Parkland 53 and Hung Long completed the issuance of two bond packages worth VND 14,000 billion to acquire a portion of the Vinhomes Global Gates Ha Long project, according to Saigon Ratings.
This information was stated by Saigon Ratings, an independent credit rating agency, in its assessment report on two bond packages issued by Parkland 53 Company Limited and Hung Long Real Estate Investment Joint Stock Company.
Both bond packages have a value of VND 7,000 billion, a 12-month term, maturing on June 30, 2027, and both apply an annual interest rate of 10%.
Parkland 53 and Hung Long are cooperating to use the issued bonds to acquire a part of the Ha Long Xanh complex urban area project (Vinhomes Global Gates Ha Long, Quang Ninh) from the Vingroup and Vinhomes joint venture.
The independent credit rating agency also stated that the two companies are in the process of finalizing legal procedures to carry out the transaction, and the final value has not yet been disclosed by the parties.
Perspective of Vinhomes Global Gate Ha Long urban area. Photo: Vinhomes
Perspective of Vinhomes Global Gate Ha Long urban area. Photo: Vinhomes
According to the report by Saigon Ratings, Parkland 53 and Hung Long operate in the real estate sector and are business development partners of Masterise Group Joint Stock Company (Masterise Group).
Parkland 53 was established in 2015, with a charter capital of VND 3,478 billion as of January 12. This enterprise is also known as the developer of the Lumiere Riverside project, located on Hanoi Highway, Ho Chi Minh City.
As for Hung Long, it was established in 2024, headquartered in Hong Gai Ward, Ha Long City, Quang Ninh. The report by Saigon Ratings stated that the charter capital of this enterprise reached VND 6,520 billion, in which Viet An Trade Development and Investment Business Company Limited holds 99.99% of the capital.
Vinhomes Global Gate Ha Long covers an area of more than 6,200 hectares, with a total investment capital of VND 456,639 billion, equivalent to nearly USD 18 billion. This is the largest project among the coastal urban areas launched by Vinhomes, more than twice the size of Green Paradise Can Gio (Ho Chi Minh City) and six times the project on Vu Yen Island (Hai Phong).
According to the planning, the urban area will supply more than 55,000 products to the market, including apartments, condotels, shophouses, villas, and hotels, accommodating a population of over 244,000 people. The company of billionaire Pham Nhat Vuong also plans to build a system of hotels, resorts, a casino, and a complex of 12 golf courses with a scale of 950 hectares at this project.
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