Tan Hoang Minh Mortgaged Assets Stagnate, Bank Continues to Cut Prices Drastically

The debt of Manh Loan Construction and Trading Co., Ltd. (located in D’. Le Pont D’or building, lane 30 Mai Anh Tuan street, O Cho Dua ward, Dong Da district, Hanoi) has just been offered for sale for the 8th time by Agribank, with a starting price of 90 billion VND. This figure decreased by more than 15 billion VND compared to the first auction in November 2023.

Manh Loan’s debt has secured assets including 6 land use rights and assets attached to land, with a total area of 1,644.5m2 in the Hoang Hai Complex Tourism project, Duong Bao hamlet, Duong To commune, Phu Quoc district, Kien Giang province.

Meanwhile, the debt of Mivi Viet Nam Trading and Service Co., Ltd. (located at No. 24, Quang Trung, Tran Hung Dao ward, Hoan Kiem district, Hanoi) is also being auctioned with a starting price of 45.67 billion VND, a decrease of nearly 7 billion VND compared to the first auction in August 2023.

The assets securing Mivi Vietnam’s debt include 4 land use rights, with a total area of 775m2 in the Hoang Hai Phu Quoc Complex Tourism project.

Similarly, the debt of Green-Art Landscape Infrastructure Joint Stock Company (located at 19B Ha Hoi street, Tran Hung Dao ward, Hoan Kiem district, Hanoi) is being auctioned by the bank with a price of 33 billion VND, a decrease of 4.89 billion VND compared to the first auction in August 2023.

The collateral for Green-Art’s loan is 3 land plots with a total area of 565.5m2 in the Hoang Hai Phu Quoc Complex Tourism project.

The bank also continues to auction the debt of Bac Ha Development Investment Co., Ltd. (located at D’.LePont D’Or building, lane 30 Mai Anh Tuan street, O Cho Dua ward, Dong Da district, Hanoi), with a starting price of 46.6 billion VND, a decrease of 8.8 billion VND compared to the first auction.

The secured asset is the property right arising from the long-term and non-cancellable lease contract of the office building and headquarters of the National Political Publishing House – Truth, No. 24 Quang Trung, Hoan Kiem district, Hanoi of Tan Hoang Minh Hotel Service and Trading Co., Ltd. (Tan Hoang Minh Group).

The office building and headquarters of the National Political Publishing House – Truth, No. 24 Quang Trung, Hoan Kiem district, Hanoi. Photo: Tuan Nguyen.

In addition, Bac Ha Company also has a debt of 88.54 billion VND at Agribank and also has secured assets that are property rights arising from the long-term and non-cancellable lease contract of the office building and headquarters of the National Political Publishing House – Truth. This is the building that Tan Hoang Minh leased on a long-term basis as the headquarters for the group and its member companies.

The debt of THM Thinh Vuong Real Estate Investment Co., Ltd. (located at No. 24 Quang Trung, Tran Hung Dao ward, Hoan Kiem, Hanoi) is this time being auctioned by Agribank with a starting price of 79.683 billion VND, a decrease of 6 billion VND compared to the auction in October 2023.

The collateral for THM Thinh Vuong’s loan is the asset of a third party, which is also a property right arising from a long-term and non-cancelable lease contract for the office building and headquarters of the National Political Publishing House – Truth.

Agribank is also auctioning the debt of another enterprise in the Tan Hoang Minh ecosystem, Phu Thanh Construction Investment Joint Stock Company.

Phu Thanh is the parent company of Tong Bach Hoa Joint Stock Company – the investor of the D’. El Dorado II project in Hanoi – which currently holds an absolute majority stake (96.65%) in Tong Bach Hoa.

The starting price for Phu Thanh’s debt is 65 billion VND, a decrease of 4 billion VND compared to the auction in November 2023.

In addition to the aforementioned debts, Agribank has also auctioned debts of a series of Tan Hoang Minh’s subsidiaries with a total value of debts at the time of auction amounting to more than 1,000 billion VND. These include: Ngoc Vien Dong Real Estate Joint Stock Company, Ha Phuong Investment and Trade Construction and Service JSC, Thanh Xuan Design and Construction and Interior Design Consultancy Company, Hanoi Investment and Trading – Business and Commercial Services Import-Export Co., Ltd., Xuan Nam Construction Service Co., Ltd., Quang Trung Real Estate Investment Co., Ltd., Anh Thang Construction Consultancy Co., Ltd., THM-CONCRETE Manufacturing and Trading Joint Stock Company, …

Most of the debts of Tan Hoang Minh and related companies are secured by real estate in Phu Quoc or property rights arising from long-term and non-cancellable lease contracts for office buildings and headquarters of the National Political Publishing House – Truth.