Son Kim Real Estate plans $21 mln bond issuance to buy HCMC office project
Son Kim Real Estate Investment JSC is planning a private placement of bonds worth VND500 billion ($21 million) this week to purchase The METT office project in Ho Chi Minh City's Thu Thiem new urban area.
The firm, in which Son Kim Real Estate JSC (SonKim Land) holds a 99.99% stake, plans to sell the bonds to professional securities investors. The bonds issue is guaranteed by Vietnam's Orient Commercial Bank (OCB).
The office building project, with a total floor area of 38,000 square meters, is set to become operational by the second quarter of next year.
A corner of Thu Thiem new urban area in HCMC. Photo courtesy of Youth newspaper.
This would be among the first bond issuances following the release of Decree 65 on September 16 to tighten control on corporate bonds.
Accordingly, investors, as bond buyers, must hold a portfolio worth at least VND2 billion ($84,250) for at least 180 days, excluding margin. The decree does not allow bonds to be sold to non-professional securities investors.
Issuers, on the other hand, must re-purchase the bonds if they go against their issuance plans, including plans on using proceeds, or violate any law. They have to publicize information on payment capacity, audited financial reports, and audited capital reports before and after the issuance.
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