HCMC – Lotte Properties HCMC, a unit of South Korean conglomerate Lotte, has expressed interest in continuing its major property development project, after previously signaling its intention to withdraw due to some legal issues.
Local news reports said that at a meeting today afternoon (October 3) with HCMC Chairman Nguyen Van Duoc and other senior officials of the city, Lotte Properties HCMC said it wanted to continue the Thu Thiem Eco Smart City project.
Chairman Duoc highly appreciated efforts of Lotte Properties HCMC in carrying out the project, saying the city always helps businesses implement their projects.
Jun Sung Ho, general director of Lotte Properties HCMC, thanked the chairman of the HCMC People’s Committee and department leaders for their support.
He said that on August 20, the company sent a request to the city government seeking to withdraw from the project. However, on August 29, Chairman Duoc met with the company, which led the company’s leaders to rethink their action.
On September 12, the city sent a report to the prime minister, outlining the investor’s proposals, which helped restore the company’s confidence in pursuing the project.
At the meeting, Jun Sung Ho sought approval to adjust the shareholding ratios among Lotte’s member companies, attract outside investors with a maximum stake of 35%, and get exempted from the additional 5.4% levy which results from recent legal changes.
The 7.45-ha Thu Thiem Eco Smart City project which has total capital of VND20.1 trillion broke ground in 2022. Early this year, the company began construction of technical infrastructure but so far fencing and ground leveling have been completed, according to the local media.
