace of
\nreal reforms.<\/p>\n
After the two last-minute approvals officials could claim 1996
\nhas seen an increase of more than 18 percent over 1995 rather
\nthan an obvious decline.<\/p>\n
This year foreign investment approvals are running at roughly
\n50 per cent less than the rate Vietnam claimed for last year as
\ninvestors continue to register dissatisfaction with the business
\nenvironment.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hk-firm-postpones-property-project-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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