Foreign-invested projects kicked into higher gear

Ho Chi Minh City is working to make progress of long-delayed projects, photo Le Toan The city has just permitted a joint venture to develop the $1.2 billion Empire City venture, to be able to launch more than 130 units of the Cove Residences into the market. In its latest document issued mid-November, Ho Chi Minh City Construction Department stated that the joint venture has reached enough conditions for being permitted to sell the apartment units. The joint venture will be responsible for mobilising capital of not more than 30 per cent of the total value of the assets in its first phase. The following phases of mobilising investment capital must be appropriated with the construction’s progress, but not be exceeding 50 per cent of the total value before the units are handed over to buyers. The joint venture was also requested not to collect more than 95 per cent of the asset value before the ownership certification is handed over to the buyers. The investor has been requested to contact Ho Chi Minh City’s Public Security Department and local military department for fixing the number of units which will be able to sell to foreign buyers as part of… Read full this story

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