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$57 million urban area at risk of being revoked

Dec 25th at 13:22
25-12-2012 13:22:43+07:00

$57 million urban area at risk of being revoked

Vietnam's leading state-owned property developer Housing and Urban Development Holding (HUD) could have its investment certificate revoked for its Nguyen Du Urban Area project in central Ha Tinh province.

Hoang Van Son, deputy director Ha Tinh Department of Planning and Investment, said HUD had delayed the project by more than 12 months against the conditions of its investment certificate.

HUD received an investment certificate to develop the VND1,200 billion ($57 million) project in 2011 and is set to cover 9.1 hectares in Ha Tinh city.

However, Son added that withdrawing the investment certificate was not easy as HUD had paid VND100 billion ($4.76 million) in land use taxes. That meant if the local authorities revoked HUD's investment certificate, it would have to pay back $4.76 million to HUD.

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