Chi Lang Stadium site development project revoked
Published: October 22, 2015
The Da Nang authorities has just revoked the investment licence granted in August 2010 for a 5.5ha multi-storey trade and services complex on the site of the present Chi Lang Stadium with façades on Le Duan, Hung Vuong, Ngo Gia Tu and Chi Lang streets.
The revocation was due to the delay in the project’s implementation, and a number of violations of State regulations on economic management made by leaders of the project’s developer, the Thien Thanh Group. In particular, they had mortgaged the project at a local commercial bank with a value many times higher than its true value.
Currently, all of the project’s assets relating to the land and its land-use rights are under the management of the State Bank of Viet Nam.
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