Tycoons pour money into real estate gambleVietNamNet Bridge - Vietnamese tycoons in cement and transport, steel and securities companies all have shown their interest in real estate projects recently. Vietnamese tycoons in cement and transport, steel and securities companies all have shown their interest in real estate projects recently. Four subsidiaries of the group have been established with the focus on real estate investment.The group is nurturing an ambitious plan to develop a spiritual & ecological tourism complex covering an area of 1,000 hectares in Binh Dinh province.In fact, Hoa Sen once tried to invest in the real estate sector in the past, but it failed. This was, as explained by the group’s president, because the time was not right for the group.Not all tycoons can succeed with real estate projects though they have powerful financial capability.Mai Linh, once the nation’s leading taxi firm, for example, made a false step when injecting money into real estate.The misstep was so serious that Mai Linh fell into liquidity problems. It could not pay debts even after it tried to cut the labor force and representative offices.

Source: VietNamNet News July 30, 2016 06:56 UTC