HONGKONG and Shanghai Hotels, owner of the Peninsula, has won approval to develop a US$103 million hotel and residential complex in Hanoi. The project will comprise a 400-room hotel, a 165-unit residential complex and retail units. It is due to be completed in 1999. It will be undertaken by Giang Vo Investment and Development Co, a joint venture in which Hongkong Hotels holds 65 per cent and Giang Vo Hotel the balance. The Hong Kong group has been granted a 40-year investment licence to develop the venture, which will be built on a 194,000 sq ft site in the Ba Dinh district. 'The new project is in keeping with our strategy of controlled expansion in gateway cities,' Hongkong Hotels chairman Michael Kadoorie said.