Regarding Official Dispatch 962/SXD-QLN&PTDT of the Department of Construction of Binh Thuan province on rectifying the purchase, sale and transfer of real estate in the province, which mentioned the Ocean Valley Tourism Complex (NovaWorld Phan Thiet) invested by Delta - Valley Binh Thuan Company Limited (a subsidiary of No Va Real Estate Investment Group Corporation - Novaland, stock code NVL), Novaland said that this project was granted the latest investment certificate by the People's Committee of Binh Thuan province on April 16, 2019, with a large scale of nearly 1,000 hectares. The project has been and is being implemented into many subdivisions as approved.
The project has delivered thousands of products to customers in some subdivisions on schedule; operated phase 1 of Movenpick Resort Phan Thiet Hotel, Radisson Resort Phan Thiet, 36-hole PGA golf course cluster; Circus Land amusement park, Bikini Beach square - sea park, Sport Complex sports center,... attracting hundreds of thousands of domestic and international tourists to come for entertainment and relaxation.
Novaland's project attracts customers in Phan Thiet
According to Novaland, during the project implementation process in the locality, the enterprise always strives and coordinates with the authorities to complete legal procedures to ensure the project implementation is on schedule and to ensure customer rights.
"With the spirit of respecting the law and the desire to promote the development of the real estate market, during the process of investing and developing projects, the company always complies with instructions and regulations" - Novaland's document emphasized.
According to the group, Binh Thuan province regularly reviews, inspects, checks and rectify project implementation not only at the Ocean Valley Tourist Complex but also at other real estate projects in the province to ensure that construction and execution comply with legal regulations, and is also the basis for ensuring that investors deliver quality real estate products to customers. "This is a periodic monitoring activity of local authorities to promptly handle problems in projects as well as ensure that projects are implemented in accordance with legal regulations" - Novaland informed.
In addition to information about the NovaWorld Phan Thiet project, Novaland has also just announced its audited financial statements for 2022 with after-tax profit of VND 2,182 billion, down 37% compared to 2021 and down VND 111 billion compared to before the audit.
On the balance sheet, Novaland's total debt is nearly VND65,000 billion, an insignificant change compared to before the audit. Other indicators are also almost unchanged.
The report also shows that since the end of 2022, Novaland has entered a comprehensive restructuring phase, changing its operating model and restructuring its organization to align with its changing strategy; at the same time, it has proposed financial restructuring solutions and negotiated appropriate debt restructuring options to ensure the harmonization of interests of customers, investors and stakeholders.
Currently, the company focuses on building key projects, handing over houses in stages to customers, and flexibly adjusting the implementation plan of new projects to suit the current situation; at the same time, coordinating with localities to remove and complete legal procedures for projects as soon as possible.
Novaland believes that in addition to restructuring, the attention and support of the Government and the community for the real estate market in recent times will be the driving force to help the group recover soon, overcome difficulties and challenges; thereby, continue to complete standard urban areas, contributing to changing the face and developing the local economy and social security.
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