TCH Spends $800 Billion on 64 Million HHS Shares
On June 18, HHS acquired 99.99% of HHS Capital, which owns 7.45% of CRV Real Estate Group. As a result, the TCH, HHS, Hoang Giang Service Development JSC (HHS subsidiary), and HHS Capital group of shareholders now hold 89.12% of CRV.
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Shareholding Ratio of Hoang Huy Group at TCH
Source: TCH
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HHS spent over VND 1,300 billion to acquire nearly 50.1 million HHS Capital shares; VND 503 billion came from HHS‘s own capital, and VND 800 billion from the issuance of 64 million shares to TCH.
TCH paid VND 800 billion to HHS on June 5 to finalize the purchase of 64 million privately issued shares, with TCH as the sole investor. Following this transaction, TCH‘s ownership in HHS increased from 51.06% to 58.31%, equivalent to nearly 252 million shares.
CRV‘s Net Profit Decreases by 53% in Fiscal Year 2024
On June 18, CRV announced its audited consolidated financial statements for 2024 (fiscal year April 1, 2024 – March 31, 2025) with net revenue of nearly VND 2,200 billion and net profit of over VND 462 billion, down 33% and 53%, respectively, compared to the previous year.
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Business Results of CRV in Fiscal Year 2024
Fiscal Year April 1, 2024 – March 31, 2025
Source: CRV‘s 2024 Audited Consolidated Financial Statements |
The decline in CRV‘s business results was mainly due to a 34% and 85% decrease in real estate sales and interest income, respectively, amounting to nearly VND 2,064 billion and over VND 42 billion. Additionally, the company had to recognize a loss of over VND 30 billion related to the N02 project, which was revoked.
Regarding the revoked N02 project, CRV announced that on February 10, 2025, the Hanoi People’s Committee issued a decision to revoke 3,557 square meters of land (N02 plot) and transfer it to the Hanoi Land Development Center for management and proposal of exploitation in accordance with regulations. According to the city’s housing project list for the 2021-2025 period (batch 5) announced on April 25, 2025, the N02 plot will be used for social housing development.
Previously, on November 27, 2024, the CRV Board of Directors approved the recognition of the entire allocated compensation cost for site clearance of the N02 plot in the company’s business results through other expenses.
Nearly VND 5,200 Billion Invested in Phase 2 of Hoang Huy New City Project
Regarding the progress of the key project, Hoang Huy New City Phase 2 in Thuy Nguyen District, Hai Phong City, CRV recorded nearly VND 5,200 billion in production and business costs as of March 31, 2025, including over VND 4,800 billion in land use fees and over VND 356 billion in costs for land leveling, pile pressing, construction of wastewater treatment stations, interest expenses, and other expenses.
The rights and assets arising from the project have been mortgaged for a loan contract with the Vietnam Industrial and Commercial Bank. The loan contract has a credit limit of VND 3,000 billion, a term of 54 months, and an interest rate according to each debt note. As of the end of March 2025, this loan contract has disbursed more than VND 296 billion.
Hoang Huy New City Phase 2 covers an area of nearly 49.4 hectares, with a total investment of over VND 15,076 billion, including low-rise, villa, and four high-rise apartment areas. At the extraordinary general meeting of shareholders in the 2025 fiscal year, TCH representatives stated that the low-rise area of the project is expected to be launched this year, while the high-rise area will be developed later due to a longer construction period. Phase 1 of the project (8ha) has been completed and transferred by TCH.
TCH Finalizes Plan to Issue Over 200 Million Shares, Focusing on Two Major Projects in Hai Phong
– 4:30 PM, June 19, 2025
Luxury Living by the Sea: Redefining Vung Tau’s Property Landscape.
The vacation apartment prices in Vung Tau are setting a new benchmark, with recent projects boasting rumored prices of up to almost VND 100 million per square meter. This indicates a noticeable surge in the pricing competition within the resort real estate sector, as evident from various property listings.
“Urgent Directive from the Ministry of Construction: VinSpeed and Thaco Must Act Today”
“The Ministry of Construction has issued Document No. 4986, which is significant news for the highly anticipated North-South high-speed railway project.”
The Korean Real Estate Titan Seeks Approval for a 1,500-Hectare Mega City in Bac Ninh
On June 18, Chairman of the People’s Committee of Bac Ninh province, Vuong Quoc Tuan, met with Mr. Lee Han Joon, CEO of the Korea Land & Housing Corporation (LH), to discuss collaboration on the Southeast Bac Ninh City development project.
What’s Happening: Vietnamese Businessman Live-Streams Real Estate Sale, Receives Over 500 Bookings
For the very first time, Nguyen Quoc Cuong, famously known as Cuong Dollar, made an appearance on a mega live session.
“A Toast to Friendship: TH true MILK’s Thousand-Ton Factory in Kaluga”
“When Russia faced economic sanctions, TH Group ventured into the Russian dairy industry. Our founder, Madam Thai Huong, firmly believes that ‘when you eat the fruit, think of the person who planted the tree.’ Investing in Russia is TH Group’s way of giving back to a nation that has supported Vietnam and fostering bilateral friendship.”
