A consortium of three South Korean investors including Shinhan Bank, CoreTrend Investment and ValueSystem will provide Hoang Huy $50 million to develop real estate projects in the northern port city of Haiphong.
Hoang Huy Investment Financial Services JSC last week signed contracts to issue $50 million worth of convertible bonds to three South Korean investors.
The convertible corporate bonds issued by the Haiphong-based company will mature in three years and the yield rate is 7 per cent per annum.
Hoang Huy said the proceeds raised from the bond issuance will be used to finance its two projects among its expanding real estate portfolio in Haiphong.
These include HH3-HH4 Dong Quoc Binh and Hoang Huy Riverside in Haiphong, which will cost around $120 million to build.
The Dong Quoc Binh project aims to redevelop a deteriorating apartment complex in Ngo Quyen district into 29-storey twin towers. The project has total 1,500 apartments and will be built at the cost of $72.5 million.
The Hoang Huy Riverside project covers land area of nearly 6 hectares. Located by Tam Bac River, Hoang Huy Riverside is designed with 325 houses, including villas, townshouses and detached villas.
Hoang Huy, an automobile distributor which is listed in Ho Chi Minh Stock Exchange, is agressively expanding its real estate business. It has developed Golden Land residential complex in Hanoi and Pruska township in Haiphong.
Its management board recently approved a plan to invest up to $87.8 million in Hoang Huy Commerce, with 70 per cent of the investment capital being loans.
Meanwhile, Shinhan Bank is actively financing local real estate firms. Two years ago, the bank and VinaCapital co-invested $100 million in Novaland, a major property developer in Ho Chi Minh City.
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