» » Indolent projects get ultimatum

Vnre.blogspot.com - Many Danang tourism property projects will have their investment certificates revoked if they fail to meet deadlines set by local authorities.

The request came as the department reported that 11 property projects, including four hotel and commercial projects in the downtown area and seven coastal tourism projects, have been delayed for at least three years. All projects are domestically backed.

Department deputy director Dong Thi Bich Chinh said the requirement would force investors to implement their commitments or walk off the land.

“Investors cannot occupy favourable locations and then do nothing. They should implement their commitments to put these projects into operation as scheduled,” said Chinh.

Among the delayed projects, the Bai But tourism project, developed by Hai Duy Joint Stock Company and the Saigon General Service Corporation-backed Bai Trem Savico resort project will have until December 31, 2010 to begin construction.

The city’s authority will also set deadlines for other projects such as the Hoang Anh Gia Lai tourism project, a Hanoi Tourism Corporation project, Nam Long Investment Joint Stock Company’s villa project, Vien Dong Land’s Meridian Tower complex and Vu Chau Long Real Estate Joint Stock Company’s Han Riverside residential development.

However, Chinh said deadlines for those projects had not been decided. “In the future, we will cooperate with investors to help them address certain difficulties. But, the cooperation must be based on legal frameworks and investors must give construction-specific roadmaps and implement their commitments,” she said.

According to department statistics, to date, the city attracted 55 tourism property projects, capitalised at $2.8 billion. Of which, 10 projects are foreign backed and 45 projects are locally owned.

Apart from urging investors to implement delayed projects, Danang People’s Committee has also announced that it would not licence foreign-invested projects that could pollute the local environment.

Source: VIR

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