{"article":{"id":"2221653","title":"LDG Chairman Nguyen Khanh Hung Indicted, Dat Xanh Group Immediately Speaks Out","description":"Dat Xanh Group (DXG) Shares Sold Sharply After News of LDG Chairman Nguyen Khanh Hung's Indictment. Dat Xanh Has Just Spoken Out Regarding Its Relationship with LDG Real Estate.","contentObject":"
Dat Xanh Group (DXG) has just issued a notice to shareholders regarding its relationship with Mr. Nguyen Khanh Hung, Chairman of the Board of Directors of LDG Investment JSC. The company, chaired by Luong Tri Thin, stated that it divested its stake in LDG in July 2020.
\nIn fact, Mr. Nguyen Khanh Hung had a long association with Dat Xanh in a leadership role. LDG was also formerly an affiliated company of Dat Xanh.
\nLDG was established by changing its name from Long Dien Real Estate Joint Stock Company in 2015. Its charter capital increased from VND 50 billion to VND 750 billion and it was listed on the Ho Chi Minh City Stock Exchange.
\nIn 2016, Le Ky Phung, Chairman of the Board and founder of LDG, withdrew from the company. Nguyen Khanh Hung replaced him. At that time, Hung was a member of the Board of Directors and Deputy General Director of Dat Xanh Real Estate Services and Construction Joint Stock Company (now Dat Xanh Group).
\nAt that time, Dat Xanh was the largest shareholder group in LDG. Therefore, LDG was always considered to be in the "shadow" of Dat Xanh.
\nIn 2017, LDG entered the apartment segment in Ho Chi Minh City by launching apartment projects under the Intela brand such as Saigon Intela, High Intela, and West Intela, as well as many projects in other provinces.
\nIn mid-2020, Dat Xanh unexpectedly divested its stake in LDG. DXG decided to sell all of its nearly 63 million shares, equivalent to 26.27% of the capital in LDG. At the same time, Ha Thuan Hung Construction, Trading and Service Company Limited, a subsidiary of DXG, also registered to sell all of its more than 25 million LDG shares, equivalent to 10.45% of the charter capital.
\nIn total, the Dat Xanh group sold 88 million LDG shares, equivalent to 36.72% of the charter capital, incurring a loss of approximately 500 billion VND.
\nThis is quite a surprising development because the investment in LDG was considered a strategic move by DXG. LDG is in the real estate development sector, similar to Dat Xanh, and also has quite good prospects with ownership of many large projects.
\nHaving risen through the ranks of Dat Xanh, Mr. Hung has been associated with many large projects.
\nMr. Nguyen Khanh Hung, born in 1978, is originally from Quang Binh province. After graduating with a Bachelor of Law degree, Mr. Hung joined Dat Xanh Group as Deputy General Director. From 2004 to 2021, he served as Vice Chairman of the Board of Directors. In January 2021, Mr. Hung officially submitted his resignation from the positions of Board Member and Vice Chairman of the Board of Directors.
\nAt LDG, Mr. Hung held the position of general director, and then became chairman of the board of directors from 2016 until now.
\nUnder Mr. Hung's leadership, LDG recorded very high revenue and profits relative to its size, with some years seeing profits of 600 billion VND. LDG began to decline from 2020 and turned to a loss of over 200 billion VND in the first nine months of 2023.
\nFor a long time, LDG has been known as a company developing dozens of real estate projects with various product types from apartments, townhouses, villas, shophouses, etc., across the country. Among them is the LDG Grand Ha Long project, spanning nearly 419 hectares with a total investment of VND 26,514 billion (over USD 1 billion) in Quang Ninh.
\nAccording to the resolution of the 2023 Annual General Meeting of Shareholders, LDG plans to carry out the legal procedures for the LDG Grand Ha Long project.
\nIn addition, LDG Group is undertaking a series of other projects such as LDG Grand Da Nang, covering 29 hectares with a total investment of over 8,000 billion VND; LDG Sky (Binh Duong), covering 1.8 hectares with a total investment of nearly 4,700 billion VND,...
