The Ho Chi Minh City People’s Council has approved a list of 64 land plots designated for pilot commercial housing projects under the agreement to transfer land use rights or existing land use rights, as outlined in National Assembly Resolution 171.
However, 12 land plots remain pending approval due to the need for further review. Notably, the Bac Phuoc Kien residential project in Nha Be District, developed by Quoc Cuong Gia Lai (HoSE: QCG), is among those awaiting approval.
The delay in including Bac Phuoc Kien in the pilot list stems from the complexity of its compensation and legal documentation.
The project’s land is tied to 301 land use certificates, 21 notarized contracts, and 147 compensation agreements. Additionally, it has been seized by the Investigation Police Agency of the Ministry of Public Security to address civil obligations related to the Van Thinh Phat case.
In response, the Ho Chi Minh City People’s Council has urged the City People’s Committee to direct relevant agencies to finalize the documentation and resubmit it in compliance with regulations.
The Bac Phuoc Kien project gained attention when Truong My Lan, through Sunny Island Investment Corporation—part of the Van Thinh Phat ecosystem—signed a purchase agreement with Quoc Cuong Gia Lai, valued at 148 trillion VND.
Sunny Island paid nearly 28.83 trillion VND but later defaulted on its payment obligations, leading to prolonged disputes. Ultimately, Quoc Cuong Gia Lai withdrew its appeal and agreed to refund the entire amount to fulfill civil obligations related to Truong My Lan.
A view of the Bac Phuoc Kien residential project in Nha Be District, Ho Chi Minh City. Photo: TTXVN.
Over the past period, Quoc Cuong Gia Lai has worked to fulfill its refund obligations to clear legal hurdles and resume project development. By early October 2025, the company had secured 1.1 trillion VND, primarily from advance payments for hydropower plant transfers and personal loans. However, the remaining 1.7828 trillion VND poses significant financial pressure.
To resolve this issue, Quoc Cuong Gia Lai’s Board of Directors recently approved the divestment of its entire stake in Pham Gia Construction and Housing Business Corporation and Hiep Phuc Real Estate Corporation. Following these transactions, QCG will exit both companies entirely, with completion expected in Q1/2026.
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