Friday’s Tale Chaotic condotel business By Son Nguyen Thursday, Dec 5, 2019,20:42 (GMT+7) Chaotic condotel businessBy Son Nguyen All are in a mess – for State agencies, localities, businesses, and property buyers – after the owner of the property project Cocobay in Danang City announced that it could no longer live up to its promise of paying an annuity of 12% for buyers of its condotel units. The shockwave is felt, not only because of the extent of imminent damages caused by the project’s failure as Cocobay is probably the biggest condotel project in the country. Rather, it is because the collapse of this business model at Cocobay is seen having a domino effect on a business sector that has shot to “stardom” lately. Confusion is also seen as authorities rush to handle projects that are now moving to brinksmanship in the absence of a legal framework. The collapse, say experts, is just a matter of time. The case surfaced last week when Empire Group, the owner of Cocobay Danang, wrote to customers saying it could not afford paying the promised annual sum equivalent to 12% of their investments as committed to customers from next year due to market upheavals. Cocobay Danang in the… Read full this story
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