Vinhomes reported promising half-year results, taking over Green City and Delta
By Tran Anh
July 30, 2019 | 03:02 PM GMT+7
Vinhomes has completed its acquisition of Delta JSC, a subsidiary of cosmetics and cleaning agents producer Daso Group, and Green City Development JSC, in July, to further reinforce its foothold in the real estate business.
Vinhomes received some VND18 trillion ($782.6 million) in deposits from homebuyers as at the end of June
According to its mid-year financial statement, Vinhomes has taken over a number of shares at real estate company Green City Development JSC and agriculture firm Delta JSC during the course of July, turning these into its subsidiaries.
While Delta initially registered its business lines as carrying out investment and development of plants and animals projects, it has now changed these to real estate trading. The company is known to have a 210-hectare farm in Hoc Mon district in Ho Chi Minh City.
The property arm of Vietnam’s largest private enterprise Vingroup, meanwhile, reported its robust mid-year results with revenue reaching over VND26.769 trillion ($1.16 billion), an up of 70 per cent on-year. Most of its earnings initiated in the second quarter alone, with roughly VND21 trillion ($913.04 million) received following the firm’s handover of apartments in major projects like Vinhomes Green Bay, Vinhomes Metropolis and Vinhomes Ocean Park.
Its post-tax profit also witnessed a 37 per cent on-year swell, rising from VND8.15 trillion ($354.34 million) recorded in mid-term last year to VND11.14 trillion ($484.34 million) at the end of June, 2019.
Vinhomes received some VND18 trillion ($782.6 million) in deposits from homebuyers as at the end of June, as part of the property sale agreements for apartments, villas and shophouses at projects like Vinhomes Ocean Park, Vinhomes Green Bay, Vinhomes Central Park, Vinhomes Golden River, Vinhomes Smart City, Vinhomes Metropolis and some others.
Foreign buyers accounted for some 9 per cent of Vinhomes’ projects in the first half, with notable 30 per cent foreign buyers at Vinhomes Golden River in Ho Chi Minh City, 24.5 per cent at Vinhomes West Point (Hanoi) and 12.6 per cent at Vinhome Skylake (Hanoi).
Units sold on mortgage, meanwhile, took up 55 per cent on average of all projects sold by Vinhome for the period. Projects with highest number of units sold on mortgage included Vinhomes The Harmony (68 per cent), Vinhomes Star City (70 per cent) and Vinhomes Ocean Park (64 per cent).
Vinhomes Ocean Park and Vinhomes Smart City buyers, in particular, can take out a mortgage of up to 35 years.
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