Bitexco, a multi-industry group, announced on April 26 that it will pour $500 million into a trade centre-office complex to be built in district 1, HCM City.
The general director of Bitexco Group, In-Suk Ko, said that The One HCM City will get off the ground on April 27, covering a total area of 8,600 square meters.
The complex will include two towers, a trade centre, offices, and apartments for rent, and a six-star Ritz Carlton hotel.
According to Bitexco Group, the project has demonstrated its determination to maintain and develop investment activities, in spite of difficulties in the national economy and instability in the real estate market.
The complex is expected to be completed and put into operation by 2015.
Established in 1985 as a textile firm, Bitexco has become a multi-industry corporation. It covers real estate investment and development, hydro-power plants, infrastructure, mining and mineral water production.