Hưng Thịnh Land Corporation recently submitted an official document to the Hanoi Stock Exchange, bondholders, and relevant parties, announcing an unusual event concerning bond H79CH2225002.
According to the Bondholders’ Resolution, bondholders have agreed to amend the terms and conditions of bond H79CH2225002. Specifically, bondholders have approved the cancellation of the default event caused by the Issuer’s failure to fully pay bond interest due to H79CH2225002 bondholders on the Interest Payment Date, as stated in the Default Notice No. 1151/2023/TB-K.NHĐT dated November 15, 2023, and any subsequent notices (if applicable) from Rong Viet Securities Joint Stock Company.
The Issuer has been granted a two-year extension on the bond maturity, from March 23, 2025, to March 23, 2027.
The interest calculation period for the extended term, from March 23, 2025, to March 23, 2027, spans 24 months. Bond interest will be paid at maturity with an annual interest rate of 11%.
H79CH2225002 bondholders have agreed to allow the Issuer to defer interest payments for the following interest payment periods: September 23, 2023; December 23, 2023; March 23, 2024; June 23, 2024; September 23, 2024; December 23, 2024; and March 23, 2025, with the latest payment date set for March 23, 2027.
Additionally, bondholders have approved waiving penalty interest for late payments during the aforementioned interest payment periods.
The H79CH2225002 bond, issued by Hưng Thịnh Land on March 23, 2022, had an initial issuance value of 700 billion VND and a three-year term.
A project by Hưng Thịnh Land. Photo: Hưng Thịnh Land
Hưng Thịnh Land is a subsidiary of Hưng Thịnh Corporation, specializing in real estate development. The company currently owns and develops 59 projects across Vietnam, with a land bank exceeding 3,300 hectares in strategic locations.
Notable projects include Moonlight Avenue (Ho Chi Minh City), New Galaxy Nha Trang (Khanh Hoa), New Galaxy (Ho Chi Minh City), and Grand Center Quy Nhon (Gia Lai), among others.
As of June 30, 2025, the company’s equity reached over 18,538 billion VND, an increase of 313 billion VND compared to the same period last year.
In the first half of 2025, Hưng Thịnh Land reported a net profit of nearly 15 billion VND, a significant turnaround from a net loss of over 632 billion VND in the same period the previous year.
By the end of Q2 2025, the company’s total liabilities improved from 62,368 billion VND to 54,928 billion VND, 2.96 times the equity. The reduction in debt was primarily due to a decrease in bond issuance debt by 1,687 billion VND, to 15,477 billion VND, and other payables by 6,360 billion VND, to 36,787 billion VND.
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