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 U.S. +1.407.788.2780     Germany +49.89.6.214.6044 info@aimgroup.com

Vietnamese real estate developer VinGroup has raised 29.5 trillion dongs ($1.3 billion U.S.) from Singapore-based sovereign wealth fund GIC in Vietnam’s biggest share sale deal to date.

The company earns more than 70 percent of its revenue from its high-end property vertical VinHomes.

Nikkei Asian Review reported on Tuesday that GIC would buy ordinary VinHomes shares and “extend a debt-like instrument to the subsidiary, subject to the satisfaction of mandatory regulatory and other conditions”.

The deal was concluded on Apr. 12 and Credit Suisse (Singapore) acted as the advisor.

Reuters, citing a VinGroup statement, also said the group’s residential property business VinHomes has applied for an initial public offering on the Ho Chi Minh Stock Exchange to raise $2 billion U.S..

VinHomes competes with Homedy.com and Batdongsan.com.vn, which is part-owned by PropertyGuru.