Russian investor postpones $200 mln resort project

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The central province of Khanh Hoa has approved in principle a proposal by Russian group Mirax that it further delays a US$200-million resort project that was licensed in 2008.

Mirax has asked for permission to extend the deadline for its Mirax Cam Ranh Resort project, the Dau Tu (Investment) Newspaper reported Wednesday. 

The company was given three years to finish its project when it received its investment license in 2008.

However, the project was delayed because of the global financial crisis. Construction is now scheduled to start in the first quarter of next year.

The project includes a five-star hotel and 100 luxury villas. Site clearance and land compensation procedures have been completed.

Some provinces in Vietnam have taken strong action against delayed real estate and tourism projects this year.

The central province of Quang Nam has just canceled a $4.15 billion resort project while the southern province of Ba Ria-Vung Tau this year revoked another $200 million real estate project.

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