Hung Thinh Land’s financial results have been on a downward trend in recent years, with the most notable loss of over VND 967 billion in 2023.
Source: VietstockFinance
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As of June 30, 2024, Hung Thinh Land’s total assets exceeded VND 80.8 thousand billion, up more than 6% from a year earlier. Liabilities also increased by nearly 11%, to over VND 62.5 thousand billion. In contrast, bond debt decreased by VND 1 thousand billion (nearly 6%) to nearly VND 17.2 thousand billion.
According to the report on principal and interest payment for the first half of 2024, Hung Thinh Land has 12 lots of bonds in circulation with a total value of nearly VND 6.8 thousand billion. The company paid more than VND 266 billion in interest for these bonds in the first six months of 2024.
However, the company was unable to pay the interest on two lots, H79CH2124017 and H79CH2225002, totaling more than VND 141 billion, along with nearly VND 528 billion in principal debt of lot H79CH2124017. The reason given for the delay in payment was that the financial and real estate markets did not perform as expected, and the company could not arrange the necessary funds as planned.
On its website, Hung Thinh Land introduces itself as a member of the Hung Thinh Group, currently owning and developing 59 diverse projects with real quality and value, spanning across provinces and cities nationwide, with a land fund of over 3,300ha.
Hung Thinh Land was established in 2002 under the initial name of Dong Tien Commercial Services Trading Investment Consulting Co., Ltd., operating in the field of real estate brokerage and distribution. In 2007, the company founded Hung Thinh Real Estate Business Investment Joint Stock Company (Hung Thinh Corp). In 2008, Dong Tien Company changed its name to Dong Tien Investment Joint Stock Company, and in 2011, it was renamed Hung Thinh Real Estate Exchange Floor Joint Stock Company – a member of Hung Thinh Corp. In 2017-2018, the company was renamed Hung Thinh Land Joint Stock Company as it is today and established Property X Joint Stock Company, specializing in real estate marketing and distribution.
In 2019, Hung Thinh Real Estate Business Investment Joint Stock Company changed its name to Hung Thinh Group Joint Stock Company (Hung Thinh Group). Hung Thinh Land officially received the transfer of the entire investment, business, and real estate development segment from Hung Thinh Group.
Mr. Nguyen Dinh Trung – Chairman of the Board of Directors of Hung Thinh Land is also Chairman of the Board of Directors of Hung Thinh Incons Joint Stock Company (HOSE: HTN), Chairman of the Board of Directors of Hung Thinh Investment Joint Stock Company, Chairman of the Board of Directors and General Director of Hung Thinh Group Joint Stock Company.
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