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Landing Int’l plans financial exercise to generate funds; Vietnam to relocate Phu Quoc casino project

TAGs: Kirby Garlitos, landing international development, Prime Minister Nguyen Tan Dung, Vietnam

Landing Int'l plans financial exercise to generate funds; Vietnam's Ministry of Construction asks to relocate Phu Quoc casino projectChinese real estate developer Landing International Development Ltd. plans to open a fund-raising exercise for the company’s future financing needs.

In a filing with the Hong Kong Stock Exchange, Landing says it has officially begun preliminary discussions with financial institutions and shareholders on the possible move. The company clarified that the discussions are still in their initial stages and are subject to further negotiations.

Landing posted a loss of around $43 million in 2014. The amount was largely attributed to expansion costs incurred through Genting Jeju, its newly acquired resort and casino business in South Korea with 50-50 partner Genting Singapore. Landing and Genting have invested close to $2.2 billion on the project

Over in Vietnam, the country’s Ministry of Construction has asked Prime Minister Nguyen Tan Dung to approve a relocation of the planned integrated resort and casino on Phu Quoc island.

According to the Saigon Times, the ministry asked Dung to move the project from the northeast part of the island to the northwest, saying that it would be easier to secure investors if the project was located adjacent to the Vinpearl Resort instead of its current location in Bai Thom. The proposed relocation has already received the green light from the Ministry of Planning and Investment.

Should the PM give the nod, the integrated resort would be built on top of 37 hectares of land that’s also being developed as a luxury tourism hot spot. The resort is being touted as the crown jewel of the plan to attract two to three million visitors a year in the next decade.

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