The 100-floor Tower Next to Keangnam of Kinh Bac Has Not Found a New Owner for 6 Years

The Diamond Rice Flower project, with impressive design by Foster and Partners, is invested by Kinh Bac Urban Development Corporation (KBC) with 1.854,9 billion VND through Hoa Sen Hotel Development Company. Located in Hanoi, the project is expected to rise from 15 to 100 floors but has not been implemented after 6 years. The project has changed hands between corporations and KBC repurchased it in 2020 hoping for a short-term sale. However, the investment has not been successfully transferred and remains “dormant” on the financial statements. Recently, KBC also divested from the Diamond Square project in Da Nang. While high-end real estate projects face difficulties, KBC launched the Trump International Hung Yen project but no progress has been observed.