Le Phuoc Vu’s billion-mile resort project has to stop

Van Hoa Hoi (Yen Bai) ecotourism resort project, invested by Hoa Sen Vong Hoi Joint Stock Company, is forced to cease its operation.

Hoa Sen Group Joint Stock Company (HSG) has announced the dissolution of Hoa Sen Van Hoi Joint Stock Company. This is a subsidiary set up by Hoa Sen to carry out the eco-tourism project of Van Dam Lake (Yen Bai).

Stop implementing project of ecological resort Dam Van Hoi

The reason for the dissolution is due to the company has ceased organizing and implementing this resort real estate project and the Department of Planning and Investment of Yen Bai province has decided on the dissolution of Lotus Association.

Hoa Sen Van Hoi Joint Stock Company was established in 2016, owned by Hoa Sen Group with 70% stake. Another shareholder is Le Phuoc Vu, Chairman of Hoa Sen Group.

According to the planning, the ecological resort Dam Van Hoi has a total land fund of 1,346ha located in two communes Viet Cuong and Van Hoi, Tran Yen district.

The ecological area includes Muoi Mountain, Long An Bay and Van Hoi Lake. In the ecological zone, functional areas shall be arranged, including service centers for reception and management; Forests to create landscapes; nature reserve; Water surface areas such as streams, natural lakes and artificial lakes; Animal Farms visit …

The resort is close to 10ha, including reception and operating center; residences with many types; hotel; green spaces; springs, natural lakes and artificial lakes; Area of ​​technical infrastructure serving.

The green park covers 35ha, including a reception and operating center; traditional houses of indigenous peoples; amusement parks, sports, camping; fishing and restaurant entertainment; green spaces; water surface; Area of ​​technical infrastructure serving.

Residential area and high-class villas with an area of ​​nearly 77ha, located on the road from the intersection IC12 (Noi Bai – Lao Cai expressway) – Van Hoi and Chuoi mountain areas to serve the needs in the normal. transient and infrequent.

Explaining the location of the company’s first large-scale real estate project, Mr. Le Phuoc Vu once said Dam Van Hoa focuses on climate, natural and spiritual elements.

In addition to the Van Hoi project, Hoa Sen has also transferred to withdraw its capital from three real estate projects and one logistics project – Hoa Sen – Gemadept International Port, which only retains Pho Dong – Hoa Sen project. .

At the time of withdrawal of these three projects, the Chairman of Hoa Sen Group had responded to the press: “Investing in real estate is the exploration of a new business field and when it does not work, we sell We do not spend too much money and have not had any losses in these investments, so we can not say this is a failure. “

As of June 30, 2018, the debt of Hoa Sen Group reached VND18,385 billion, up to 3.5 times of equity. Considering the loan, the figure is VND15,879 billion, triple the equity.

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