Hung Thinh Land Joint Stock Company reported bond debt of nearly 8,563 billion VND by the end of june, according to a recent report submitted to the Hanoi Stock Exchange (HNX). This figure represents a reduction of approximately 45% year-on-year.
During the first half of the year, Hung Thinh Land repaid about 372,4 billion VND in bond principal, primarily addressing overdue amounts. The company successfully settled the entire principal and corresponding interest for one bond lot.
However, the enterprise still faces delayed payments for several bond lots, attributed to challenges in capital arrangement. To resolve this, the company is negotiating with bondholders to adjust payment schedules to align with current circumstances. Hung Thinh Land is also implementing partial payment plans, including proposals to settle debts with assets.
A company representative stated that Hung Thinh Land has actively reduced its bond outstanding balance since early 2026. The company continues to settle additional bond lots, with the outstanding debt decreasing to nearly 3,900 billion VND by mid-august.
Beyond bonds, the company also reduced its bank loan debt by about 9%, bringing the total to over 2,400 billion VND.
Regarding business performance, Hung Thinh Land recorded a loss of over 94 billion VND in the first half of this year. In contrast, the company posted a profit of nearly 15 billion VND during the same period last year. This resulted in accumulated losses reaching nearly 170 billion VND by the end of june.
Based on these financial results, the auditing unit indicated that factors raise doubts about the company's ability to continue as a going concern. This hinges on its capacity to secure funding.
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An apartment project developed by Hung Thinh Land in Phu Thuan ward, TP HCM. Photo: Hung Thinh Group |
Hung Thinh Land is a core member of Hung Thinh Group, led by Nguyen Dinh Trung. The company has developed many notable real estate projects, including Lavita Charm, Q7 Saigon Riverside, Saigon Mia, and Moonlight Residences. It recorded profits for four consecutive years, peaking at approximately 1,700 billion VND in 2021. Its gross profit margin sometimes exceeded 50%, positioning it among the top performers in the real estate sector.
However, business operations gradually declined as the real estate market faced difficulties due to the pandemic, legal bottlenecks, reduced liquidity, and heavy debt pressure. The company submitted an initial public offering (IPO) application to the Ho Chi Minh City Stock Exchange (HoSE) in 7/2022, aiming to list one year later. However, this plan remains unfulfilled.
Tat Dat
