The securities company announced that Unity must pay over VND 312 billion in principal and interest for the bond series UNICH2124002 (face value of VND 584 billion) by November 4, 2025. However, as of November 6, the company had not fully settled the payment, leaving an outstanding debt of over VND 230 billion in principal, along with nearly VND 21 billion in interest and late fees.
Previously, Unity’s representative cited “difficulty in arranging capital” as the reason and stated that negotiations with investors would continue in December.
PSI classified this as a “non-payment violation event” and demanded that the real estate company execute a “mandatory buyback” of the bond series as per the issuance terms.
If Unity fails to arrange the buyback funds within the timeframe specified by the bondholders, investors reserve the right to initiate the disposal of collateral assets or request the bank to deduct funds for bond repayment.
Similar delays occurred with the UNICH2124001 bond series, valued at VND 416 billion. In a similar notice issued earlier in November, the securities company reported that the real estate firm still owed a total of VND 184 billion.
The two bond series, totaling VND 1 trillion, were issued by Unity in late 2021 with an interest rate of 12.5% per annum. The original repayment deadline was 2024, but bondholders agreed to extend it to late 2026, adjusting the buyback schedule with the second installment due in late 2025.
The proceeds from these bonds were used by Unity to acquire shares in entities holding projects, thereby gaining control over the development of resort complexes in Hồ Tràm – Bình Châu (former Bà Rịa – Vũng Tàu).
Despite the extended repayment period and a clear repayment schedule, Novaland’s subsidiary failed to meet its payment obligations when due.
 A view of Novaworld Hồ Tràm – Photo: Novaworld Hồ Tràm
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Established in 2016, Unity is 99.98% owned by Novaland. The company is responsible for developing the Morito and Happy Beach subdivisions within the Novaworld Hồ Tràm mega-project, spanning 21 hectares (227 units) and over 40 hectares (over 300 units), respectively, along with a tourism and entertainment complex.
In response to the challenging situation, bondholders tightened bond conditions early in 2025 to ensure debt repayment was prioritized. All proceeds from project sales must be deposited into the same bank and can only be withdrawn upon meeting specific commitments regarding revenue management and legal compliance.
Additionally, bondholders required additional collateral, transparent cash flow plans, restrictions on using funds for other projects, and maintaining a minimum equity ratio.
Unity’s difficulties are also reflected in its financial performance. In the first half of 2025, the real estate company reported an after-tax loss of over VND 95 billion, reducing cumulative profits to nearly VND 92 billion. As of late June, its equity stood at approximately VND 2.7 trillion, while total liabilities exceeded VND 3.2 trillion, with “other payables” accounting for VND 2.2 trillion.
– 16:36 02/12/2025
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