A secretive real estate tycoon in Ho Chi Minh City lost more than 600 billion, still owes 1,470 billion VND in bonds

The secretive real estate company, which has connections with a number of real estate giants, is in a rather weak financial situation and has been suffering from prolonged losses.

Information published on the Hanoi Stock Exchange (HNX) said that Lien Lap Real Estate Investment and Trading Company Limited has just issued a document correcting its 2024 financial report.

The document does not mention what data has been corrected and the previous information disclosure is still kept by HNX. There is not much change in the information, except for the different dates and times of the two reports and the new document has an additional accumulated loss by the end of 2024 of nearly 647 billion VND.

According to the latest report, Lien Lap Real Estate Investment and Trading Company Limited recorded a loss after tax of more than VND 305 billion in 2024, bringing the total accumulated loss by the end of 2024 to nearly VND 647 billion. This is the third year of loss for the company. In 2023, Lien Lap lost more than VND 341 billion.

Lien Lap has suffered heavy losses for many years. Source: HNX

Also according to the report, by the end of 2024, Lien Lap Real Estate Investment and Trading Company Limited's equity will be only over 353 billion VND, compared to the initial owner's investment capital of 1,000 billion VND.

Total liabilities are over VND 1,540 billion. Of which, VND 1,470 billion is debt from bond issuance. The ratio of liabilities/equity is nearly 4.36 times. The ratio of total outstanding corporate bonds/equity is nearly 4.16 times.

Compared to last year, Lien Lap's assets and liabilities decreased quite sharply, about 43%. However, the bond debt remains intact.

Lien Lap issued 4 lots of bonds, of which 3 lots were issued in November 2021, but all have matured or/and been bought back. The company only has 1 lot of outstanding bonds, LLPCH2328001, with a total value of VND 1,470 billion, issued on August 18, 2023 and maturing on August 18, 2028, with an interest rate of 12%/year.

Lien Lap Real Estate Investment and Trading Company Limited is a real estate enterprise, headquartered at An Phu Plaza building, 117-119 Ly Chinh Thang, District 3, Ho Chi Minh City, with Mr. Hoang Cao Minh Duc as director and legal representative.

Mr. Hoang Cao Minh Duc is also a representative at a series of enterprises such as: Hai Duong Long Bien Joint Stock Company, Saigon Alpha Real Estate Trading Floor Joint Stock Company, MIK International Business Joint Stock Company, Mai Linh Investment Joint Stock Company, ACC Phu Cuong Company Limited, Silver Field International Business Joint Stock Company,...

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Source: https://vietnamnet.vn/dai-gia-nha-dat-kin-tieng-o-tphcm-lo-hon-600-ty-con-no-1-470-ty-dong-trai-phieu-2390639.html