VinGroup raises $1.3 billion U.S. for VinHomes

17 Apr 2018

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.

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Tariq Ahmed Saeedi

Tariq Ahmed Saeedi writes stories on sharing economies in Asia – particularly Japan, Taiwan, Vietnam, Korea, Pakistan, Bangladesh and Iran. He joined the AIM Group in January 2016. Tariq is also a spotter, monitoring global marketplace industry’s updates. He carries more than 15 years of writing experience. Tariq frequently contributes economic/tech news and analysis to a daily The News International and a magazine. He has also written features and interview articles for various other publications and some of his write-ups have been cited for references in reports by the World Bank and archived in Florida Institute of Technology’s library. Tariq has also narrated corporate website content for Audi importer in Pakistan and others. He started his career from a television’s current affairs department in 2003 and later joined the country’s premier news agency Pakistan Press International.