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Approval given for real estate development in Vietnam
04 June 2008
The Republic of Korea's Inpyung has been granted permission to take the project forward and is receiving backing of up to $820 million (£410 million).
Nguyen Huy, vice chairman of the Ha Tay provincial People's Committee, said that the project is anticipated to provide housing for up to 26 new residential buildings and around 10,000 apartments.
"Once the project gets going it will also generate tens of billions of dong in revenue for the local and State budget through the transfer of houses and other trade services," he added.
The development is to be divided into three sections; the $95 million (£48 million) Inpyung Vina, the 65 million (£33 million) Van Phu Seoul serviced apartments and the $660 million (£330 million) Hi Brad multi-storied housing area.
Meanwhile, the Vietnam News Agency reported that John Hutton, the British secretary of state for business, enterprise and regulatory reform, said that Vietnam remained attractive to investors.
Source: Adfero
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