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Work begins on Vietnam’s long-delayed $4-billion resort

Hoi An, Vietnam

A consortium of Hong Kong and Vietnamese investors finally began work on a US$4 billion resort near the popular tourist town of Hoi An Sunday after more than three years of delays.

The first stage of the Hoi An South Resort Project is now slated to open in 2019 with a casino, a golf course and a resort. The 985.6-hectare complex will then be expanded with more hotels, serviced apartments and others.

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Licensed in 2010, the high-profile project stalled two years later when Malaysia’s Genting Berhad, which owned a 20 percent stake, pulled out. Fund manager VinaCapital’s subsidiary VinaLand Limited controlled an 80 percent stake at that time.

The project did not resume until September last year when Chow Tai Fook Enterprises Ltd, owned by Hong Kong’s fourth richest person Cheng Yu Tung, acquired a 78 percent stake for $387 million. VinaLand owns the rest.

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