Vingroup chairman establishes new $754 million real estate investment firm
Pham Nhat Vuong, chairman of Vietnam's largest private company Vingroup, has spent 243 million of the group’s VIC shares to set up a new real estate investment and management company.
The shares, worth VND16,200 billion ($678.4 million) per the average market price of 50 trading sessions as of September 13, make up Vuong's capital contribution to the new company.
The new venture, called VMI Real estate Investment and Management JSC (VMI JSC), has a charter capital of VND18,000 billion ($754 million), with Vuong holding a 90% stake.
Pham Nhat Vuong, chairman of Vingroup. Photo courtesy of the company.
A representative of the new company said it will support small-capital investors buy and manage real estate properties and develop the secondary market of Vinhomes, a subsidiary of Vingroup.
The company will buy existing or future properties of Vinhomes and divide the equity into 50 parts. Customers can invest in the portions through a business cooperation contract. The person who cooperates with VMI JSC will be certified by the company for their property rights and receive profits generated thereof in proportion to the investment ratio.
VMI JSC will offer flexible investment cooperation policies based on market realities while committing to a minimum annual profit to ensure participants get a fixed income in the event of adverse market movements.
The investment cooperation policies will be publicly announced by VMI JSC on the online real estate information platform.
Vingroup is Vietnam's largest listed conglomerate by market capitalization and its chairman, billionaire Vuong, is the richest man in the country by stock market assets, according to Forbes.
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