Chow Tai Fook to head development of resort in Vietnam

Chow Tai Fook Enterprises will head the development of a casino resort in Vietnam’s Quang Nam Province after real estate firm VinaCapital’s fund, VinaLand, divested its stake in the project to a unit of Chow Tai Fook.

AIM-listed VinaLand Limited has become a strategic shareholder of the $4 billion Nam Hoi An casino, instead of being the project’s largest shareholder, after it divested its entire stake to Gold Yield Enterprises Limited, a unit of Hong-Kong based jewelry company.

The transaction, according to VinaCapital, will result in net proceeds of $10.5 million for VinaLand.

“The disposal of this land is consistent with the company’s strategy to divest selected assets by the end of the current term, as stated at the time of VinaLand’s extraordinary general meeting in November 2012, and net proceeds of the realisations will be returned to shareholders,” VinaCapital said in a statement.

However, “given the complexity of the project and the ongoing challenges it faces, the buyer has requested that VinaCapital continue to be involved in the project,” VinaCapital said.