Property developer Novaland’s reshuffle to be steered by NovaGroup chairman
Conglomerate NovaGroup’s chairman Bui Thanh Nhon is returning to take the helm of its real estate arm Novaland to drive the developer’s entire restructuring process.
“I return to the role of board chairman and legal representative of Novaland because I have to take on difficulties and challenges as an entrepreneur,” Nhon said as Novaland announced its overall shakeup Wednesday amid woes in Vietnam’s real estate market.

Bui Thanh Nhon, chairman of NovaGroup. Photo courtesy of the corporation.
Previously, Nhon had left the Novaland chairman position to businessman Bui Xuan Huy to focus on NovaGroup’s business strategy.
Ho Chi Minh City-based Novaland said Wednesday it would consult its shareholders on the board changes, cutting the number of board members from seven to five before a board re-election.
The firm added it was working with foreign shareholders, partners, and experts from companies like EY- Parthenon, Red Capital, and law firm YKVN to assess the overall situation and work out comprehensive shakeup solutions.
According to consulting firm EY - Parthenon, based on its initial analyses, Novaland’s financial health is optimistic in the medium and long term. Novaland will adjust its strategy, downsize its staff, and freeze areas that are not necessary now, it said.
Bui Xuan Huy, the current chairman of Novaland, recently sent a letter to customers saying the company is facing many difficulties and is working with its shareholders, foreign partners, experts from Ernst & Young, KPMG, YKVN to help his firm rebalance its cash flows.
Novaland, Vietnam's fourth-biggest listed property developer, announced on November 22 that Citigroup had converted $1 million worth of its five convertible bonds into some 271,000 shares of Novaland. The conversion price was VND85,000 ($3.42).
Early this June, a consortium led by global investment giant Warburg Pincus completed a $250 million investment in Novaland. The developer said it would use the proceeds to increase its strategic land bank and complete the development of some major projects.
Novaland recorded consolidated after-tax profits of VND2,054 billion ($82.7 million) in the first nine months of the year, down 19% year-on-year. It earned consolidated net revenues of VND7,908 billion ($318.5 million) in the period, down 23.7%.
By September 30, 2022, the company's total assets were more than VND259.59 trillion ($10.45 billion), up 28.6% compared to the end of last year.
Novaland is one of Vietnam’s biggest issuers of bonds. Corporate bonds used to be the preferred source of capital for many businesses, especially real estate developers.
But the tightening of the corporate bond market following the arrests of Tan Hoang Minh and Van Thinh Phat leaders for their bond issuance violations, and the promulgation of Decree No. 65 with more stringent requirements on private placement of corporate bonds have made companies hesitate to issue bonds.
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