Tan Hoang Minh will sell 2-3 projects to pay bond buyers

“With the potential of Tan Hoang Minh, with the current number of projects, we are committed to doing it. The group is selling projects, the purpose is just to pay investors, to overcome the consequences in the future. soonest”, Mr. Do Hoang Minh, who runs the group on his behalf Do Anh Dungconfirmed before customers buy bonds in the meeting April 13.

In addition to 3 projects under construction, Tan Hoang Minh has completed 3 projects in Hanoi including D’. Capitale at Tran Duy Hung, D’, Palais Louis at Nguyen Van Huyen and D’. El Dorado II at Vo Chi Cong.

But Mr. Do Hoang Minh also added that the implementation still depends on the guidance of the authorities.

After the meeting with the customer, Tan Hoang Minh also sent a notice, affirming that he is “making great efforts to maintain and restore operations”, and at the same time take optimal measures to refund the money.

The fact that the customer has not been refunded immediately, according to Tan Hoang Minh, is because the case is at the initial investigation stage, still has some legal problems, and must wait for the opinion of the authorities. Enterprises commit to soon release a suitable payment schedule and provide new information.

Mr. Minh further shared that he has twice submitted an application to the police to remove problems arising from the cancellation of the canceled bond batch, such as the change of the legal representative of the corporation, the companies. issue bonds, complete authorization documents. The enterprise also sent an official dispatch to the State Securities Commission for specific instructions on the order, procedures and time limit for withdrawing issued bonds and returning them to customers.

In a recent report, Vietcombank Securities Company (VCBS) assessed that if the management agencies can coordinate with Tan Hoang Minh to properly settle the interests of bondholders who are organizations and individuals, the level of damage will be reduced. harm will be limited to a narrow range. On the contrary, if they default or go bankrupt, “the financial market as well as the banks involved in granting credit to Tan Hoang Minh will suffer stronger spillover effects”.

Tan Hoang Minh Group has a charter capital of VND 10,000 billion, owned by Mr Do Anh Dung owns nearly 51%. According to separate financial statements, by the end of 2020, the total assets of this group are more than 20,000 billion, equity is more than 6,900 billion. Mr. Dung and 5 other people of Tan Hoang Minh were investigated by the agency prosecute on 6/4 came back with the same crime Fraudulent appropriation of assets.

Of the 9 canceled bond offerings with a scale of VND 10,000 billion, 6/9 had information about collateral assets.

The bond lot of VND 1,900 billion of Vietnam Star Real Estate Investment Company (Vietstar) is secured by assets arising from the business cooperation deposit contract of this company at the project “Investment in the land south of Dai Co Viet street” and ownership of 12.5% ​​of capital contribution in Vietstar.

The offering of nearly VND 200 billion of the Winter Palace Company is secured by 10 million shares of this company owned by Ms. Vu My Linh and guaranteed by the Group. Tan Hoang Minh. 4 bond lots with a total scale of more than 2,000 billion VND are secured by components of the complex project Hoang Hai Phu Quoc tourist area.

On the banks’ side, the direct impact of the cancellation of Tan Hoang Minh’s bond issuance results, according to VCBS, is not much. With banks as bond buyers, credit institutions have participated in buying at least three bond issuances of Tan Hoang Minh group, however, the scale of these three rounds is 3,000 billion VND and 10,000 billion VND. the total amount of 9 installments is still a low proportion compared to the total credit of the whole system.

For real estate businesses, the short-term cancellation of the Tan Hoang Minh bond lot will have a multi-dimensional impact on the ability to raise capital, as investors will be much more selective about the accompanying terms of the product. corporate bond products.

However, experts said that this event is also an opportunity for quality corporate bond products to assert their foothold with professional investors when deposit interest rates are still significantly lower. time before translation. More broadly, according to VCBS, from the management perspective, this is a necessary step to ensure the healthy and sustainable development of the bond market in the long term.

Minh Son – Phuong Anh