Hanoi Tourist has recently signed an agreement with South Korea’s Global Consultant Network for the development of a US$500 million sports complex in the capital city, Thanh Nien News Online reported on Tuesday.
The sports complex, to be located in Soc Son district and covers a massive area of 1,200 hectares, will incorporate a horse racetrack, a golf course, entertainment venues, a shopping mall and hotels.
Hanoi Tourist has obtained a license from the Ministry of Planning and Investment in 1999 to build a racecourse on an area of 40 hectares in Thanh Tri district. In 2005, the company negotiated with a potential investor from the UK to develop the project which failed to take off.
Hanoi Tourist later obtained an approval from Hanoi to change the project site to Soc Son district and to expand the scale of the project to 1,200 hectares.