Firm develops golf courses in Cuba

Firm develops golf courses in Cuba
(19-01-2010)

HANOI — The Housing and Urban Development Corporation (HUD) and Cuba's
Palmares SA Group have signed a real estate deal to build two golf
courses-cum-hotel complexes in Cuba.

The two complexes, which will include service centres and housing, will
each occupy an area of 300-400ha about 25km from the capital of Havana.

To carry out the project, the two companies will establish a
joint-venture company. Each will contribute 50 per cent of the company's
charter capital and the company will operate for 50 years.

Palmares SA Group plans to hire consultants to assess the land value and
submit an application to Cuba's Ministry of Finance.

For the project, the Housing and Urban Development Corporation
established the HUD Caribe Viet Nam Joint Stock Company with a charter
capital of VND360 billion (US13.4 million).

Dinh Nho Hung, director of HUD Caribe Viet Nam, said he believed the
project would be successful because the complexes were located close to
the capital and Jose Marti International Airport. Meanwhile, Cuba has
given the green light to HUD to invest in a hotel project in Havana and
to upgrade the Capri Hotel, a five-star hotel in Camaguey. — VNS

Viet Nam News (19 January 2010)
http://vietnamnews.vnagency.com.vn/showarticle.php?num=01BUS190110