With Sun Wah involved in a major residential project in Ho Chi Minh City, the nation’s foreign direct investment (FDI) capital flows into the real estate sector ranked second in the first quarter, The Saigon Times Daily has reported.

According to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, a Hong Kong investor invested over 200 million USD in the condo building project in the city, sending investment capital in the sector rising. FIA did not disclose the name of the investor.

The Daily quoted a source from the Ho Chi Minh City Department of Planning and Investment as saying that the project earlier belonged to domestic enterprises under the name of Bay Water Co. Ltd. Then, British Virgin Islands-registered Sun Wah Vietnam Real Estate Limited made a huge contribution to the project, turning it into a foreign-invested concern.

A reliable source told the Daily that Bay Water now has three partners – Construction Joint Stock Company No.5 with a 26% stake, Sa To Investment Co. Ltd. with 26% and Sun Wah Vietnam Real Estate Limited with 48%.

In the first quarter, the nation approved five FDI projects in the real estate sector with the total registered capital amounting to over 288 million USD. The figure made up 8.6% of total pledged FDI capital, ranking second among the sectors with FDI involvement.

Meanwhile, the manufacturing and processing sector came in first with 141 projects worth 2.3 billion USD, or 70% of the total FDI capital.-VNA