Real estate developers from  Vu Long Chau JSC, for example, once organized an impressive ground-breaking ceremony to build the However, the expected hotels are now only deserted land plots, covered with wild grass and broken materials. Local authorities had also placed high hopes on the $180 million Like many other projects, the project has not even begun. Only when But no further action was made after the groundbreaking ceremony. The investor, after receiving an ultimatum from local authorities on the project’s implementation deadline, committed to kick off the project in early 2014. However, there has been no sign that the investor has kept its promise. The nearby VND1 trillion CBRE Vietnam, a real estate service firm, said that 12 projects in Analysts noted that most of the projects started six to seven years ago when the Le Anh Trieu, general director of Phu Gia Thinh Company, noted that most of the projects’ investors were from “In general, the ‘golden land’ areas were reserved for shopping malls and high- end apartment blocks,” Trieu explained. “However, even affordable apartments are unsaleable, let alone high-end products.” However, an official with the Da Nang City Department of Natural Resources and the Environment admitted that it would be very difficult to revoke the licenses and take back the land already allocated to investors. And it would be even more difficult to find new investors for the projects. “No investor has made official commitments to take over the projects,” he said. Vu Trung – Huu Phuoc, |
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