Hong Kong company eyes Quang Nam casino investment
Hong Kong company eyes Quang Nam casino investment
Chow Tai Fook Enterprises Ltd. of Hong Kong, a company with investments in property and jewellery, is interested to invest in a US$4-billion casino project in Viet Nam.
Bloomberg reported this on December 1 and revealed that the family of Cheng Yu-Tung, Hong Kong's fourth richest man, controlled Chow Tai Fook. The company is looking to tap a boom in gaming demand as more Chinese travel overseas, the report added.
"We are interested," Henry Cheng, a director at the investment company, said in a November 28 interview about the casino resort in central Quang Nam Province. "We are doing something now to secure this project," he added without disclosing more details.
VinaCapital Group, Viet Nam's largest fund manager, is developing the Quang Nam project and had almost completed negotiations with an unnamed foreign partner, according to an October report from the Vietnam Investment Review.
Don Lam, VinaCapital chief executive officer, declined to comment and said in an e-mail the project was "still going through various issues and (was) not yet finalised."
According to Infonet online, the 1,500ha project was named Nam Hoi An, and it received an investment license in December 2010.
The investors included Malaysia's Genting Berhad and the Genting VinaCapital joint venture. Last March, Peninsula Pacific of the United States replaced the Malaysian investor.
