Five-star fracas: Colombo hotel dispute snares Japanese firms

Article Abstract:

An eight-year dispute between the Sri Lankan developer of Colombo's Hilton and the two Japanese companies that built it is damping Japanese interest in other projects in Sri Lanka. The latest effort to end the feud collapsed in July. Initial complaints said the building was two floors short and had too few parking spaces. Since then the hotel's plans have gone missing, official corruption has been alleged, and payment on the 12.3 billion yen loan has been stopped. Initially worth $50 million, it now amounts to $327 million.

Japan, Japanese foreign relations, Mitsui and Company Ltd. (Tokyo, Japan), Sri Lankan foreign relations

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Expensive affair: Indonesian investor finds Hanoi isn't Jakarta of the 1970s

Article Abstract:

Indonesia's Metropolitan Development remains committed to building a luxury hotel in Hanoi despite a slew of problems that have plagued its project since 1989. The market has changed radically since it decided to put up a 284-room, five-star project, thanks largely to a two-year delay as families refused to move off the site, and projected costs have shot from $38 million to $57.5 million. The experience shows how large projects in Vietnam defy even the networking ability of experienced Asian developers.

Foreign investments, Vietnam, Real estate development, Metropolitan Development Inc.

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Wages of war

Article Abstract:

Defence outlays in Sri Lanka will continue to affect the economy throughout 1997, with the replacement of aircraft a major expense. However the economy is fundamentally sound despite the civil war, with GDP up 4% in 1996. The country's main plantation crop, tea, performed well in 1996 and prices remain high. Also the Central Bank decided to reduce the reserve ratios of commercial banks, leading to a fall in lending rates, and the first floating rate not has been issued by the government.

Economic aspects

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