Recently, the Hanoi Stock Exchange (HNX) has published document No. BCTC2022/CV-NQ of Nhật Quang Real Estate Development Joint Stock Company (Nhật Quang Real Estate) to disclose information about the financial situation in 2022.
In 2022, Nhật Quang Real Estate incurred a huge loss of up to 5,573 billion VND, compared to a negative 267 billion VND in the same period last year. This heavy loss has led to a negative owner’s equity of nearly 3,959 billion VND (as of December 31, 2022).
Source: HNX
In another development, on January 23, 2024, Nhật Quang Real Estate also announced a delay in payment of the principal amount of 2,150 billion VND for bond NQRB2124001. The reason is that the issuing organization has not arranged sufficient financial resources.
The collateral for this bond is assets arising from a transfer agreement of a part of the assets of The Spirit of Saigon project, which is invested by Saigon Glory Limited Liability Company.
The Spirit of Saigon project is located in the prime location in the center of Saigon with 4 frontages: Lê Thị Hồng Gấm – Calmette – Phạm Ngũ Lão – Phó Đức Chính.
This project has a total area of over 8,500m2, including 2 towers with 55 floors and 48 floors, a 7-floor podium, and basement connected to Ben Thanh – Suoi Tien metro station.
Returning to Nhật Quang Real Estate, the company was established on October 27, 2014, with its headquarters at level 3, ACM Building (96 Cao Thắng Street, Ward 4, District 3, Ho Chi Minh City); mainly operating in the real estate business.
The initial charter capital of the company was 500 billion VND, including 3 founding shareholders: Saigon Star Investment and Real Estate Development Joint Stock Company (49%), Mrs. Nguyễn Thị Minh Hải (25.5%), and the remaining 25.5% owned by shareholder Đỗ Phương Nam. The Chairman of the Board of Directors is Mrs. Lý Thị Thanh Trúc (born in 1979).
By December 2020, Nhật Quang Real Estate increased its capital to 1,950 billion VND, with undisclosed shareholder structure. At that time, Mr. Hứa Kiến Quốc took on the role of Chairman of the Board of Directors and General Director of the company.
Among the founding shareholders of Nhật Quang Real Estate, Saigon Star is not a strange name in the southern real estate market. This company was established in 2014, with Mr. Lê Hữu Tâm (born in 1969) as the General Director and legal representative.
Saigon Star is a founding shareholder, owning 49% of the capital in Smart Dragon Investment Joint Stock Company.
Like Nhật Quang Real Estate, Smart Dragon previously issued bonds worth 1,900 billion VND with collateral assets being assets generated from transfer agreements of a part of the assets of The Spirit of Saigon project; assets related to a part of the Spirit of Saigon project and other additional/substitute assets owned by Smart Dragon.
In addition, Saigon Star is also known as a founding shareholder, holding 49% of the capital in Air Link Joint Stock Company (formerly known as Sheen Power Investment Joint Stock Company).
On March 30, 2022, Air Link raised a total of 3,810 billion VND through the issuance of two bonds with codes ALICB2223001 and ALICB2223002.
At the same time, Air Link pledged all the rights to assets and all receivables arising from or related to deposits and transfers of the project’s component from Saigon Investment and Development Corporation (SDI Corp).
In addition, the collateral assets include all rights, benefits, reimbursements, and other payments that Air Link has received or will receive in connection with the above-mentioned project component.
Illustration of Saigon Binh An Super Project.
SDI Corp is known as the investor of The Global City project (formerly known as Saigon Binh An urban area). The project covers an area of over 117 hectares, located in An Phu Ward, Thu Duc City, adjacent to the Ho Chi Minh City – Long Thanh – Dau Giay Expressway.
In August 2021, the project was rumored to have changed hands when SDI Corp changed its business registration and transferred the position of Chairman of the Board of Directors to Mrs. Mai Thị Kim Oanh.
Ms. Kim Oanh has held many important positions at Masterise Group. On the website of Masterise Homes – a member of Masterise Group, there is also a lot of information about The Global City project. This is indeed the Saigon Binh An super project of SDI Corp.
