According to the consolidated financial statements of Nam Long Investment Joint Stock Company (Nam Long, stock code: NLG), as of the end of June 2024, the company’s total inventory value stood at VND 19,164 billion ($799 million), an increase of nearly VND 2,000 billion compared to the end of 2023. This accounts for 64.4% of the company’s total assets, equivalent to VND 29,731 billion.
Among Nam Long’s projects, Izumi (Dong Nai) accounted for the largest proportion of inventory value, at 45%, or VND 8,655 billion, followed by Waterpoint Phase 1 (Long An) at 20%, or VND 3,837 billion.
As of the second quarter of 2024, Nam Long’s total liabilities were recorded at VND 16,425 billion, of which short-term and long-term loans and debts accounted for nearly 40%, amounting to VND 6,531 billion.
Similarly, in the inventory structure of Novaland Investment Joint Stock Company (Novaland, stock code: NVL) as of the end of June, real estate under construction was valued at nearly VND 134,000 billion, an increase of about VND 4,000 billion compared to the end of 2023. This includes land use fees, design consulting fees, construction costs, and other expenses directly related to the project.
Completed real estate, ready for sale, stood at VND 8,380 billion. However, Novaland did not provide a detailed breakdown of the projects under construction or ownership.
Notably, as of the end of June 2024, Novaland’s equity capital was only about VND 45,647 billion, while its liabilities were four times higher, at VND 194,531 billion. Of this, short and long-term loans accounted for 30.4%, or VND 59,214 billion.
According to Novaland’s Q2 2024 financial report, the corporation completed the transfer of capital contributions in Huynh Gia Huy Joint Stock Company for a transfer price of nearly VND 1.9 billion. This transfer price excludes the value of utility assets and existing debt obligations.
Following this transaction, Novaland recorded a loss of VND 797 billion due to the difference between the total transfer value and the book value of net assets.
Huynh Gia Huy became a subsidiary of Novaland in 2019 and is known as the investor of the NovaHills Mui Ne project in Phan Thiet, with a scale of approximately 40 hectares.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
Astonishingly high price for old and dilapidated apartment buildings reaching nearly 200 million VND/m2, rivaling the most luxurious condominiums in Hanoi
Old collective apartments with prices starting from 100 million VND/m2 are usually the first-floor units that can be used for commercial purposes, while the upper-floor units are priced at 60-80 million VND/m2 for residential purposes.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
