VinaCapital and Genting Group have won governmental permission to reclaim a large area in Quang Nam province to develop a US$4 billion tourism project in the Thang Binh district, within the Chu Lai Open Economic Zone, about 70 km south of Hoi An, according to a report from the Vietnam Investment Review.
The developers have 12 months to reclaim 1,555 hectares of land near South Hoi An and plan to create a project that includes 5-star hotels, resorts villas, gambling facilities for foreigners and up to 2,500 homes, according to the Quang Nam People’s Committee. The developers also have the right to transfer parts of the project to other investors.VinaCapital Group is a Vietnamese real estate developer that manages a US$1.8 billion fund. Malaysia's Genting Group develops integrated resorts globally, including Resorts World Genting in Malaysia, which attracted 19.5 million of visitors in 2009.So far the developers have transferred US$15 million to the provincial authorities for site clearance and resettlement work and received commitments from local authorities to support its resettlement plans.VinaCapital Group is a Vietnamese real estate developer that manages a US$1.8 billion fund. Malaysia's Genting Group develops integrated resorts globally, including Resorts World Genting in Malaysia, which attracted 19.5 million of visitors in 2009.
