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Tokyu's upscale condos prove tough sell in Vietnam

A Becamex Tokyu sales representative tells customers about the Sora Gardens condo in Binh Duong New City, a development project near Ho Chi Minh City.

HANOI -- Japan's Tokyu has high hopes for a property development project in the suburbs of Ho Chi Minh City. The company's success in Vietnam, however, may hinge on a couple of factors: the growth of infrastructure and a proposed easing of restrictions on real estate purchases by foreigners.

     The province of Binh Duong is developing a 10-sq.-km tract about 30km north of Ho Chi Minh City. Dubbed the Binh Duong New City project, the district is to become the provincial capital, complete with government buildings, commercial facilities and apartments.

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