Minh Phap Auction JSC has announced a third auction for the gold plated Rolls-Royce Ghost with number plate 30F-187.88 for the third time, at a starting price of VND9.409 billion. 

Another super-expensive car also belonging to Quyet’s car collection, the red Sacred Fire Rolls-Royce Phantom (30E-133.88), will also be auctioned by Ocean Bank, slated for November 15, at the starting price of VND28.025 billion. The car arrived in Vietnam in October 2015, then valued at VND50 billion (nearly $2.5 million). 

The yacht FLC Albatross, made in 2017 in Poland, belonging to FLC Group, which is collateral for loans at BIDV Quy Nhon, has also been put up for auction. The yacht is 16.62 meters in designed length and 29.95 meters in biggest length, 4.88 meters in design width and 5.25 meters in biggest width.

After the failed auction on November 4, Minh Phap has announced auctioning of the yacht for the second time, slated for November 21. The starting price has fallen from VND35.5 billion to VND34.7 trillion.

In general, it is difficult to sell foreclosed assets of businesspeople. Cendeluxe Phu Yen Hotel in Yen Hoa City, which once belonged to Vo Thi Thanh, president and CEO of Thuan Thao JSC, remains unsold after 17 price reductions.

The 5-star Cendeluxe Phu Yen was the biggest asset of Thuan Thao JSC. The starting price has been lowered from over VND500 billion to VND202 billion.

Thuan Thao was once a famous brand in the field of transport in the south, but the company began facing difficulties after it joined the resort and real estate sector. Its total outstanding principal and interest had reached VND2.4 trillion as of the end of June 2018.

Analysts say the economy is in a difficult situation and the market is seeing low liquidity as it is difficult to find buyers with good financial capability.

Luong Bang