Real estate businesses mobilize thousands of billions of dong through bonds

Besides large listed enterprises, some non-public enterprises in the real estate industry have also recently mobilized large values ​​from bond issuance.

Thai Son's VND4,000 billion mobilization

A non-public enterprise operating in the real estate business sector, Thai Son Construction Investment JSC, has just completed a private corporate bond issuance on October 28.  

On October 28, Thai Son issued 40,000 bonds, thereby raising 4,000 billion VND.  

The bond has a term of 2 years, maturing in October 2027 with an interest rate of 12.5%/year. This is a 3-no bond: Non-convertible, no warrants and no collateral.  

This real estate company has a charter capital of 13,500 billion VND, established in 2007. In addition to the above bond lot, Thai Son also has a bond lot issued in August 2024, with a term of 2 years and an issuance value of 1,890 billion VND.

The company's financial report for the 2025 semi-annual period shows that as of June 30, 2025, Thai Son has equity of VND 19,653 billion. Meanwhile, its liabilities are quite high, up to VND 82,722 billion, equivalent to 4.2 times its equity.  

Regarding debt structure, Thai Son's liabilities were mainly listed in Other liabilities, no bank loans and debt from bonds at that time was only over 1,800 billion VND.

In the first 6 months of 2025, Thai Son reported a profit after tax of VND 846.6 billion, much more positive than the same period last year when in the first 6 months of 2024, the company lost more than VND 236 billion.  

Currently, Thai Son has a direct parent company, TS Holding Real Estate Development Company Limited, with a 98.4% ownership ratio. Meanwhile, TS Holding is 65.71% owned by Vinhomes JSC.  

Thai Son was first rated by Saigon Ratings. This credit rating agency said that Thai Son's business profile is currently at a low risk level. In the coming time, Thai Son will invest in a number of projects and is expected to have high growth in revenue and profit such as My Lam - Tuyen Quang Resort Urban Area Project, Tan My New Urban Area Project, Nham Bien Mountain Golf Course New Urban Area Project and the remaining components of Vinhomes Smart City project.  

Saigon Ratings believes that in the short and medium term, Thai Son Company will face increasing financial pressure. The main reason is that the company is planning to issue bonds/loans (excluding loans from related parties) in 2025 (VND 13,300 billion) and in 2026 (VND 10,980 billion) to proactively ensure medium and long-term capital sources to serve business cooperation activities and investment requirements for developing current real estate projects.  

Nearly 3,000 billion VND in bonds flowed to a project in Hue

Also operating in the real estate industry, TN Development JSC has also recently raised capital through bond issuance. From October 22-28, 2025, TN issued 29,500 bonds, thereby earning VND 2,950 billion.  

TN's bonds have a term of 5 years, interest rate of 8.75%. These are non-convertible bonds, without warrants and are guaranteed for payment.  

TN Development Corporation has a charter capital of 1,496 billion VND and operates in the real estate services sector, focusing on tourism services, office, apartment and villa rentals, hotel accommodation services, and food services.  

According to the assessment of credit rating unit FiinRatings, TN has a modest scale of operations because the company has only focused on developing and operating a single project in Hanoi. The company's operating efficiency and profitability are currently lower than the industry average.  

In 2025, TN has planned to expand into non-core investment by signing a cooperation agreement with Tam Giang General Entertainment Joint Stock Company with a total cooperation amount of 3,100 billion VND, to develop a project of Hotel, tourism services, resort villas and a comprehensive entertainment complex in Thua Thien Hue. This may lead to challenges and potential risks for TN when it has no experience in real estate development. In addition, the project is still in the early stages of implementation and is not expected to bring significant cash flow in the next 12 - 24 months.  

The credit rating report also added that the issuance of VND 2,950 billion of bonds is to cooperate with Tam Giang. When the issuance is completed and the capital is increased as planned, TN's Debt/Equity in the period 2025-2026 will be around 2.1 - 2.5 times, significantly higher than that of other businesses in the same industry.

Source: https://baodautu.vn/doanh-nghiep-bat-dong-san-huy-dong-hang-nghin-ty-dong-qua-trai-phieu-d425859.html