Looking back at the case that Tan Hoang Minh dropped the deposit and lost 600 billion VND in 1 night, it caused a stir
On April 5, the Investigative Police Agency of the Ministry of Public Security issued a decision to prosecute the accused and to execute the arrest warrant for Mr. Do Anh Dung – Chairman of the Board of Directors and General Director of Tan Hoang Minh Group. Mr. Dung was investigated for fraud and appropriation of property.
Previously, according to information published on April 4, the State Securities Commission said that it had issued a decision to cancel 9 bond offerings from July 2021 to March 2022 with a total value of 10,030. billion dong of 3 units of Tan Hoang Minh Group including: Viet Star Real Estate Investment Company Limited, Winter Palace Joint Stock Company and Soleil Hotel Service and Investment JSC.
During his career, Mr. Dung is famous for many high-end projects in Hanoi and Ho Chi Minh City. His business also shocked with the auction of Thu Thiem land at the end of last year.
Tan Hoang Minh shocked with Thu Thiem land auction
On December 10, 2021, the real estate market was shaken before the auction of Thu Thiem land (HCMC) when Viet Star Real Estate Investment Co., Ltd (belongs to Tan Hoang Minh Group) paid up to VND 24,500 billion. won the price of land plot 3-12 Functional area No. 3, with an area of 10,060m2 (equivalent to 2.45 billion VND/m2).
Mr. Do Anh Dung, Chairman of Tan Hoang Minh Group personally participated in this “unprecedented” auction and after that, the giant announced that he would build a mixed-use residential and commercial project. with the ambition to create a “masterpiece work” in Ho Chi Minh City.
At this auction, Vietnamese Star has to pay an amount corresponding to 20% of the starting price of the land lot – equivalent to 588.2 billion VND.
The Vietnamese star gave the equivalent of $ 1.1 billion for the Thu Thiem land plot while the potential of this business as well as Tan Hoang Minh is still an open question.
In fact, at the end of 2020, the total assets on the books of Tan Hoang Minh were not enough 1 billion USD, specifically 20,052 billion VND. The company’s charter capital is 10,000 billion VND. On the Vietnamese Star side, total assets were recorded at VND 7,605 billion at the same time; charter capital of 1,600 billion VND.
Public opinion is up
After the auction, the market appeared many opinions about the record auction of Ho Chi Minh City. Besides the opinion that the participation of many large enterprises proves the confidence of investors in the future in the real estate market. This also shows that the real estate market in Ho Chi Minh City is very attractive, thereby contributing to the city’s budget.
However, looking at Tan Hoang Minh’s auction, many real estate experts are skeptical about whether the business can pay the full auction amount, and whether the projects deployed on the land will be feasible or not. not when calculating the user’s payout.
With a winning bid of up to VND 2.4 billion/m2, investors have to sell the super luxury apartments for VND 500-700 million/m2, if the profit target is 15%, higher than many apartment projects. Super luxury households in the center of Hanoi and Ho Chi Minh City are currently only about 200-300 million VND/m2.
After the auction of “golden land” in Thu Thiem, the Prime Minister issued a public order to prevent profiteering
On December 21, the Prime Minister issued Official Dispatch 1767/CD-TTg on the implementation of the auction of land use rights in the past time.
In the past time, many localities have held auctions of land use rights with successful results, contributing to supplementing a large source of revenue for the local budget. However, in some cases, the winning price at the auction is many times higher than the starting price, in some cases it is unusually high, attracting great attention from public opinion, which can create effects on the public. socio-economic development and housing and real estate market.
The Prime Minister issued an urgent dispatch to request ministries, sectors and localities to promptly detect and strictly handle cases of violations of law provisions in land auctions, and prevent acts of abusing auctions to cause harm. market disturbances, profiteering.
On January 4, speaking at the panel discussion about the draft Resolution on fiscal and monetary policies to support the economic growth recovery program, Finance Minister Ho Duc Phuc said that the land auction at Thu Thiem with a winning bid of 2.4 billion VND/m2 is unusual and this is a typical example of disturbing the market.
The Finance Minister said that it is necessary to see if investors comply with the commitment to win the price or not, or drop the deposit. Under its responsibility, the Ministry of Finance inspects these enterprises on the stock market, while the State management of land is the Ministry of Natural Resources and Environment, including the issue of land prices.
