On May 2nd, the People’s Committee of Hoa Binh province approved the joint venture between Xuan Cau Holdings JSC and CityLand Infrastructure Investment JSC as the investor for the Song Buu commercial and residential urban area project in Luong Son town and Tan Vinh and Nhuan Trach communes, Luong Son district, Hoa Binh province.
The Song Buu commercial and residential urban area has a land area of nearly 60.4 hectares and an expected population of 6,716 people. The project’s products include nearly 1,700 villas and adjoining townhouses. The project is not required to allocate 20% of the land fund for social housing development.
The implementation progress is 5 years from the date of approval of the investor to implement the project, including 12 months for legal procedures and 48 months for construction. The project’s duration for residential land is long-term, and the commercial service land is leased for 50 years.
The total investment capital of the project is over VND 5,518 billion, including nearly VND 5,234 billion for project implementation costs and nearly VND 285 billion for compensation and site clearance costs.
The investor’s capital contribution in cash is nearly VND 828 billion (15%), and the rest is loan capital. In which, Xuan Cau Holdings, the leading member of the joint venture, will contribute 85%, equivalent to nearly VND 704 billion in cash, and the rest will be contributed by CityLand.
 Source: People’s Committee of Hoa Binh Province
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Who is the winning joint venture?
Xuan Cau Holdings JSC was established in 2000, formerly known as Xuan Cau Limited Company, headquartered in Hanoi. The company mainly operates in the fields of real estate, renewable energy, building materials, infrastructure, and logistics, with Mr. To Dung as Chairman and legal representative.
In September 2015, the company had a charter capital of VND 145 billion with shareholders, including Mr. To Dung holding 52.84%, Mrs. To Thi Thu Hien 46.8%, and Mr. Nguyen Hung Manh 0.36%. After several changes in capital and shareholder structure, in April 2022, the company changed its name to Xuan Cau Holdings JSC as it is today, with a charter capital of VND 4,580 billion, including 6 shareholders, of which Mr. To Dung holds the majority with a ratio of 54.57%.
Source: VietstockFinance
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As of October 13, 2023, Xuan Cau Holdings increased its capital from VND 7,986 billion to VND 8,800 billion, and the shareholder structure was not disclosed. Mr. To Dung remains the Chairman of the Board of Directors and legal representative.
 Source: VietstockFinance
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Mr. To Dung, Chairman and Legal Representative of Xuan Cau Holdings
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In addition, Mr. To Dung used to be the Chairman of the Board of Directors of Licogi Eastern Mechanics Joint Stock Company (UPCoM: CKD) and Construction Materials Corporation No. 1 JSC (UPCoM: FIC).
CityLand, established in 2003, is famous for its chain of CityLand Park Hills urban areas in Go Vap district, Ho Chi Minh City.
In the latest business registration change on August 18, 2023, the company changed its Chairman of the Members’ Council and legal representative from Mr. Bui Manh Hung (born in 1972) to Mr. Bui Manh Hung (born in 1993). The company’s charter capital as of this date is VND 4,093 billion, with shareholders including Mrs. Bui Thi Yen holding 95%, Mr. Bui Manh Hung 4%, and Mr. Bui Manh Hung 1%.
