Agribank Tràng An to Auction Debts Related to Prime Real Estate of Tân Hoàng Minh Group
Agribank Tràng An, a branch of the Vietnam Bank for Agriculture and Rural Development, has announced an auction of debts totaling 84.757 billion dong as of December 31, 2023. The debts are related to the “golden land” housing the headquarters of Tân Hoàng Minh Group. The principal debt is 71.52 billion dong, with 13.237 billion dong in interest owed.
The assets securing this debt are the property rights arising from a long-term lease agreement and the non-cancellation of the office building and headquarters of the National Political Publishing House – Sự Thật, located at 24 Quang Trung, Tran Hung Dao Ward, Hoan Kiem District, Hanoi, owned by Tân Hoàng Minh Trading Service Hotel Co., Ltd. (Tân Hoàng Minh Group).
The bank has announced the auction of another debt of nearly 85 billion dong related to a lease contract at 24 Quang Trung (Hanoi), the headquarters of Tân Hoàng Minh Group.
The bank stated that the office building is constructed on a 1,470.3m2 land plot with a building area of 941.31m2 and a total constructed floor area of 10,833.9m2. The building has 7 above-ground floors with a total floor area of 6,858.6m2 and 3 basement floors with a total floor area of 3,975.3m2, providing 70 car parking spaces and 296 motorcycle parking spaces.
The 24 Quang Trung “golden land” is the location of Tân Hoàng Minh Group’s headquarters and numerous related businesses.
Recently, the bank has also sold a series of debts of businesses related to Tân Hoàng Minh Group.
In September 2023, Agribank Tràng An announced the auction of debts of 4 related businesses associated with the “golden land” headquarters of Tân Hoàng Minh Group, with a total outstanding debt of over 307 billion dong.
Specifically, the first debt of Ngọc Viễn Đông Real Estate Investment Joint Stock Company has a book value of 81.7 billion dong. The second debt belongs to Bắc Hà Development Investment Limited Liability Company, with a book value of 55.4 billion dong. The third debt is from Phú Thanh Construction Investment Joint Stock Company, with a book value of 76.2 billion dong. Finally, there is a debt of THM Thịnh Vượng Real Estate Investment Limited Liability Company, with a book value of 94.3 billion dong.
Notably, all of these debts are secured by collateral from third parties: the property rights arising from a long-term lease agreement and the non-cancellation of the office building and headquarters of the National Political Publishing House – Sự Thật, located at 24 Quang Trung, owned by Tân Hoàng Minh Trading Service Hotel Co., Ltd.
In September 2023, the bank also announced the fourth auction of debts, which are lots of land belonging to the Thien Bao Phu Quoc Resort and Hoang Hai Complex (Phu Quoc) projects. According to the announcement, these are the collateral for loans of businesses related to Tân Hoàng Minh Group.
Regarding the Thien Bao Phu Quoc Resort: Hanoi Export-Import and Investment Business and Service Trading Limited Liability Company pledges land use rights and assets attached to a 2,641m2 land plot (book value of over 63 billion dong as of August 4, with a starting price of nearly 54 billion dong); Xuan Nam Construction Service Trading Limited Liability Company pledges land use rights and assets attached to a 1,884.4m2 land plot (book value of nearly 46 billion dong as of August 4, with a starting price of nearly 40 billion dong).
