US financial giant to build USD 5 billion resorts in Vietnam

US-based investment management company Oaktree Capital Corporation said it plans to pump in USD 5 billion to build luxury resorts in Da Nang.

The managing director of the company, William F. Kerins, said the firm had spent 90 days surveying the city’s Hoa Van Hamlet, and hoped to build seaside resorts on an area of 700 hectares.

There would be 4,000 rooms, an entertainment area, yacht quay, golf course, helipad to transfer tourists, casino for foreign tourists and a cable car system connecting the top of the. Hai Van mountain pass with the hamlet, he said.

Company officials have met city officials but Kerins did not specify a time frame for the project. He said: “Oaktree is a giant in investment management and financial services. We are also experienced in construction and management of tourism accommodation.”

Chief of the city’s Party, Nguyen Ba Thanh, hailed the US company’s plan and encouraged it to expand the construction of the resorts to more than 1,500 hectares and 15,000 rooms. Oaktree manages around USD 52 billion in assets, including equities, property and bonds.