Tan Hoang Minh properties auctioned by Agribank

Invest Global 10:08 14/09/2023

Agribank is auctioning resort properties in Phu Quoc linked to Tan Hoang Minh Group as several affiliated companies have defaulted on their loans.

Trung Yen Branch of Agribank has announced its third debt auction related to Tan Hoang Minh Group as several of the group's prime Phu Quoc properties, valued at millions of US dollars, are being put up for auction by the bank. Several affiliated companies have also defaulted on loans secured against their real estate assets.

Tan Hoang Minh properties auctioned by Agribank

Agribank's first auction is related to the debt incurred by Hoang Hai Phu Quoc Real Estate Development JSC, with a starting price of close to VND253 billion ($10.7 million). Hoang Hai is a member of the Tan Hoang Minh Group ecosystem, currently represented by Do Hoang Viet, son of Tan Hoang Minh chairman Do Anh Dung.

Tan Hoang Minh is the main investor in the Hoang Hai Complex – a planned area of over 12 hectares comprising 12 resort hotel plots, 76 town hotel plots, and two 2 commercial service plots. The project is nestled within the vast 34ha tourism and entertainment complex, stretching over 20km of coastline.

Second, there is the debt of Quang Trung Real Estate Investment Co., Ltd, with an initial bid of nearly $2.7 million, which is over $290,000 less than its initial listing. Established in February 2018, its headquarters share the same address in Hanoi with Tan Hoang Minh Group.

Lastly, is the debt of Anh Thang Construction Consultancy Co., Ltd, at its location at the D'.Le Pont D'or building in Hanoi, which stands at a similar price of almost $2.7 million, again, around $290,000 lower than its first listing. Founded in May 2011, it is another project belonging to Tan Hoang Minh Group.

Viet Star Real Estate Investment Company previously held more than 98 per cent of this company's charter capital. However, according to the National Business Registration Portal, the company no longer operates at its registered address.

The Agribank branch in Trang An also recently announced its fourth auction for debts collateralised by land plots within Thien Bao Phu Quoc Resort and Hoang Hai Complex, both in Phu Quoc. These assets are collateral for loans of several businesses.

At Hoang Hai Complex, Manh Loan Construction and Trade Co., Ltd has pledged six land-use rights and associated assets, valued at over $4.4 million as of August 4, with a starting price of $3.8 million.

Meanwhile, on the same day, Mivi Vietnam Trade and Services Co., Ltd secured four land-use rights and attached assets with a book value of around $2.2 million, starting at just under $1.9 million, while Green-Art Landscape Infrastructure JSC collateralised three land-use rights and assets, recorded at nearly $1.6 million, with an initial bid of $1.4 million.

At Thien Bao Phu Quoc Resort, Hanoi Export-Import – Business Investment and Trade Services Co., Ltd pledged a 2,641-square-metre land-use right and its attached assets, valued at close to $2.7 million as of August 4, with a kick-off price of nearly $2.3 million. Xuan Nam Construction Services Co., Ltd collateralised a land-use right and related assets on a 1,885sq.m plot on the same date, which was valued at nearly $1.9 million, commencing at almost $1.7 million.

In 2021, Tan Hoang Minh Group unveiled its plan to develop the 'Non-stop Tourism Complex' at Bai Truong, Phu Quoc, also marketed under the name D’Thien Bao, with a total investment of over $1 billion. The venture spans 34ha, and features a 5-star hotel system, 129 shophouses, 76 villas, and 15 condotel apartment buildings containing between 7,000 and 8,000 units.

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