Five foreign-invested real estate companies to be inspected

16:04 | 12/07/2018
Keppel Land Watco II Co., Ltd., G.V.C Development Limited, Indochine Park Tower, Global Toserco Co., Ltd., and Somerset Grand Hanoi, all big real estate developers in Hanoi and Ho Chi Minh City, will be inspected by the Ministry of Finance.
five foreign invested real estate companies to be inspected
Keppel Land Watco is trying to raise its ownership in Saigon Centre

The Ministry of Finance (MoF) has just sent a document to the Ministry of Planning and Investment (MPI) on the inspection of implementing financial mechanisms and policies in five foreign-invested companies in this July.

Accordingly, MoF will check the value of contributed capital at each party, the profits of the state’s contributed capital in these companies, the preservation of the state’s contributed capital in economic organisations, capital and project transfers, and the observation of tax laws.

These firms will be informed seven days before starting the inspection. They are foreign-invested real estate companies with numerous big projects in Hanoi and Ho Chi Minh City.

Keppel Land Watco Co., Ltd. is a joint venture between Singapore’s Keppel Land and Southern Water Transport Corporation (SOWATCO) and Saigon Real Estate Corporation (RESCO). This joint venture is the developer of Saigon Centre, an office for lease and premium shopping centre tower complex in District 1, Ho Chi Minh City.

In 2017, Keppel Land spent VND845.9 billion ($37.3 million) buying an additional 16 per cent stake in Keppel Land Watco (from I to V) in this project through its subsidiary Krystal Investments Pte., Ltd. This transaction enabled Keppel Land to raise its stakes in the phases 1 and 2 of the Saigon Centre project from 45.3 to 53.5 per cent, as well as raise its stake in the two next phases of the project from 68 to 76.2 per cent.

G.V.C Development Limited was licensed and put into operation in Vietnam in May 1998, and is an affiliated company of Housing-Development Real-Estate JSC (HDReal).

Indochine Park Tower is a joint venture between Saigon Real Estate Corporation (RESCO) and Hong Kong’s AF Investments Limited, a subsidiary of Malaysia’s Mulpha International BHD. This joint venture is the developer of Indochina Park Tower on Nguyen Dinh Chieu street in District 1, Ho Chi Minh City.

Global Toserco Limited was established by PT Global Metropolitan (a joint venture of Ciputra Group, Metrolitan Group, and Praidha Limited) and Hanoi Toserco JSC, which is the owner of Pullman Hanoi Hotel.

Meanwhile, Somerset Grand Hanoi is the developer of the Somerset Grand Hanoi twin tower on Hai Ba Trung street, Hanoi. This tower is owned by Singapore’s Ascott Limited, which holds five real estate projects under the Somerset brand, including Somerset Grand Hanoi (Hanoi Tower), Somerset Hoa Binh, Somerset Westlake, Somerset Chancellor Court Ho Chi Minh City, and Somerset Ho Chi Minh City.

By Nguyen Huong

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