CII shares hit ceiling after receiving additional land for build-transfer project in HCMC
Shares of Ho Chi Minh City Infrastructure Investment JSC (HoSE: CII) rose to the daily limit on Wednesday after the company said it had received additional cleared land to continue its build-transfer (BT) project at the Thu Thiem New Urban Area in Ho Chi Minh City.
On the HoSE, CII shares jumped to the ceiling price of VND17,800 ($0.68) apiece on March 25, 2025. Photo courtesy of the company.
CII said its wholly owned subsidiary, North Thu Thiem Area One Member Co., Ltd., had taken over more site clearance to proceed with construction of technical infrastructure for the northern residential area and complete the main north-south axis road under a signed BT contract.
The company said the additional land handover was crucial for enabling the subsidiary to complete infrastructure works and receive land plots in return to develop commercial housing projects.
Under the BT arrangement, CII is entitled to be allocated or leased nine land plots in Thu Thiem as reciprocal payment. The company has completed investment in three plots, nearly finished one, and has yet to develop the remaining five.
In April 2025, the Government issued Decree 91/2025/ND-CP, which sets out the timing for land valuation used to settle BT contracts in Thu Thiem, following earlier inspection conclusions.
CEO Le Quoc Binh said land allocated as payment for completed BT work is valued based on prices at the time of initial contract signing, equivalent to April 2015 levels.
For the remaining land area specified in the contract, after deducting the portion used for BT settlement, CII is required to pay land-use fees based on prices at the time of the official contract signed between Ho Chi Minh City authorities and the company in April 2016, along with other related financial obligations if applicable.
On the Ho Chi Minh Stock Exchange (HoSE), CII shares, which are sensitive to developments related to Thu Thiem land, jumped to the ceiling price of VND17,800 ($0.68) apiece on Wednesday following the announcement. However, the stock remains well below its peak of over VND30,000 reached in October 2025.
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