Bank sells 90 Hoi An coastal apartments, including 5-star hotel to recover debt

Banks continuously sell collateral assets to handle bad debts - Photo: QUANG DINH

Auction of Lac Viet Company's debt

The North-Central-South Auction Company has just announced the 5th asset auction for bad debts of Lac Viet Joint Stock Company at Oceanbank Saigon branch.

The debt was incurred from 2009 - 2012. The Chairman of Lac Viet Joint Stock Company is Mr. Huynh Trung Nam - the husband of a famous beauty queen.

Mr. Nam established Lac Viet Company in 2003, operating in the main field of commercial real estate.

The auction unit said that Lac Viet's total provisional debt obligation as of early May 2024 is more than 579 billion VND, of which the principal debt is more than 356 billion VND, the rest includes interest and penalties.

The loan collateral is assets formed after investment including land use rights (land lease does not include land use rights value) and Lac Viet high-end tourist area.

In which, Lac Viet high-end tourist area includes 5-star hotel, commercial center and all other architectural works at 159-163 Thuy Van, Thang Tam ward, Vung Tau city, Ba Ria - Vung Tau . The owner of the secured assets is Lac Viet Joint Stock Company.

The architectural works formed on the property include hotels and entertainment centers; The Imperial luxury tourist apartments. In addition, Lac Viet's credit contract also includes more than 9.23 million shares of this company.

However, these shares were released by Oceanbank before the auction of bad debts.

The starting price for the debt with the above-mentioned collateral was set at nearly VND373 billion. The price has decreased by more than VND60 billion compared to the auction in July this year.

Currently, the legal representative of Lac Viet Joint Stock Company is Mr. Pham The Tu (born in 1975).

Selling 90 apartments on Hoi An beach

Indovina Bank Limited , Da Nang Branch (IVB Da Nang) has just announced the handling of secured assets to recover debt.

Accordingly, the collateral for the debt is 90 future apartments in the Hoi An marine eco-sports tourism project, Cam An ward, Hoi An city, Quang Nam (The Pearl Hoi An - A Festa hotel resort project).

The bank said the 90 apartments have various areas, from ^47.53m2 to ^137.66m2 . The starting price also ranges from 1.9 to 5.6 billion VND/apartment.

The total starting price of all 90 apartments is more than 289.8 billion VND. The bank announced that it can sell each apartment separately.

Previously, these apartments were used as collateral for a VND200 billion loan from Quang Nam Real Estate Development Company Limited in 2018. However, during the implementation of the credit contract, the company violated its debt obligations according to the agreement, according to IVB Da Nang.

IVB Da Nang also said that it had reminded and requested the customer to pay the debt many times, but so far the customer still did not pay. Therefore, the bank has transferred the entire loan of Quang Nam Real Estate Development Company Limited to overdue.

Source: https://tuoitre.vn/ngan-hang-rao-ban-90-can-ho-ven-bien-hoi-an-ca-khach-san-5-sao-de-thu-hoi-no-20240814202028272.htm