90 Real Estate Projects in Hanoi Awaiting Investment
Hanoi authorities May 16 announced a list of 90 prioritized property development projects waiting for investment in 2007, said Ngo Van Quy, Deputy Director of the municipal Planning and Investment Department.
The list was jointly drawn up by the Hanoi Planning and Investment Department, the Department of Natural Resources and the Environment, and the Architect Planning Department.
Of the total, 33 projects are involved in trade and services, 24 in culture and sport construction works, 18 in public infrastructure, 10 in housing and construction of complexes, and five in industry.
Most of trade and services projects are those building trade centers and hotels, while a majority of cultural projects call for investment in building schools.
The city is estimated to require US$37 billion for these projects, of which, 25 per cent will be sourced from the State budget and the remainder will be mobilized from enterprises, foreign investors, investment funds and banks.
The city plans to build three complexes for key projects at total cost of VND28 trillion (US$1.75 billion) by 2010.
Quy noted that real estate sector attracts the most investment capital in Hanoi.
In late 2006 and the three months of 2007, Hanoi authorities licensed seven projects on five-star hotels, including two domestic owned projects, one golf course and one entertainment sports complex.
Quy said that many Japanese and Korean investors were considering injecting money in real estate projects in Hanoi. (Pioneer)
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