Artist’s impression of the Social Housing Project in the Thanh Hai Resettlement Area
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The social housing project spans over 19,150m2 and comprises 1,352 units, including 1,155 social housing units and 197 commercial apartments. With a total investment of more than VND 1,100 billion, the construction is expected to take up to five years. The social housing and technical infrastructure are slated for completion within 30 months, while the commercial housing will be finished in 18 months.
Established in 2004 with an initial charter capital of VND 30 billion, the project’s investor, Hoang Quan Binh Thuan, was founded by two shareholders, Truong Duc Hieu and Truong Manh Hung. Today, the charter capital has increased to nearly VND 324 billion. The company primarily operates in real estate brokerage for residential, industrial, and legal consulting, construction design, and more.
It is worth noting that the company once raised its charter capital to over VND 731 billion from May to November 2022, but it has since been reduced to nearly VND 324 billion.
Mr. Truong Anh Tuan, Chairman of the Board of Directors of Hoang Quan Commercial Services Consulting JSC (HOSE: HQC), concurrently serves as the Chairman and legal representative of Hoang Quan Binh Thuan. Truong Duc Hieu is the younger brother of Truong Tuan Anh.
One of Hoang Quan Binh Thuan’s notable projects is the Ham Kiem 1 Industrial Park, spanning 132.7 hectares in Ham Thuan Nam District, Binh Thuan Province. Within this park, the social housing area has been planned as a closed compound, featuring 955 terraced houses with one ground floor and one upper floor, each with a total construction area of 78-88m2, and 261 apartments. Additionally, there is a 5,400 m2 commercial center comprising 62 kiosks and 240 market stalls.
For the first six months of 2024, Hoang Quan Binh Thuan reported a post-tax profit of over VND 73 million, a decrease of more than 15% compared to the same period last year. As of June 30, 2024, the company’s total assets stood at VND 1,000 billion, an increase of up to 87% compared to the same period in the previous year. Its payables also increased nearly fourfold to over VND 646 billion.
The significant increase in Hoang Quan Binh Thuan’s payables is mainly attributed to the HQBCH2328001 bond issue valued at VND 492 billion. The company issued these bonds on December 28, 2023, with a maturity date of December 28, 2028 (a five-year term), and completed the fundraising on March 21, 2024. The issuance interest rate was 12% per annum. This is the company’s only bond issue to date. On June 28, 2024, the company paid VND 29.6 billion in interest for this bond issue.
The Affordable Housing Boom in Hai Phong
In the vibrant city of Hai Phong, a beacon of societal development in Vietnam, an exciting race is underway. With a government target of 15,400 social housing units to be delivered by 2025, investors are sprinting to construct much-needed social and worker housing projects. This northern port city is witnessing a construction boom as investors strive to meet the ambitious goals set for this dynamic region’s social development.
“Social Housing “kingpin” sells 100 million shares, doubling market price”
HQC’s stock soared after the social housing tycoon, Hoang Quan Corporation, announced a successful private placement of 100 million shares, priced at VND 10,000 per share, more than double the trading price on the exchange.
