Hoang anh gia lai hotel

VietNamNet Bridge – The $300 million estate project of Hoang Anh Gia Lai (HAGL) Group in Yangon has broken the four-pillar position of the investors of Singapore, Thailand, Japan and Hong Kong in the tourism and commerce real estate market in Myanmar. The site for HAGL's project in Yangon, Myanmar. According to the Ministry of Hotels and Tourism of Myanmar, since the first Foreign Investment Law was issued and the Investment Committee was established in 1988, many international investors have poured capital in the hotel and tourism sector. However, the foreign capital flow and the number of projects have sharply increased after the economic sanction was lifted. By mid-December this year, Myanmar had 35 hotel projects with foreign capital, with a total capacity of 6,235 rooms across the country and over $1.1 billion of investment and assets. Previously, Singapore took the lead in investment and assets, followed by Thailand, Japan and Hong Kong. In the past there was no … [Read more...] about Hoang Anh Gia Lai dominates real estate market in Myanmar

Vietnamese real estate developer Hoang Anh Gia Lai Co (HAG) and Singapore-based Rowsley Ltd, which is partly owned by billionaire Peter Lim, decided to call off their agreement to build a US$550-million mixed-use development in Yangon, Myanmar, the two companies told media. While the Singaporean company said they would not enter the proposed joint venture because "the conditions precedent under the Heads of Terms Agreement have not been satisfied," HAG said the reason for the contract's termination was taxdifferentials. In February HAG reached an agreement with Rowsley, under which the Singaporean company would invest $275 million for a 50 per cent stake in Hoang Anh Gia Lai Land, the mother company of HAGL Myanmar Co Ltd. Meanwhile, the Vietnamese firm would have made the remaining investments and undertake construction of the entire project. However, Rowsley asked the Vietnamese group to allow direct investment in HAGL Myanmar Co Ltd instead of indirect investment through … [Read more...] about Hoang Anh Gia Lai, Rowsley call off $550m Myanmar project

Hoang Anh Gia Lai Group (HAGL) continues to expand to foreign markets in the context of its troubling business results at home. On March 19, HAGL held the ground-breaking ceremony for the second phase of HAGL Myanmar complex in Yangon city, representing the total capital of $230 million. 35 per cent of the investment capital, equalling $80.5 million, was provided as a loan from Bank for Investment and Development of Vietnam (BIDV). According to HAGL chairman Doan Nguyen Duc, the 130,000 square metre development has five 28-floor blocks containing 1,134 apartments and offices for rent. The developer expected to hand over apartments to customers in early 2018. The first phase of HAGL Myanmar complex, worth the total capital of $440 million, was opened on June 23, 2015. The 73,000-square metre facility includes a trade centre, two 27-storey office towers, and a five-star hotel. Expanding to Myanmar is implemented while HAGL currently faces multiple challenges. HAGL reported … [Read more...] about Hoang Anh Gia Lai Group attempts to offset home losses by foreign expansion

Hoang Anh Gia Lai Joint Stock Co (HAG), one of the largest private enterprises in Viet Nam, reported a record loss of almost VND1.1 trillion (over US$49 million) in the first half of 2016. This is a result of the company's restructuring scheme which it has been carrying out since the start of the year. Hoang Anh Gia Lai Co (HAG)'s chairman, Doan Nguyen Duc. HAG, one of the largest private enterprises in Viet Nam, reported a record loss of almost VND1.1 trillion (US$49 million) in the first half of 2016.  HAGL Board of Directors released a statement about the preliminary business results in the first half. HAGL incurred pre-tax losses of VND1,075 billion, including VND941 billion of extraordinary losses. For the same period last year, HAGL declared pre-tax profit of VND1,041 billion. Also, in thestatement, the HAGL Board said that its revenue in the same period grew 20.5% year on year, reaching VND3,658 billion.  Its financial revenue was estimated at VND507 … [Read more...] about Hoang Anh Gia Lai reports nearly $50 million in H1