Ho Chi Minh City pushes for progress on Phuoc Kien project
Ho Chi Minh City asked the Nha Be People`s Committee to review the project of Bac Phuoc Kien Nha Be residential area.
At the same time, the Committee will have to make records, sanction administrative violations, and dismantle construction works or houses illegally built on the project area. Households with land use rights should be persuaded to finalize negotiations with contractors on relocation, according to the Ho Chi Minh People's Committee report.
Phuoc Kien Residential Area is located in Phuoc Kien Commune, Nha Be District, Ho Chi Minh City with the scale of 91,69ha and has been invested by Quoc Cuong Gia Lai Joint Stock Company (HoSE: QCG).
The project has not been implemented due to problems with the people living at the site to be cleared. In March 2017, QCG announced a US$50-million advance from Sunny Island to settle its loan with BIDV’s Quang Trung Branch. In return, Sunny Island Investment Joint Stock Company will be sold by Quoc Cuong Gia Lai or part of the Phuoc Kien project.
The agreement also stipulates that if QCG was unable to complete the clearance by October 2017, it would have to compensate Sunny Island for US$100 million.
The land clearance and compensation of the firm is getting stucked. Until now, 90 households with living area of nearly 7ha still doesnt get agreement with QCG.
To accelerate this, Quoc Cuong Gia Lai sent official documents to several authorities, from Ho Chi Minh City People's Committee to Nha Be People's Committee, requesting them to recover the land. However, until now, the project area has not been cleared to be handed over to partners as committed. However, QCG does not have to pay the US$100-million fine as it was originally announced.
Ho Chi Minh City pushes for progress on Phuoc Kien project.
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The project has not been implemented due to problems with the people living at the site to be cleared. In March 2017, QCG announced a US$50-million advance from Sunny Island to settle its loan with BIDV’s Quang Trung Branch. In return, Sunny Island Investment Joint Stock Company will be sold by Quoc Cuong Gia Lai or part of the Phuoc Kien project.
The agreement also stipulates that if QCG was unable to complete the clearance by October 2017, it would have to compensate Sunny Island for US$100 million.
The land clearance and compensation of the firm is getting stucked. Until now, 90 households with living area of nearly 7ha still doesnt get agreement with QCG.
To accelerate this, Quoc Cuong Gia Lai sent official documents to several authorities, from Ho Chi Minh City People's Committee to Nha Be People's Committee, requesting them to recover the land. However, until now, the project area has not been cleared to be handed over to partners as committed. However, QCG does not have to pay the US$100-million fine as it was originally announced.
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