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Malaysia's Berjaya Land in new Vietnam development

Wed Dec 12, 2007 5:37am EST

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KUALA LUMPUR, Dec 12 (Reuters) - Malaysia's Berjaya Land Bhd (BLAD.KL) plans to form a Vietnamese joint venture to spend $1.3 billion on developing a new residential and commercial precinct in Hanoi, Berjaya Land said in a statement on Wednesday.

The company said it would invest between $210 million and $315 million for a 70 percent stake in the venture with the Hanoi Electronics Corporation. The plan still needed approvals from relevant authorities, Berjaya Land added.

It also estimated the total investment capital for the joint venture at between $2 billion and $3 billion.

(Reporting by Hsu Chuang Khoo, editing by Mark Bendeich)



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