Requesting banks to urgently report the granting of credit to Thu Thiem land auction enterprises
The State Bank then also stepped in when the Banking Inspection and Supervision Department I, the Banking Inspection and Supervision Agency issued a document requesting a number of banks to report on the status of credit granting to banks. businesses and individuals participated in the auction of 4 land lots in Thu Thiem New Urban Area. Accordingly, the credit situation that banks must report includes lending, guarantee, bond investment, etc.
The content of the report includes information such as customer information, credit contract information, credit granting purposes, outstanding balance at the time of reporting such as debt classification, principal debt, interest debt, on-balance sheet and off-balance sheet. , debt has been settled…
In case it is determined that the credit extension to the above customers is related to the purpose of participating in auctions and bidding for land plots in Thu Thiem New Urban Area, the bank must provide the entire credit profile. involve.
Tan Hoang Minh denies all doubts
Before the turbulence of public opinion, Chairman of Tan Hoang Minh Do Anh Dung immediately after the auction also replied to the media, affirming: “The price of 24,500 billion VND winning the bid for the land plot is actually not too high”, if compared to the price offered by a competitor, Capital One, up to VND 23,800 billion.
“By accepting to buy at the price of 2.4 billion VND/m2 of Thu Thiem land, I want to contribute to put an end to the situation of buying and selling public land at unusually cheap prices. the value of the land to buy for transparency”.
Tan Hoang Minh Chairman Do Trung Dung is optimistic about the financial ability as well as the new project development plan after successfully auctioning the Thu Thiem land lot.
I can safely carry out the project on that land without having to wait for the procedure, nor worry about the inspection, check… Thus, it can be confirmed that I bought the right price, not the right price. no dumping”, Mr. Dung once said.
In addition, the real estate giant said that it is not possible to spend nearly 600 billion VND in deposit to bring a bad reputation for yourself.
“Moreover, the provisions of the law on auctions are very clear. If you don’t want to put down a deposit, you give up. Tan Hoang Minh is a big business, never “buying three thousand, selling three dong” in a simple way. Such rudeness!”
Notice of payment of land use levy
On January 6, 2022, according to Thanh Nien’s source, the Tax Department of Ho Chi Minh City sent a notice of land use fee payment to 4 winning companies at the auction of 4 land lots in functional area 3, Thu Thiem new urban area. Thiem (Thu Duc city).
Accordingly, Viet Star Real Estate Co., Ltd., the auction winner of lots 3 – 12 with an area of more than 10,059 m2, will have to pay VND 24,500 billion to the state budget.
According to the law, if the auction winner fails to pay enough money to buy the auctioned asset within 180 days from the date of signing the tax notice, the sale and purchase contract will be breached. At that time, the Property Auction Service Center of Ho Chi Minh City (Ho Chi Minh City Department of Justice) will notify about the failure to pay enough money to buy auctioned assets for the Land Fund Development Center to report to the Department of Natural Resources and Environment to submit to the City People’s Committee. HCM canceled the decision to recognize the auction winning result.
Auction winners who do not pay or do not fully pay the auction winning amount by the above time will not receive their deposit back (20% of the starting price). This deposit will be remitted into the State budget.
Tan Hoang Minh “turns the wheel” of the land auction
On January 11, President Tan Hoang Minh suddenly wrote a letter about asking for a deposit of the auction land plot in Thu Thiem. Mr. Dung expressed his acceptance of all sanctions for unilaterally terminating the contract. The chairman also admitted that the auction result of more than 2.4 billion VND per m2 of land could lead to bad consequences for the market.
“We seriously review and realize that the land auction with the above results will lead to disturbances in the economic field in general and real estate in particular,” Dung wrote in his letter.
Tan Hoang Minh also said that Viet Star Company will have a formal document to send to the People’s Committee of Ho Chi Minh City to report and send to the Land Fund Development Center and the Property Auction Service Center of Ho Chi Minh City to request unilateral termination of the contract. contract for sale and auction of land plots, accept all sanctions for unilateral termination of this contract in accordance with law and public property auction.
After Viet Star put down the auction stake, Binh Minh Investment Development and Trading Co., Ltd. has sent a document to relevant agencies in Ho Chi Minh City about asking for a deposit of more than 5,000 billion VND in the auction. Thu Thiem.
On April 5, confirming with Tien Phong, the Tax Department of Ho Chi Minh City said that the two remaining businesses that won the auction of 2 land lots in Thu Thiem Urban Area (Thu Duc City, Ho Chi Minh City) had not yet paid into the State budget. country.
(Synthetic)
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