Mr. Vu Quang Hoi's Bitexco Group LLC has just announced a plan to transfer 100% of its capital at Saigon Glory LLC to Hanoi Phuong Dong Real Estate LLC.

Saigon Glory is the investor of the 6-star hotel project The Spirit of Saigon. This is a project with an initial investment capital of 500 million USD and is currently the collateral for 10,000 billion VND of bonds. The super project is located in the Ben Thanh quadrangle, opposite Ben Thanh market, District 1 - one of the most prime locations in Ho Chi Minh City with 4 facades.

The project consists of two towers of 46 and 55 floors, including 214 apartments licensed for sale and 250 6-star hotel rooms. After the construction of the basement in phase 2012-2013, the project stopped construction.

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After completing the rough construction of the basement and 8 floors of the podium, the "super" Ben Thanh quadrangle project has stopped construction for many years. Photo: Anh Phuong

By mid-2020, The Spirit of Saigon was restarted and the towers were built. This was also the time when Saigon Glory issued 10 bond lots from SGL-2020.01 to SGL-2020.10 with a total face value of VND 10,000 billion with an interest rate of 11%/year. These bond lots will mature from June 2025 to November 2026. Bitexco has mortgaged all of its capital contribution at Saigon Glory to Techcombank and Tower A of the project as collateral for these 10 bond lots.

Despite having capital from bonds, the project construction was still delayed. Saigon Glory had no revenue for many years, suffered losses, failed to repay bonds on time, seriously depleted collateral, violated information disclosure...

In a notice sent to the Hanoi Stock Exchange (HNX), Saigon Glory said it had disbursed all VND10,000 billion from bond issuance during the period from June 12 to August 28, 2020. Of this, the majority was used to repay debt and VND85 billion was used to invest in the project.

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Saigon Glory's outstanding bond lots. Source: HNX

The secretive tycoon behind the new owner of The Spirit of Saigon

According to a report sent to HNX, Bitexco Group has announced a plan to transfer the entire capital of Saigon Glory Company Limited as collateral to Hanoi Phuong Dong Real Estate Company Limited.

After completing the transfer transaction, the new owner, Hanoi Phuong Dong Real Estate Company, must re-mortgage the collateral to secure the obligations of the bonds from SGL-2020.01 to SGL-2020.10.

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Bitexco Group has announced a plan to transfer all of its capital at Saigon Glory Company Limited to Hanoi Phuong Dong Real Estate Company Limited.

A question is raised, who is the secretive enterprise Phuong Dong Hanoi Real Estate that has strong financial potential while many large domestic corporations, especially in the real estate sector, are facing many difficulties?

According to HNX, Phuong Dong Hanoi Real Estate Company Limited was established in mid-2019, headquartered on the 10th floor of Pacific Place Building, 83B Ly Thuong Kiet, Tran Hung Dao Ward, Hoan Kiem District, Hanoi City. Ms. Tran Thi Minh Hieu is the legal representative and general director of this enterprise.

According to the Vietnam Association of Realtors (VARS), Phuong Dong Ha Noi Real Estate Company Limited is the investor of the Masteri West Heights project at Vinhomes Smart City (Nam Tu Liem, Hanoi). Masteri West Heights is a luxury apartment project invested by Masterise Homes.

Masterise Homes is introduced as the largest branded residences developer in Vietnam. The Masterise Homes® brand belongs to the Masterise Group.

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Masterise Homes has many major partners, including Techcombank.

Masterise Homes also claims to own the largest branded real estate portfolio in Southeast Asia. Recently, Masterise Homes has cooperated with Marriott International - the world's largest hotel group with the brands Marriott, JW Marriott and Ritz-Carlton.

Masterise Homes has many major partners, including Techcombank.

At Techcombank, USD billionaire Ho Hung Anh is currently the Chairman of the Board of Directors. Mr. Hung Anh's younger brother - Mr. Ho Anh Ngoc (1982) has been the Vice Chairman of Techcombank since 2021.

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Phuong Dong Hanoi Real Estate Company Limited is the investor of the Masteri West Heights project in the heart of the smart urban area Vinhomes Smart City, in Nam Tu Liem, Hanoi.

Mr. Ho Anh Ngoc is a very private person with the media, known as the person behind and leading the luxury real estate brand Masterise Group. Mr. Anh Ngoc is also behind One Mount Group and was a member of the Board of Directors of Ninh Van Bay Tourism Real Estate JSC.

In 2013, Masterise launched the Masterise Thao Dien project and then the high-end apartment projects Masteri Millennium; M-One Saigon; M-One Gia Dinh. 2020 marked a turning point for Masterise when it developed luxury products such as Grand Marina Saigon, Global City with prices up to 500 million VND/m2.

During the period from 2011-2013, Mr. Ngoc was Vice Chairman of the Board of Directors and General Director of Thao Dien Investment Joint Stock Company, the predecessor of today's Masterise Group.

After officially launching the new brand identity, Masterise Group with the real estate brand Masterise Homes plans to develop a series of luxury apartment projects in Ba Son area, District 2, An Phu project, District 2, Masteri Centrel Point project at Vinhomes Grand Park, District 9, ... and Masteri Waterfront project at Vinhomes Ocean Park, Hanoi.

In early 2021, Masterise Homes broke ground on Grand Marin, Saigon (Marriott's first branded real estate project in Vietnam) at the Saigon - Ba Son complex, 2 Ton Duc Thang, District 1, Ho Chi Minh City. The Grand Marina, Saigon project immediately attracted a lot of attention when information about the project's launch in the Hong Kong (China) market and the first apartments of the project were purchased with a starting price of 1 million USD (more than 23 billion VND), the average selling price is 18,000 USD/m2 (414 million VND).

In Hanoi, Masterise Homes appeared on the project information board on a diamond land of more than 6,000 square meters, two frontages at 22-24 Hang Bai and 25-27 Hai Ba Trung, Hoan Kiem district.

Most projects invested by Masterise Group and its subsidiaries have Techcombank as the capital sponsor.

Billionaire Ho Hung Anh 'evaporated' 700 million USD, employee salary highest in the system Billionaire Ho Hung Anh recorded assets "evaporating" 700 million USD in 2022 due to a sharp decrease in Techcombank (TCB) shares, but the bank still had quite good business results, employee salary highest in the system.