Danang Centre complex in central Da Nang City was one of 40 projects to have its licence revoked due to slow implementation.

The People’s Committee of Da Nang City has approved a resolution on key projects in the 2016-20 period and solutions to mobilise resources for their development.

Accordingly, Danang Centre, which covers an area of around 8,000sq.m had its licence withdrawn as the project was still not complete after 10 years.

The complex was planned to include a commercial centre, a five-star hotel and a 35-storey luxury apartment building invested by Vu Chau Long Real Estate Company with total investment of US$125 million.

Construction started in March, 2008.

The city now plans to build a 4-storey car park on the site.

The People’s Council proposed issuing bonds of some VND3 trillion for construction after withdrawing the licence of the 40 projects. — VNS