Joseph Jackson, father of late pop king Michael Jackson, has pulled out
of a massive entertainment complex in Vietnam where he signed a deal to be
involved in the construction of a major hotel last year.
His withdrawal from the
development of the hotel which is part of the Happy Land project, a
Disneyland-inspired amusement park, was posted on his official website in
January, and confirmed Wednesday by Phan Thi Phuong Thao, board chairwoman of
its developer Khang Thong Group.
The website said that Jackson
decided not to proceed with any further investment or involvement in the
project after “careful due diligence and discussions with his wife, family and
advisers.”
He believed in the growth
potential of Vietnam and would return to it for new opportunities soon, the
website reads.
Meanwhile, Thao told the Saigon
Times Online newspaper that Jackson signed a Memorandum of Understanding with
Khang Thong in February last year to advise and help it find investors for the
development of a five-star, 1,000-room hotel inside the complex.
The man has so far recommended
two US investors to Khang Thong but no deals have been clinched between them,
the chairwoman added.
An American manager, former boxer
and former musician, the 82-year-old man is best known as the father of
American entertainers Michael Jackson and Janet Jackson, and the creator and
manager of The Jackson 5, a Motown group comprising several of his children.
Happy Land, developed on a 338ha
area in the Mekong Delta province of Long An, is estimated to cost US$2 billion
over three years.
Inspired by the well-known
Disneyland Park, the Vietnamese complex will include a theme park that costs
$600 million, a 3.7 km boardwalk, a shopping center, 3-5 star hotels, water
parks, studios, indoor and outdoor theaters, restaurants, a floating market,
and other facilities.
The project site along the Vam Co
Dong River was once meant for a large-scale industrial park but Khang Thong
then switched to a tourist construction plan following environmental concerns.
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