Hanoi villa project a ghost town
Weeds have taken over the once new pavement
Construction on the more than 600 French-style villas started at the end of 2007 and finished in 2013. By the end of 2013 more than 400 had been sold, but as of now only a few buyers have actually moved in while the remaining units sit abandoned.
No one has bothered to repair damaged lightposts
Tu Liem, which focuses on real estate and financial investment, was named among the 500 biggest companies in Vietnam by consultancy firm Vietnam Report. It posted net profits of VND9 trillion ($428.5 million) from revenue of VND40.9 trillion ($1.95 billion) in the first quarter of 2014.
>> VN property inventory drops to US$3.9b
>> Masterplan backlog plagues capital
>> Vacant villas overtaken by squatters
>> Hanoi luxury houses spend five years isolated
>> Who lives in that new villa? Nobody
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