Hanoi calls for private funding to renovate run-down living quarters
The People’s Committee of Hanoi is seeking over VND316 trillion (US$14.11 billion) in capital from private investors to fund its renovation of ten run-down collective living quarters in the city.
The financial mobilization was announced earlier this month by the chairman of Hanoi People’s Committee, Nguyen Duc Chung, at a conference to discuss opportunities for investment cooperation and development prospects in the capital.
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| The Thanh Cong collective living quarter in Dong Da District, Hanoi |
The committee has since published a list of construction components in the hope of mobilizing over VND316 trillion to simultaneously renovate ten collective living quarters in Hanoi, including Quynh Mai in Hai Ba Trung District, Tan Mai in Hoang Mai District, Ngoc Khanh, Thanh Cong, and Giang Vo in Ba Dinh District, Khuong Thuong, Vinh Ho, Trung Tu, and Kim Lien in Dong Da District, and Nghia Tan in Cau Giay District.
Most of these buildings are more than 50 years old, with some built as early as the 1950s.
Speaking with Tuoi Tre (Youth) newspaper, Nguyen Chi Dung, deputy director at the Department of Construction, said the department was drafting a detailed plan for the project in accordance with the listed sites.
“Investors will evaluate their own capability and apply to be the contractors of specific items accordingly,” Dung said. “The city will then select the most suitable contractors from the applicants.”
According to current regulations on high-rises in the historical quarters of Hanoi, new buildings in the renovation project will not exceed 24 stories.
