Thu thiem new urban area

A corner of Thu Thiem new urban area. — VNA/VNS Photo Quang On January 10, Tan Hoang Minh Group’s chairman Do Anh Dung sent a letter to Party General Secretary Nguyen Phu Trong and other top leaders revealing its intention to pull-out of the purchase of a 10,060sq.m land lot in Thu Thiem new urban area which its member company Viet Star Real Estate Investment Co Ltd won the bid at a record price of VND 24.5 trillion (US$1.07 billion) last month. Dung explained the decision was made to help safeguard the stability of the country’s real estate industry, admitting “such a high bid price could lead to negative consequences for the real estate market”. The group is also ready to accept all penalties, including surrendering its deposit of more than VND588 billion ($26 million) for its unilateral contract cancellation. Although many market insiders have said this move is not too surprising and could be predicted in advance, the action of “dropping the stake” still has caused a big … [Read more...] about Thu Thiem land auction ‘scandal” reveals loophole in Viet Nam’s bidding law

Tan Hoang Minh won the bid in a ‘duel’ to buy the 3-12 land plot in Thu Thiem new urban area in HCM City, but finally gave up. On January 11, Tan Hoang Minh issued a press release, saying that it will send an official document to HCMC People’s Committee, Land Bank Development Center and HCMC Property Auction Service Center about its decision on unilaterally terminating the contract on the purchase of the 3-12 land plot. The contract was signed on December 17, 2021, or one working week after the auction day (December 10, 2021). During the auction four land plots were sold. This means that if Tan Hoang Minh cancels the purchase of the land, it will lose the deposit of nearly VND600 billion. A question has been raised about the ‘fate’ of the land plot, called ‘golden land’ because of its advantageous position. Some people said the land may fall into the hands of the business with the second highest bidding price at the auction. The auction session was described as … [Read more...] about What’s behind Tan Hoang Minh’s sky-high bidding price?

The Police Agency for Investigation of Crimes on Corruption, Economy and Smuggling (C03) of the Ministry of Public Security has asked the Hanoi People's Committee to provide documents related to projects based in Hanoi of the Tan Hoang Minh Group. A project of Tan Hoang Minh in Hanoi. Photo: Doan Bong According to a source of VietNamNet, the police requested documents related to 11 projects developed by this estate group in the capital city. Tan Hoang Minh is known as a high-end real estate developer with "super luxury" products such as D'.Le Pont D' Hoang Cau, D'. Palais Louis Nguyen Van Huyen, D'. Le Roi Soleil Quang An, D'. San Raffles Hang Bai, D'.El Phu Thuong, D'.El Dorado II Phu Thanh and D'. Capital Tran Duy Hung. On January 11, the public was stirred up by a letter from Tan Hoang Minh Group’s Chairman Do Anh Dung to leaders of the Party, the Government and HCM City authorities. In the letter, Dung wished to unilaterally terminate the contract to buy a … [Read more...] about Police ask for documents of 11 Hanoi-based projects of Tan Hoang Minh Group

Hoang Anh Gia Lai Joint Stock Company will sell more than 48.1 million shares of its subsidiary HAGL Agrico (HNG) from January 17 to February 15 to pay debt. Hoang Anh Gia Lai will sell over 48 million HNG shares to pay debts. – Photo: VNN If the share sale is successful, Hoang Anh Gia Lai’s ownership at HAGL Agrico will decrease from 16.07% to 11.73%. From November 2021 until early this week, both HAG and HNG shares grew strongly. HNG surged nearly 72% to VND13,500. However, HNG dropped to the floor price at VND11,200 today. At this price, Hoang Anh Gia Lai would get some VND540 billion from 48.1 million HNG shares. At its recent shareholders’ meeting, the company affirmed that financial restructuring will be one of its major tasks this year. Hoang Anh Gia Lai seeks to reduce its debt to VND5 trillion. As of the end of the third quarter last year, Hoang Anh Gia Lai had approximately VND8,320 billion worth of debt. The company targets its revenue and profit at … [Read more...] about HAGL sells over 48 million shares to pay debts

A corner of Thủ Thiêm new urban area. — VNA/VNS Photo Quang Compiled by Mai Hương On January 10, Tân Hoàng Minh Group’s chairman Đỗ Anh Dũng sent a letter to Party General Secretary Nguyễn Phú Trọng and other top leaders revealing its intention to pull-out of the purchase of a 10,060sq.m land lot in Thủ Thiêm new urban area which its member company Viet Star Real Estate Investment Co Ltd won the bid at a record price of VNĐ 24.5 trillion (US$1.07 billion) last month. Dũng explained the decision was made to help safeguard the stability of the country’s real estate industry, admitting “such a high bid price could lead to negative consequences for the real estate market”. The group is also ready to accept all penalties, including surrendering its deposit of more than VNĐ588 billion ($26 million) for its unilateral contract cancellation. Although many market insiders have said this move is not too surprising and could be predicted in advance, the action of “dropping the … [Read more...] about Thủ Thiêm land auction ‘scandal” reveals loophole in Việt Nam’s bidding law

Illustrative photo Prime Minister Pham Minh Chinh, as well as the Ministry of Construction, have warned that the unusual high prices at auctions may prove to be risky for the real estate market in the country. Risk to property market Soon after the Prime Minister sent a telegram to relevant ministries, branches, and localities to review and correct the ongoing land auctions, the Ministry of Construction sent a document to the People's Committees of related provinces and centrally-run cities to control the high risk being created by real estate bubbles and to further strengthen the management of the real estate market. The Ministry of Construction recommended that in some cases, the winning bid at the auctions is many times higher than the starting price, which can definitely affect the real estate market as a whole. In some localities, cases have occurred whereby enterprises conducting real estate businesses that are still not legal have been seen to transfer land; trade … [Read more...] about Concern over unrealistic hike in property prices