Selling debt of more than 300 billion VND related to Tan Hoang Minh headquarters

These are the receivables of Agribank Trang An branch with 4 enterprises all related to Tan Hoang Minh Group. Of which, by the end of August 31, Ngoc Vien Dong Real Estate Investment Joint Stock Company owed about 81.7 billion VND, Bac Ha Development Investment Company Limited owed 55.4 billion VND, Phu Thanh Construction Investment Joint Stock Company owed 76.2 billion VND and THM Thinh Vuong Real Estate Investment Company Limited owed 94.3 billion VND.

These 4 debts with a total value of more than 307 billion VND are all mortgaged by property rights arising from a long-term and irrevocable lease contract of the building at 24 Quang Trung, Hoan Kiem District of Tan Hoang Minh Hotel Service Trading Company Limited. This 7-storey building on the prime land in Quang Trung is also the headquarters of Tan Hoang Minh Group.

Previously, in August, Agribank also put up for sale a series of mortgaged debts using real estate belonging to the tourism and entertainment complex in Phu Quoc worth billions of USD of 7 enterprises related to Tan Hoang Minh. The debts are worth nearly 500 billion VND, including collateral assets being real estate belonging to Thien Bao Phu Quoc tourist area and Hoang Hai tourist complex.

These two areas are located in the tourism and entertainment complex with a scale of nearly 34 hectares and more than 20 km of coastline at Bai Truong, Duong To commune, Phu Quoc city, Kien Giang province. The project, started by the investor Tan Hoang Minh Group in late 2021 with a total investment of 24,000 billion VND, is a tourism - resort - entertainment complex including hotel apartments, resort system, shophouse system, villas...