\nRecently facing difficulties, LDG has planned to transfer ownership of two projects: the Bai But - Son Tra Beach Resort and the C1 apartment complex in Binh An ward, Di An city, Binh Duong province.
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View the author's articlesShares of Dat Xanh Group (DXG) were heavily sold off following news that LDG Chairman Nguyen Khanh Hung had been indicted. Dat Xanh has just issued a statement regarding its relationship with LDG real estate.
Dat Xanh Group (DXG) has just issued a notice to shareholders regarding its relationship with Mr. Nguyen Khanh Hung, Chairman of the Board of Directors of LDG Investment JSC. The company, chaired by Luong Tri Thin, stated that it divested its stake in LDG in July 2020.
In fact, Mr. Nguyen Khanh Hung had a long association with Dat Xanh in a leadership role. LDG was also formerly an affiliated company of Dat Xanh.
LDG was established by changing its name from Long Dien Real Estate Joint Stock Company in 2015. Its charter capital increased from VND 50 billion to VND 750 billion and it was listed on the Ho Chi Minh City Stock Exchange.
In 2016, Le Ky Phung, Chairman of the Board and founder of LDG, withdrew from the company. Nguyen Khanh Hung replaced him. At that time, Hung was a member of the Board of Directors and Deputy General Director of Dat Xanh Real Estate Services and Construction Joint Stock Company (now Dat Xanh Group).
At that time, Dat Xanh was the largest shareholder group in LDG. Therefore, LDG was always considered "in the shadow" of Dat Xanh.
In 2017, LDG entered the apartment segment in Ho Chi Minh City by launching apartment projects under the Intela brand such as Saigon Intela, High Intela, and West Intela, as well as many projects in other provinces.
In mid-2020, Dat Xanh unexpectedly divested its stake in LDG. DXG decided to sell all of its nearly 63 million shares, equivalent to 26.27% of the capital in LDG. At the same time, Ha Thuan Hung Construction, Trading and Service Company Limited, a subsidiary of DXG, also registered to sell all of its more than 25 million LDG shares, equivalent to 10.45% of the charter capital.
In total, the Dat Xanh group sold 88 million LDG shares, equivalent to 36.72% of the charter capital, incurring a loss of approximately 500 billion VND.
This is quite a surprising development because the investment in LDG was considered a strategic move by DXG. LDG is in the real estate development sector, similar to Dat Xanh, and also has quite good prospects with ownership of many large projects.
Having risen through the ranks of Dat Xanh, Mr. Hung has been associated with many large projects.
Mr. Nguyen Khanh Hung, born in 1978, is originally from Quang Binh province. After graduating with a Bachelor of Law degree, Mr. Hung joined Dat Xanh as Deputy General Director. From 2004 to 2021, he served as Vice Chairman of the Board of Directors. In January 2021, Mr. Hung officially submitted his resignation from the positions of Board Member and Vice Chairman of the Board of Directors.
At LDG, Mr. Hung held the position of general director, and then became chairman of the board of directors from 2016 until now.
Under Mr. Hung's leadership, LDG recorded very high revenue and profits relative to its size, with some years seeing profits of 600 billion VND. LDG began to decline from 2020 and turned to a loss of over 200 billion VND in the first nine months of 2023.
For a long time, LDG has been known as a company developing dozens of real estate projects with various product types from apartments, townhouses, villas, shophouses, etc., across the country. Among them is the LDG Grand Ha Long project, spanning nearly 419 hectares with a total investment of VND 26,514 billion (over USD 1 billion) in Quang Ninh .
According to the resolution of the 2023 Annual General Meeting of Shareholders, LDG plans to carry out the legal procedures for the LDG Grand Ha Long project.
In addition, LDG Group is undertaking a series of other projects such as LDG Grand Da Nang, covering 29 hectares with a total investment of over 8,000 billion VND; LDG Sky ( Binh Duong ), covering 1.8 hectares with a total investment of nearly 4,700 billion VND,...
Recently facing difficulties, LDG has planned to transfer ownership of two projects: the Bai But - Son Tra Beach Resort and the C1 apartment complex in Binh An ward, Di An city, Binh Duong province.
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