Dat Xanh Group (DXG) has just sent a notice to shareholders regarding its relationship with Mr. Nguyen Khanh Hung, Chairman of the Board of Directors of LDG Investment JSC. Chairman Luong Tri Thin's company said it had divested from LDG since July 2020.

In fact, Mr. Nguyen Khanh Hung had a long time working with Dat Xanh as a leader. LDG was also an affiliated company of Dat Xanh.

LDG was established by changing its name from Long Dien Real Estate JSC in 2015. Its charter capital increased from 50 billion VND to 750 billion VND and was listed on the Ho Chi Minh City Stock Exchange.

In 2016, Le Ky Phung, Chairman of the Board of Directors and founder, withdrew from LDG. Mr. Nguyen Khanh Hung replaced Mr. Phung. At that time, Mr. Hung was a member of the Board of Directors and Deputy General Director of Dat Xanh Real Estate Services and Construction Joint Stock Company (currently Dat Xanh Group).

At that time, Dat Xanh was the largest shareholder group at LDG. Therefore, LDG was always considered the "shadow" of Dat Xanh.

In 2017, LDG entered the apartment segment in Ho Chi Minh City when launching apartment projects under the Intela brand such as Saigon Intela, High Intela and West Intela and many projects in the provinces.

In mid-2020, Dat Xanh suddenly divested from LDG. DXG decided to sell all of its nearly 63 million shares, equivalent to 26.27% of its capital at LDG. At the same time, Ha Thuan Hung Construction Trading Service Co., Ltd., a subsidiary of DXG, also registered to sell all of its more than 25 million LDG shares, equivalent to 10.45% of its charter capital.

In total, Dat Xanh group sold 88 million LDG shares, equivalent to 36.72% of charter capital and lost about 500 billion VND.

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Mr. Nguyen Khanh Hung's business is associated with many large real estate projects.

This is quite a surprising development because the investment in LDG is considered a strategy of DXG. LDG has a real estate investment and development industry, similar to Dat Xanh and also has quite good prospects with the ownership of many large projects.

Starting from Dat Xanh, Mr. Hung is associated with many big projects.

Mr. Nguyen Khanh Hung was born in 1978, originally from Quang Binh. After graduating with a bachelor's degree in law, Mr. Hung joined Dat Xanh as deputy general director. From 2004 to 2021, he held the position of vice chairman of the Board of Directors. In January 2021, Mr. Hung officially submitted his resignation from the position of member of the Board of Directors and vice chairman of the Board of Directors.

At LDG, Mr. Hung held the position of general director, then sat in the chair of the Board of Directors from 2016 until now.

Under Mr. Hung, LDG recorded very high revenue and profit compared to the size of the enterprise, with a profit of 600 billion VND in one year. LDG began to decline in 2020 and turned into a loss of more than 200 billion VND in the first 9 months of 2023.

For a long time, LDG has been known as a business developing dozens of real estate projects with products ranging from apartments, townhouses, villas, shophouses, etc. across the country. Among them, there is the LDG Grand Ha Long project with a scale of nearly 419 hectares, a total investment of 26,514 billion VND (more than 1 billion USD) in Quang Ninh.

According to the resolution of the 2023 Annual General Meeting of Shareholders, LDG plans to carry out legal procedures for the LDG Grand Ha Long project.

In addition, LDG Group has implemented a series of other projects such as LDG Grand Da Nang with a scale of 29 hectares, total investment of more than 8,000 billion VND; LDG Sky (Binh Duong) with a scale of 1.8 hectares, total investment of nearly 4,700 billion VND,...

Recently, when facing difficulties, LDG planned to transfer 2 projects including Bai But - Son Tra Beach Resort and Apartment Complex Lot C1 in Binh An Ward, Di An City, Binh Duong Province.

LDG Chairman Nguyen Khanh Hung, who was recently arrested in connection with the illegal construction of 500 villas, is a fairly familiar but infamous name in the stock market.