The Advanced International JSC (AIC) started the construction on a 5-star hotel in the southern province of Hau Giang. However, the authorities of the province has recently taken back more than 8,000 square meters from AIC and given it to another investor. — Photo baodautu.vn

HA NOI (Biz Hub) — The authorities in the southern Hau Giang Province have decided to take back more than 8,000 square metres from the Advanced International JSC (AIC) and give it to another investor.

The May 26 decision was made following a complaint by the provincial Planning and Investment Department about the AIC's tardiness on the project. It's reported that the AIC was licensed to build a VND1.2 trillion, or US$57 million, 5-star hotel in Vi Thanh City since 2009, but it had done only land clearance of more than 7,200 square metres in the last five years.

The area will now be given to Nguyen Kim Trading JSC to build a trading centre-cum-services-cum-entertainment complex under a 50-year lease.

The committee told its department of planning and investment to guide the new investor in a timely manner about the procedures to acquire the land.—VNS