IFC, a member of the World Bank Group, is providing a financing package of $75 million to Phu My Hung Development Corporation to help sustain its property development operations, in the wake of Covid-19 impacts.
Developers taking part in city planning have to carefully understand the fundamentals of city planning in order to create sustainable value for their large-scale projects.
The proceeds will be primarily used to develop Phu My Hung’s project in Hoa Binh province.
Taiwan based Mega International Commercial Bank has offered several short-term loans worth dozens of millions of US dollars to Phu My Hung to deploy projects in Vietnam since 2013.
Phu My Hung joint venture reported an after- tax profit of nearly VND3.27 trillion, equalling to $140 million in 2016 only and was one of the largest profitable real estate companies in Vietnam.
After successful development of Phu My Hung urban zone, Taiwan-based Central Trading & Development Group has acquired projects which cover areas of hundreds of hectares in Hoa Binh, Bac Ninh and Dong Nai provinces for expansion of land fund in the future.
