VietNamNet
Bridge – 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.

Source:
VnMedia