Hoi An South Development Ltd (Vietnam)

The subject was established in 2010 with the goal of developing and managing HOIANA project. This project is considered the second large resort and casino complex in Vietnam after the Ho Tram Strip in Vung Tau city. It consists of casino, five-star hotels, villas, golf course, spa, entertainment facilities and commercial centers, etc. The project has total investment capital of USD 4 billion that is divided into 7 stages and it is expected to complete fully in 2029. It is covered on areas of 985.6 hectares, belonging to Duy Hai and Duy Nghia Communes of Duy Xuyen District and Binh Duong Commune of Thang Binh District in Quang Nam Province.Following mass media in Vietnam, due to investor changes, the project was delayed for a long time. It officially started construction in Apr 2016 but continued to meet some difficulties in site clearing work. After four years of construction, a part of the project's stage No. 1 was put into open on 28 Jun 2020, including the 18-hole golf course, casino and one hotel. However, due to the impact of COVID-19 pandemic, the number of customers was unexpected. Up to now, Hoiana has a casino with 140 gambling tables and more than 350 slot machines, a golf course, and luxury hotels under the New World and Rosewood brands.Also according to media source, at first, the subject was a venture project between VinaCapital fund management company (31.91%) and Genting Casino business group from Malaysia (68.09%). After that, Genting was replaced by Gold Yield Enterprises Ltd (GYE). In GYE, Chow Tai Fook Enterprises LTD and Suncity Group (LET Group) equally shared ownership, equivalent to about 34% of the project's interest. Lately, LET Group has stopped participating in the management of Hoiana resort and instead is Chow Tai Fook Enterprises LTD. So, Chow Tai Fook Enterprises LTD is now the main investor of the subject, it is an investment company of Cheng's family – Hong Kong's third richest family. However, that is in indirect form, on legal document, up to now, the subject's parent company is still Hoi An South Investments Pte.Ltd from Singapore.Aside from information about investors, media source updated in July 2023 also said that the subject would not deal in housing.