Suncity Group (Hong Kong) has completed the transfer of a 34% stake in the South Hoi An project from Golden Yield Enterprise (GYE).
Suncity announced that it would complete the transfer as soon as it reached a loan agreement with a local bank to continue the project.
Initially, Suncity was only expected to take on the role of casino manager. Unexpectedly, in early November, the company filed its application with the Hong Kong Stock Exchange, announcing it would acquire a 34% stake in Golden Yield Enterprise (GYE), a subsidiary of Chow Tai. Fook – at the South Hoi An project. At that time, GYE held 68.09% of the shares, while VinaCapital held 31.91% of shares in South Hoi An.
However, the acquisition of Suncity’s 34% stake is not very favorable. The company had to postpone the purchase twice, in June and August this year.
Nam Hoi is an area of nearly 986 hectares in 3 communes: Duy Hai, Duy Nghia (Duy Xuyen district) and Binh Duong commune (Thang Binh district) invested $ 4 billion.
The project commenced in 2016 and was phased out in seven phases. The first phase was developed on 163 hectares of land, including the five-star resort complex with casino, five-star hotel with more than 550 rooms and villas, condotel with 746 rooms and 18 hole golf course.
The new project is the casino with a total investment capital of VND7,000 billion.
South Hoi An was granted investment certificate in December 2010. VinaGenting, a joint venture between VinaCapital and Genting Berhad, is launching a “casino” resort complex.
According to the initial license, the project was built on the coast of Quang Nam (Thang Binh, Duy Xuyen), with the area of 1,500ha, including items such as hotels, resorts, villas, about 2,500 houses for sale and Rewards for foreigners with a scale of 144 playing cards and 2,000 prize machines.
In September 2012, Genting resigned from the project. However, VinaCapital is determined to pursue the project and seek alternative investors. In mid-2013, VinaCapital introduced its new partner, Peninsula Pacific, which is considered one of the most prestigious and experienced corporations in the casino business. self in the United States.
However, the negotiation was unsuccessful and in April 2015, VinaCapital has reached agreement to continue the project development with Chow Tai Fook and SunCity. The new Chu Lai Open Economic Zone Management Board (Quang Nam) has issued a revised investment license for the South Hoi An resort project with the participation of new partners.
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