Province seeks other investors after cancelling API's license for Quy Nhon project.
The Binh Dinh Provincial People's Committee has decided to revoke the license for the Nhon Phu new urban area project, which has investment capital of VND2.3 trillion ($107 million) from the Asia - Pacific Investment JSC (API).
"The investor has not guaranteed that progress has proceeded on schedule," said Mr. Le Minh Duc, Deputy Manager of the Administrative Department under the People's Committee.
A representative from API, however, told VET that they are yet to receive any official information on the revocation and the project is still going ahead.
The construction plan for the Nhon Phu new urban area was approved in 2011 by the Binh Dinh Provincial People's Committee, to be built on an area of 25 hectares in Nhon Phu ward in the provincial capital of Quy Nhon.
Authorities are now inviting new investors with sufficient financial capacity to take over the project.
API is one of the largest real estate companies in Vietnam and has been listed on the stock market since 2010. It is currently implementing a number of major real estate projects in many cities and provinces throughout the country, primarily in the northern and central regions, including Hanoi, Bac Ninh, Thai Nguyen, Ha Nam, Hue, and Quy Nhon, on a total area of 600 hectares.