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Keangnam collects nearly $28 million from customers   2008-11-24 - TP

The sketch of Hanoi Landmark Tower.

 The Korean group Keangnam has collected nearly $28 million from apartment buyers, said Nguyen Van Thinh, Vice Head of the Hanoi People’s Committee Office, at a conference last Friday.


Thinh said that since August 5, 2008, Keangnam, the investor of the Hanoi Landmark Tower project, has signed contracts to sell 320 of 918 apartments and it has collected money worth 20% of each apartment, totalling nearly $28 million. An apartment carries the price of $2,700-3,100/sq.m, including tax.


The official said Keangnam has invested more than $100 million in this project so it is groundless to say that it hasn’t committed.


Thinh confirmed that Keangnam’s activities are legal. The official also said that local authorities support investors if they do business according to the law.


The official said that by the end of June 30, 2008, Keangnam-Vina had contributed the requisite $100 million of chartered capital, 15 months earlier than it needed to.


By June 30, the investor had mobilised more than $157 million for this project.


About the alleged VND100 billion bet between the Korean investor and a group of construction engineers and veterans, Thinh said the Hanoi People’s Committee is a state agency so it only does things that are permitted by law. The committee has no idea about any betting.


Keangnam’s representative said the firm would not sign any betting document because this was a violation of Vietnamese law.


The representative stated that Keangnam would try to complete the construction and interior decoration of floors 1-20 and the 70th or top floor to serve visitors on the occasion of the 1,000th anniversary of Thang Long-Hanoi.


Deputy Prime Minister Truong Vinh Trong in late October instructed Hanoi authorities to look into Keangnam-Vina’s project following allegations that the company had collected money from buyers before legally allowed.

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