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Tan Hoang Minh’s discreet affairs

Corporate bond issuances have revealed the presence of Tan Hoang Minh in a number of slow-moving projects in Hanoi.
 

 

The group also once owned “golden land plots” left idle for many years.

The golden plot at No 161 Yen Phu street in Tay Ho district in Hanoi in front of Thang Loi Hotel caught public attention when a fence was installed there with the words Tan Hoang Minh – Ngoc Linh.

The land plot is adjacent to Sanrio Hello Kitty World Hanoi in the north, and faces Yen Phu and Nghi Tam streets in the east and west. It is located in an advantageous position, not far from the central area, and near well-known hotels such as Intercontinental Hanoi Westlake, Thang Loi and Sheraton.

The land plot, covering an area of 0.38 hectares, was reserved for a project for a green area, with a sports field and public service works for business, developed by Ngoc Linh Co., Ltd.

Tay Ho district and Hanoi authorities approved the project and implemented site clearance in 2019. However, the land remains idle.

Viet Hung new urban area

On July 5, 2021, Ngoi Sao Viet Real Estate Investment issued 8 million bonds with the face value of VND100,000 per share. The total value of the issuance campaign was VND800 billion.

The bonds have a 48-month term. The 12 percent interest rate is fixed for the first four payment periods.

Ngoi Sao Viet said the money raised from the bond issuance would be used to buy 3.06 million shares of Viet Tien Investment Development and Trade (51 percent of capital), in order to implement the project on public works, a commercial service center, and houses in the Viet Hung new urban area.

Viet Tien was established in 2007. In July 2018, Do Anh Dung assumed the post of CEO and legal representative of the company.

On July 1, 2021, Viet Tien changed its legal representative.

Land strip south of Dai Co Viet street

A project was approved by the Hanoi People’s Committee in April 2002, under which 7 11-24-story buildings would be built with a total floor area of 29,000 sqm.

After 20 years, the project has a new owner, Nam Dai Co Viet Investment and Development.

The appearance of Tan Hoang Minh was noticed in September 2021 when Ngoi Sao Viet issued VND1.9 trillion worth of 60-month bonds with a fixed interest rate of 11.5 percent.

Ngoi Sao Viet planned to use the money raised from the bond issuance to contribute capital to implement the project. It would have contributed 47 percent of total investment capital.

“Golden land’ near Hoan Kiem Lake

In Hanoi, the land plot at No 22-24 Hang Bai street (D’ San Raffles) is called golden land or diamond land as it is located in an advantageous position, facing two major streets and near Hoan Kiem Lake. 

Tan Hoang Minh even accepted to pay VND1 billion per square meter for compensation to the households there that needed to move for site clearance.

The investor asked for permission to change the plan, from a commercial center and resettlement house, to a commercial center with a hotel, and, then later, to a commercial center, office and housing.

After many years of being idle, the project unexpectedly kicked off on February 3, 2021.

In Hanoi, Tan Hoang Minh has a land plot at No 94 Lo Duc Street, located at the three-way crossroads of Nguyen Cong Tru, Thi Sach and Lo Duc, covering an area of 2.67 hectares. The investor plans to build two story buildings.

Golden land in HCMC bought by Techcombank

In 2015, Tan Hoang Minh won a bid to buy a 3,000 sqm land plot for VND1.43 trillion, or 2.6 times higher than the starting price.

The group planned to start the construction of a complex of offices and commercial center in Q3 2017. But the plan was not implemented, and in 2019, the land plot was transferred to Techcombank.

Bao Anh

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