IFC, the World Bank Group’s private-sector investment arm, is mulling over pouring $150 million into two Vietnamese real estate companies via sustainability-linked bonds (SLBs).
The proposed IFC investment consists of subscriptions to SLBs worth $50 million to be issued by Thanh Xuan JSC and $100 million to be issued by BIM Land JSC, according to an IFC disclosure seen on Wednesday.
IFC said the proposed funding would be earmarked for the development of the Thanh Xuan Valley project in the northern province of Vinh Phuc, which includes a hotel complex under the InterContinental brand, shophouses, and infrastructure of the project; and for InterContinental Hotel and Regent Hotel on Phu Quoc island offshore the southern province of Kien Giang.
BIM Land, the investor of the two hotels, is a leading tourism and property developer in Vietnam that focuses on identifying and developing new tourism destinations in the country. It was one of the first companies to invest in the Ha Long Bay area in the northern province of Quang Ninh and on Phu Quoc island.
Covering about 1,553 square kilometers, the bay is of significant geological and geomorphological value, making it a distinct tourist attraction. Ha Long Bay is dotted with thousands of islets, each unique in shape and size.
Meanwhile, Phu Quoc is called the pearl island of Vietnam as it has become an extremely prominent name on the international tourist map.
BIM Land is part of BIM Group JSC, a Hanoi-headquartered private conglomerate with business interests in real estate, renewable energy, industrials, aquaculture, and consumer services.
Like BIM Land, Thanh Xuan JSC – the developer of the Thanh Xuan Valley project – is under BIM Group’s ecosystem.