Cherry Apartment Project Rendering. (Source: Dia Oc Hoang Quan)
According to Agribank, as of May 30, 2024, the recorded value of this company’s debt was over 93 billion VND. This includes nearly 62 billion VND in principal and over 31 billion VND in interest. Agribank stated that the loan is now overdue and has been classified as non-performing due to the borrower’s violation of repayment obligations.
The collateral for this loan includes 28 apartments in the Cherry Apartment project located in Thanh My Loi ward, Thu Duc city, Ho Chi Minh City. These apartments were purchased by Construction Company An Tam from the project’s investor, Dia Oc Hoang Quan Joint Stock Company, in 2011.
Agribank stated that the collateral for this loan is not legally complete. The assets are still in the form of a sales contract and have not been granted ownership certificates. They have also not been handed over to the buyers due to the project’s construction permit violations and incomplete construction.
The Cherry Apartment project, developed by Dia Oc Hoang Quan, consists of a 12-story apartment building with 99 units ranging from 76 sq. m to 140 sq. m. With a total construction floor area of over 19,000 sq. m, the project has a total investment of 203 billion VND.
Construction on the project’s foundation and basement began in May 2010, and it was expected to be handed over to customers in 2013. However, after the rough construction was nearly completed, the project stalled, leading many customers to agree to terminate their contracts.
Agribank has set an initial price of nearly 62 billion VND for these assets.
Latest Interest Rates at Agribank in February 2023: Highest Rate for 24-month Term
Interest rates for deposits at Agribank have further decreased in early February 2024 compared to January. Specifically, individual customers’ deposits are subjected to interest rates ranging from 1.7% to 4.9% per annum, while business customers’ deposits are subjected to interest rates ranging from 1.7% to 4.2% per annum.
Deputy Head of Internal Audit Department of SBV appointed Deputy CEO of Agribank
After the new appointments, Agribank’s Executive Board now consists of 9 members, with Mr. Pham Toan Vuong as the CEO.
Central Bank: No restrictions on housing loans in the future
The State Bank confirms that the new regulations do not limit the rights of prospective home buyers and are also in compliance with existing laws.
