Dat Xanh Group Joint Stock Company (DXG) was established in 2003, formerly known as Dat Xanh Real Estate Service and Construction Company Limited.
According to the company, after more than 20 years of development, Dat Xanh Group has achieved numerous milestones across various business areas, including real estate development, real estate services, construction and building materials, technology, and investment.
Dat Xanh Group is the developer of numerous projects, including Gem Sky World (Long Thanh, Dong Nai), Opal Skyline (Thuan An, Binh Duong), and Opal Boulevard (Di An, Binh Duong), among others.
To fund these projects, the company leverages its internal resources and also taps into the bond market for additional capital.
Illustrative image of Dat Xanh Group’s bond issuances.
According to the Hanoi Stock Exchange (HNX), on May 28, 2019, DXG issued a bond with the code DXG_CB-2019_01, with a term of 60 months and an issuance value of VND 234 billion. As of the end of 2023, the bond’s outstanding value was VND 48 billion. During 2023, the company paid over VND 3.35 billion in interest for two interest payment periods of this bond.
In 2021, Dat Xanh Group successfully issued two bond lots with codes DXGH2123001 and DXGH2125002, with terms of 24 and 48 months, respectively, and a total issuance value of VND 400 billion.
The bond issuance announcement for DXGH2123001 revealed that the bondholders included both domestic and foreign investors. SSI Securities Company acted as the arranger for this bond lot.
Notably, according to the reporter’s investigation, on the same day as the issuance of the above bond lot (March 18, 2021), DXG entered into a secured transaction with collateral including over 51.082 million shares issued and circulated by Dat Xanh Services Joint Stock Company (DXS) and owned by DXG. As of the end of the first quarter of 2024, DXG holds 59% of the voting rights in DXS.
The purpose of issuing the DXGH2123001 bond was for DXG (or through its subsidiaries) to purchase land/project/company owning the project to develop urban projects in the vicinity of Ho Chi Minh City, invest in the development of Gem Sky World’s infrastructure, and supplement/increase the company’s operating capital.
On March 22, 2023, the company fully redeemed the DXGH2123001 bond lot of VND 370 billion.
According to periodic disclosures on bond principal and interest payments, in 2023, DXG paid approximately VND 43.6 billion in interest for the two bond lots, DXGH2123001 and DXGH2125002.
Not only Dat Xanh Group but also its subsidiaries and affiliated companies have engaged in bond issuances.
One notable example is Ha An Real Estate Investment and Trading Joint Stock Company, a wholly-owned subsidiary of DXG.
According to HNX, on March 18, 2024, Ha An Real Estate issued the HAACB2124001 bond lot valued at VND 500 billion, with an interest rate of 10.8%/year.
The proceeds from this bond issuance were intended to supplement capital for the development of several projects, including Opal Skyline, Opal Boulevard, Gem Sky World, and Bui Huu Nghia. Additionally, the funds were to be used for land use tax payments, contributions to the state budget, and reasonable/legitimate expenses related to the company’s ongoing real estate projects.
The HAACB2124001 bond was secured by the issuer’s assets and those of a third party. These assets included land-use rights for a total area of 5,828 square meters in Lai Thieu Ward, Thuan An Town, Binh Duong Province; receivables and amounts receivable from deposit contracts and sales contracts for the Opal Skyline project; and the entire cash balance in the dedicated collection account/reserve account for debt repayment related to the sale of Opal Skyline products.
Furthermore, the collateral included 100% of the value of Ha An Real Estate’s capital contribution to Charm & CI Vietnam Co., Ltd.; land-use rights for a total area of 6,880.3 square meters in Phu Tho Ward, Thu Dau Mot City, Binh Duong Province; land-use certificates for a total area of 2,860 square meters in Phu Tho Ward, Thu Dau Mot City, Binh Duong Province; and the entire cash and securities balance in the company’s account at VNDirect.
VNDirect Securities Company acted as the arranger for this bond lot.
On October 19, 2023, the company fully redeemed the HAACB2124001 bond lot.
In addition to the aforementioned bond lot, Ha An Real Estate also issued the HAACH2226001 bond on July 20, 2022, with an issuance value of VND 210 billion, a term of 48 months, and a maturity date of July 20, 2026. Other information was not disclosed.
Dat Xanh Northern Services and Real Estate Joint Stock Company (Dat Xanh Northern), a wholly-owned subsidiary of DXG, also participated in bond issuances.
On July 22, 2022, Dat Xanh Northern issued 1,000 bonds with the code DXMCH2224001 and a face value of VND 100 million per bond. The issuance value was VND 100 billion, with a term of 2 years and a maturity date of July 22, 2024.
While information about bondholders and the purpose of the issuance was not disclosed, HNX revealed that the interest rate for this bond lot was 11%/year.
On July 31, 2023, Dat Xanh Northern repurchased VND 47.5 billion worth of bonds, reducing the outstanding balance (at face value) to VND 52.5 billion.
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