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.
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.
Investor of Phu My Hung residential complex in Ho Chi Minh City has implicitly acquired 99 per cent of a large scale property project covering 405 hectares in Hoa Binh province, around 65 kilometres far from Hanoi.
