Mercedes car dealer sells billion-dollar land plot in Ho Chi Minh City, no one asks to buy

In a document sent to Haxaco, Vietnam Auction Joint Stock Company - Ho Chi Minh City branch said that there were no customers who purchased the documents to participate in the real estate auction.

Haxaco is the leading distributor of luxury cars, accounting for about 40% of the Mercedes-Benz market share in Vietnam - Photo: HAX

Hang Xanh Automobile Services Joint Stock Company - Haxaco (HAX) has just announced the board of directors' resolution approving the report on the results of the public auction of the real estate lot on Vo Van Kiet Street, Ho Chi Minh City.

According to the report, the land plot has an area of ​​6,282.6m². The transfer price was approved by the general meeting of shareholders by written consent, the price is not less than 180 million VND/m².

With this lowest price, Haxaco expects to earn more than 1,130 billion VND. The auction organizer is Vietnam Auction Joint Stock Company - Ho Chi Minh City branch.

However, in a document sent to Haxaco on August 1, the auction unit announced that as of 5:00 p.m. on July 31, there were no customers who purchased auction documents and paid the deposit as required.

Therefore, the auction scheduled to be held on the morning of August 5 cannot be carried out as planned.

Previously, in early May, Haxaco's board of directors consulted shareholders on authorizing the board of directors to proactively seek partners to negotiate and decide on an appropriate transfer price to ensure the company's interests.

Regarding the origin of the land lot put up for auction, in August 2022, Haxaco announced a resolution on receiving the transfer of land use rights from N&T Investment Joint Stock Company and Mr. Bui Trung Quan personally, with a total maximum transfer value of up to 470 billion VND.

The objective of this deal is to develop a complex project of automobile business combined with offices and luxury apartments. After that, Haxaco continued to expand the land fund, bringing the total land area to 6,282m² as it is now.

Haxaco is the leading distributor of luxury cars, accounting for about 40% of the Mercedes-Benz market share in Vietnam.

Haxaco reports profit decline as luxury cars still face difficulties

Regarding the business situation, Haxaco recorded revenue of VND 1,029 billion in the second quarter of 2025, down 8% over the same period. Gross profit in the period decreased, but interest expenses increased sharply. In addition, all types of sales and business management expenses increased over the same period.

As a result, this company reported pre-tax profit of more than 17.5 billion VND, down 38%.

In the first 6 months of this year, this auto company reported revenue of 1,987 billion VND, down 8%. Pre-tax profit was 40.26 billion VND, down 42%.

Explaining to the Securities Commission, Mr. Do Tien Dung - Chairman of Haxaco - said that the luxury car segment is still facing difficulties and has not clearly recovered in the second quarter. Other car segments - especially popular cars - have recorded signs of improvement, contributing to maintaining stable revenue compared to the same period.

However, competitive price pressure from rivals, along with interest costs and increased operations due to expansion, have affected business results, according to Mr. Dung.

BINH KHANH

Source: https://tuoitre.vn/trum-buon-xe-mercedes-rao-ban-lo-dat-nghin-ti-o-tp-hcm-khong-ai-hoi-mua-20250804194559117.htm