By accepting an interest rate of 13.5% to raise an additional 80 billion VND through bond issuance, is Khai Hoan Land (KHG) facing a capital shortage?

The Hanoi Stock Exchange (HNX) has just announced the results of the bond offering by Khai Hoan Land Group Joint Stock Company. Accordingly, on December 3, 2025, this real estate company successfully distributed 800 bonds with code KHG12502 to the domestic market.

The bond issue has a face value of 100 million VND per unit, with a total issuance value of 80 billion VND. The bond term is 60 months, and the expected maturity date is December 3, 2030. Although detailed information about the bondholder list or collateral assets has not been specifically disclosed, data from HNX shows that this bond issue carries a relatively high interest rate of 13.5% per year.

This is the second capital mobilization of Khai Hoan Land since the beginning of 2025. Previously, on October 2, the enterprise also successfully issued a bond lot coded KHG12501 with the same total value of 80 billion VND and a term of 5 years.

The capital mobilization activities took place when the company's financial picture was volatile. In the first 9 months of 2025, Khai Hoan Land recorded net revenue of more than 382.4 billion VND, an increase of 95.1% over the same period last year. Net profit after tax reached nearly 54.1 billion VND, an increase of 23.8%.

As of September 30, 2025, the company's total assets reached nearly VND 6,884.3 billion, an increase of 4.4% compared to the beginning of the year. Notably, long-term receivables accounted for the largest proportion, at 70% of total assets, equivalent to over VND 4,815.6 billion. Regarding the capital structure, with total liabilities increasing by 17.4% to VND 1,610.4 billion (of which loans and financial leases accounted for VND 1,199.9 billion), KHG's financial costs in the coming years will be a significant burden that needs to be closely monitored.

In addition to financial activities, stock transactions of internal shareholders at Khai Hoan Land also attracted attention. At the end of the trading period from October 24, 2025 to November 7, 2025, Mr. Nguyen Khai Hoan, Chairman of the Board of Directors, completed the purchase of nearly 13.58 million KHG shares.

Following the transaction, Mr. Hoan's shareholding increased from 143.7 million units to over 157.2 million units. Consequently, the Chairman of the Board's ownership stake in the company rose from 31.97% to 34.99% of the charter capital.

On the other hand, Ms. Tran Thi Thu Huong, wife of Mr. Nguyen Khai Hoan, reported selling the same amount of shares as Mr. Hoan bought. The transaction was carried out during the same period through negotiation.

This transfer reduced Ms. Huong's ownership from 58.1 million shares (12.92%) to 44.5 million shares (9.9%). The nature of the transaction shows that this is an internal ownership transfer between family members of the business leader, helping to consolidate the direct holding ratio of the Chairman of the Board of Directors in the company.

Source: https://daibieunhandan.vn/chap-nhan-lai-suat-13-5-de-hut-them-80-ty-dong-trai-phieu-khai-hoan-land-khg-lieu-co-khat-von-10399895.html