Central province scraps $11 billion township project

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Authorities in the south-central province of Phu Yen Saturday revoked the investment license for a US$11 billion urban area project after its US investor failed to make a required deposit.


After several extensions, the Phu Yen's People's Committee had given US-based Galileo Investment Group the final deadline of December 21, 2010 to make a deposit for the South Tuy Hoa Creative Town project.


However, the developer failed to make the payment, the committee said.


Licensed in 2009, the project was set to build a 7,656-hectare modern township with high-tech and information technology facilities, trade centers, tourism parks and several other features.


Last month, Phu Yen had proposed that the central government scraps another big project in the province.


Authorities said the investment license granted to United Arab Emirates-based Sama Dubai group should be revoked since no action had taken on the US$250 billion project after it was licensed in 2008.

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