Vietnam's leading property developer Novaland denies 'panic selling' amid chairman-linked share divestments
Novaland has denied allegations of panic selling following major planned divestments by entities linked to its chairman Bui Thanh Nhon, affirming that the moves are strategic steps to support its ongoing debt restructuring, not signs of instability.

A real estate project developed by Novaland. Photo courtesy of the company.
On Monday, three individual internal shareholders and two institutional stakeholders - all related to chairman Nhon - registered to sell a combined 18.8 million NVL shares.
Among them, NovaGroup, Novaland’s largest shareholder, plans to offload 3.9 million shares between May 16 and June 13. Upon completion, its stake will decrease from 338.8 million shares (17.4%) to 334.9 million shares (17.2%).
Diamond Properties, another major shareholder, registered to sell 3.2 million NVL shares. Post-transaction, the company is expected to retain nearly 165.44 million shares, equivalent to an 8.483% ownership.
The company stated that these sales are part of an effort to rebalance investment portfolios and provide financial support for Novaland’s debt restructuring strategy.
Additionally, Cao Thi Ngoc Suong, Bui Cao Nhat Quan, and Bui Cao Ngoc Quynh - Nhon's wife and children - have registered to sell a total of 11.6 million shares for "personal reasons". Their combined stake will drop to 6.8% after the transactions.
Addressing concerns over the coordinated sell-offs, Novaland’s leadership reiterated that there is “no mass sell-off” taking place. The transactions are being positioned as supportive measures to aid the company’s financial reorganization and ensure it can meet its debt obligations.
To maintain operations and reassure stakeholders, Novaland confirmed it has received written commitments from major shareholders affirming their readiness to continue supporting the company, especially in meeting debt obligations, ensuring operational continuity for at least the next 12 months.
A company spokesperson added that the share sales by NovaGroup and Diamond Properties demonstrate their ongoing financial commitment to helping Novaland address upcoming maturities and sustain its business operations.
Debt and bond repayments slated for 2026-2027
Novaland’s leadership has laid out a long-term roadmap for restructuring, stating that most loans and bond repayments will be made between late 2026 and 2027.
Domestic loans have largely been restructured by extending repayment schedules. Banks and credit institutions have also approved a VND18.2 trillion ($700.8 million) credit line to enable continued construction, handovers, and revenue collection across projects.
For foreign loans and bond obligations, Novaland is either in the process of negotiating terms or has already developed plans to restructure and extend maturities through 2025–2027.
Project development and legal progress
Despite financial challenges, Novaland reports positive momentum in project execution. The company aims to deliver 1,546 housing units in 2025.
In Ho Chi Minh City, legal clearance and issuance of land use rights certificates (also known as “pink books”) are being accelerated across key projects such as Lakeview City, The Sun Avenue, Sunrise Riverside, Kingston Residences, Orchard Garden, Lucky Palace, and Garden Gate. Over 7,000 units are expected to receive certificates in 2025.
Elsewhere, The Grand Manhattan and the high-rise section of Victoria Village are being fast-tracked for completion, with handovers projected to begin by late 2025 or early 2026.
Novaland’s flagship mega-developments - Aqua City, NovaWorld Ho Tram, and NovaWorld Phan Thiet - are also making progress, with new amenities entering operation. Legal bottlenecks at these projects are targeted for resolution by Q2/2025.
Despite ongoing restructuring, Novaland remains in a recovery phase, though executives acknowledged that debt negotiations still pose significant challenges and risks.
On the Ho Chi Minh Stock Exchange, NVL shares have rebounded strongly in the past month, rising from VND8,000 to VND12,600 ($0.49). However, in the three most recent trading sessions (May 8-12), the stock pulled back slightly to around VND12,000.
For 2025, Novaland has outlined two cautious business scenarios, heavily dependent on the legal progress of ongoing projects.
Projected revenue could range from VND10.45 trillion ($401.7 million) to VND13.41 trillion ($515.38 million), representing growth of 15-48%, while losses are projected at either VND688 billion ($26.43 million) or VND12 billion ($461,157 million), depending on the scenario.
The company will not distribute dividends for 2024. Instead, it plans to allocate its VND13.28 trillion ($510.38 million) in undistributed post-tax profits to business recovery initiatives.
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