Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV) has just announced the selection of an organization to auction assets which are two combined debts of Bao Phuong Trang Construction Company Limited and Thanh Truong Loc Construction Company Limited.
In which, Thanh Truong Loc Construction Company Limited (Thanh Truong Loc Company) is known as the investor of the 4S Linh Dong apartment project, Thu Duc City, Ho Chi Minh City.
According to BIDV, the starting price for the combined debt of the two above-mentioned enterprises as of July 3, 2023 is VND265.4 billion. The collateral for these two debts is 12 houses, land and apartments in Ho Chi Minh City owned by the two enterprises and related individuals.
These assets include: 2 plots of land in District 7; 4 houses and land in Thu Duc City; 4 apartments in 4S apartment building, Street 17, Hiep Binh Chanh Ward, Thu Duc City...
Notably, among the 12 assets securing the combined debt of the two companies are receivables from sold apartments, commercial floors and an area of 1,116.23 square meters of underground parking at 4S Linh Dong apartment building.
4S Linh Dong Apartment is built on an area of 33,386m2, with a scale of 4 blocks with a total of 1,114 apartments. The project was completed in 2018 and has been handed over to customers.
Before the information that BIDV is selling the debt of Thanh Truong Loc Company with the collateral being the receivables of sold apartments, commercial floors and more than 1,000m2 of underground parking at 4S Linh Dong apartment building, talking to VietNamNet reporters , some residents are concerned that the process of granting housing certificates at this project will continue to take a long time.
In addition to the granting of housing certificates, the controversial issue in recent years at the 4S Linh Dong apartment building is that the investor and the apartment building management board have not yet agreed on the handover of maintenance fees.
After its establishment, in March 2021, the Management Board of 4S Linh Dong Apartment sent a document requesting Thanh Truong Loc Company to hand over maintenance fees and settle the cost data according to regulations. However, this investor then only handed over 200 million VND in maintenance fees.
Due to Thanh Truong Loc Company's incomplete handover of maintenance fees, in June 2021, the Ho Chi Minh City People's Committee issued a decision to impose an administrative penalty on this enterprise.
Despite paying the fine, this investor still did not hand over the full maintenance fee to the management board of 4S Linh Dong apartment building. Therefore, in April 2022, the Ho Chi Minh City People's Committee issued a decision to enforce, forcing the company to take remedial measures.
Regarding information on borrowing capital from BIDV, in a document sent to residents of 4S Linh Dong apartment building in June 2023, Ms. Nguyen Thi Song Tung, Director of Thanh Truong Loc Company, said that from 2012 to present, the 4S Linh Dong project has always been funded by BIDV - Ba Thang Hai Branch.
According to Ms. Tung, when the project was under construction, the investor and BIDV signed a loan contract for the purpose of serving the project construction.
For 4S Linh Dong apartment building, Thanh Truong Loc Company has mortgaged its revenue, which means the company has signed a mortgage contract for future debt claims for the sale of apartments in the project.
Director of Thanh Truong Loc Company said that in order to receive a loan from BIDV to build the project, the company had to mortgage many real estate assets of the company's capital contributors to secure the loan.
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