Indovina Joint Venture Bank (IVB) has just announced the selection of an organization to auction assets, including all debts of Hoa Binh Xanh Joint Stock Company and Nam Sao Investment Joint Stock Company.

The total provisional debt obligation of the two companies above until July 15, 2025 at IVB is VND 569.47 billion.

Of which, principal balance is more than 382.6 billion VND, interest balance is 123 billion VND, overdue interest on principal is nearly 42.6 billion VND, overdue interest on interest is nearly 21.24 billion VND.

The starting price for the debt auction is 465 billion VND.

Assets securing the debt include: Land use rights with one-time payment during the lease term for an area of ​​17,695m2 for tourism real estate business, lease term of 50 years from January 30, 2008 at land plots (lots) number 06, 07, 08, 09, 10 and 11 of Hoi An Golden Sea Project - Hoi An Tay ward, Da Nang city (formerly Cam An ward, Hoi An city, Quang Nam province).

Hoi An Golden Sea project is invested by two enterprises: Hoa Binh Group chaired by Mr. Nguyen Huu Duong (also known as Duong 'beer') and Five Star Investment Joint Stock Company.

The collateral for the debt also includes property rights arising from the annual land lease contract dated March 27, 2008 between Nam Sao Company and the Department of Natural Resources and Environment of Quang Nam Province (formerly), with an area of ​​nearly 42,220 square meters at the Hoi An Golden Sea Project. In addition, there are all construction works (future assets) belonging to this project.

In addition, the collateral also includes the office building at land plot (lot) number 89, Urban, commercial and service complex, Nai Hien Dong ward, Da Nang city.

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Desolate scene at the Hoi An Golden Sea luxury resort project. Photo: Cong Sang.

Hoi An Golden Sea project has a scale of 6.98 hectares, started in 2019 and is expected to be handed over in 2021. However, after two years of construction, the project is still unfinished with 3 buildings completed in the rough and not yet completed.

When it first started construction, Hoi An Golden Sea was introduced by Hoa Binh Group as consisting of 5 condotel buildings with 612 units, of which 8 units are located below sea level, each unit has an area of ​​47.85-77.67m2 and 8 castle buildings with a usable area of ​​550m2, including 1 basement and 2 upper floors.

However, there is currently no official information about the time of handing over the house to customers.

Hoa Binh Group, chaired by Mr. Nguyen Huu Duong, is a customer with many large debts at IVB Bank.

In April 2024, IVB announced the sale of a series of debts of businesses and individuals related to Hoa Binh Group. These debts were secured by real estate in Hoi An, stocks, real estate in Hanoi and other provinces.

Also in 2024, IVB will sell a debt worth more than VND 1,188 billion (as of April 30, 2024) of Hoa Binh Company Limited (under Hoa Binh Group). The debt is secured by real estate in Da Nang and machinery and equipment with a total value of VND 1,986 billion.

This bank also put up for sale a debt worth 75.4 billion VND of Hoa Binh Steel Construction and Production Joint Stock Company. The collateral is real estate in Da Nang, machinery and equipment with a total value of 90.88 billion VND.

Mr. Nguyen Huu Duong started his career in the field of beer malt production, then he founded Hoa Binh Real Estate Group. This is the investor of a series of famous real estate projects in Hanoi such as: Hoa Binh Green City, Hoa Binh Green Apartment; especially the gold-plated hotel Dolce Hanoi Golden Lake next to Giang Vo Lake (Hanoi).

Regarding Five Star Investment JSC, this enterprise is directed by Mr. Dao Viet Trung, registered address in Cam An ward, Hoi An city, Quang Nam province, now Hoi An Tay ward, Da Nang city.

Source: https://vietnamnet.vn/khoan-no-hon-560-ty-lien-quan-ong-duong-bia-sap-duoc-dem-ra-dau-gia-2429952.html