Real estate giant Vingroup buys into Hanoi sports company
Vingroup, one of the country's largest private businesses, has bought more than 67.1% stake in a Hanoi-based sports company for nearly VND560.2 billion (US$24.87 million), local media has reported.
The real estate conglomerate's acquisition of the controlling stake in Me Tri Sport and Entertainment Development Co., Ltd. is its latest effort to expand its business activities in Vietnam, following different acquisitions in retail and health sectors.
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In 2007, Me Tri was assigned with 32.1 hectares of land in the city's center to build a US$15-million sports and entertainment complex.
However, in 2010, Hanoi's authorities changed the land's designated purposes to only allow non-commercial projects, effectively canceling the original plan.