Chairman Do Tien Dung speaks about the land on Vo Van Kiet Street at the 2025 Annual General Meeting. Photo: Tu Kinh
|
According to the plan approved by the General Meeting of Shareholders in the form of written opinions in May 2025, HAX intended to auction the land with a starting price of no less than VND 180 million/sqm, corresponding to a minimum transfer value of VND 1,131 billion.
However, according to the document sent by the auction organizer to HAX, by 5:00 PM on July 31, no individuals or units had purchased the invitation to bid, submitted participation documents, or paid the deposit. Therefore, the auction scheduled for August 5 could not proceed as planned.
To acquire this plot of land spanning nearly 6,300 sqm, in 2022, HAX spent approximately VND 470 billion to purchase a 5,800 sqm residential land plot from N&T Investment Joint Stock Company and Mr. Bui Trung Quan at a price of about VND 81 million/sqm. Recently, the Company continued to spend nearly VND 73 billion to buy the remaining 500 sqm from the Chairman of the Board of Directors, Do Tien Dung, equivalent to VND 150 million/sqm. A notable feature of this land is its impressive 85-meter frontage on Vo Van Kiet Street.
After completing the purchase of the land from the Chairman, the total book value of HAX‘s land asset as of the end of 2024 was VND 542 billion.
At the 2025 Annual General Meeting, the HAX leadership still considered this land a “reserve” and was not in a hurry to develop large-scale projects. Mr. Dung stated that the Company lacked the financial resources and experience to undertake projects such as constructing buildings or apartments on their own. Meanwhile, joint ventures with other parties entail risks of dependence.
In 2025, the Company plans to explore efficient land utilization options while remaining open to the possibility of selling should real estate prices surge. As the distributor of Mercedes and MG vehicles, HAX prioritizes stability and safety in the current economic climate, opting against excessive investment or debt accumulation. Notably, before announcing the unsuccessful auction of the land, a series of leaders and relatives had significantly divested from HAX.
|
HAX leaders’ and relatives’ transactions in July 2025
Compiled by the author. Source: VietstockFinance
|
– 4:27 PM, August 1, 2025
Technical Analysis for August 1st: Pessimism Persists
The VN-Index and HNX-Index both witnessed a decline, alongside a dip in trading volume, indicating a cautious sentiment among investors.
The Housing Crunch: Shark Phu’s Take on the Impact of Soaring Property Prices on Employee Salary Expectations
The great housing conundrum has been a hot topic of late, with soaring prices grabbing the headlines.
The Ultimate Guide to Winning Auctions: County Land Sells for 94.7 Million VND per square meter – 52 More Plots up for Grabs!
The successful auction of 20 land plots, with the highest price per square meter reaching 94.7 million VND and the lowest at 70.7 million VND, has spurred Quốc Oai District, Hanoi, to offer 52 more plots for auction by the end of December 2025.
Unlocking the Potential: Unveiling Laos Cai’s 119 Land Plots with an Enticing Starting Bid of VND 8 Million per square meter
The upcoming month will see 119 land lots go under the hammer in the final quarter of the year. With a starting bid of 973 million VND, these prime plots of land are an opportunity not to be missed. Located in the thriving wards of Binh Minh, Bac Leng, Xuan Tang, and Nam Cuong in Lao Cai city, the lots offer a unique chance for investors and homeowners alike. The auction will also feature premium land with a starting bid of over 5.3 billion VND, presenting a rare opportunity to acquire valuable real estate in a thriving city.
The Ultimate Guide to Hanoi’s Land Auction Boom: Unveiling the 10,000 Billion VND Surge in 2024
As of November 2024, Hanoi had garnered an impressive VND 18,599 billion from land-use right auctions within its jurisdiction, averaging nearly VND 10,000 billion per year.
