Novaland Group

Novaland Group or Novaland, formally the Novaland Investment Group Corporation, is a real estate developer in Vietnam. It was founded by entrepreneur Bùi Thành Nhơn.

Novaland
TypeJoint-stock company
Founded2007
Key people
Bùi Thành Nhơn, Chairman
Websitehttps://www.novaland.com.vn/

History

Nhơn established Thành Nhơn Trading Company Limited with a charter capital of 400 million VND. Initially, the company sold veterinary drugs, pharmaceuticals and chemicals.[1] In 2007, it was restructured into two units - Anova Joint Stock Company and No Va Real Estate Investment Group Joint Stock Company (Novaland).[1]

On December 28, 2016, Novaland was officially listed on Vietnam's stock market - with stock code "NVL" on Ho Chi Minh Stock Exchange (HOSE). At this time, its market capitalization was VND29,500 billion (about $1.3 billion).[1][2]

Novaland was alleged to have a connection with Phan Văn Anh Vũ (aka Vũ “nhôm”) – a Vietnamese businessman who was accused of having abused his authority and worked with various Vietnamese real estate developers to appropriate “tons of money”.[3][4]

Controversies

In 2007-2009, the People's Committee of Ho Chi Minh City ordered to take 30.1 hectares of resettlement land for people in Thủ Thiêm New Urban Area to exchange for 30.2 hectares of land in Bình Khánh and Bình Trưng Tây ward, District 2 - which 21st Century International Development Joint Stock Company (a subsidiary of Novaland) owned.

Then, in July 2017, this 30.2-hectare area was again assigned to 21st Century International Development Joint Stock Company for a real estate project.

In September 2018, the Government Inspectorate issued a notice of inspection, which concluded that the People's Committee of the City had approved the use of this area for wrong purposes. After that, the People's Committee of the City again approved the use of this resettlement area for housing and business - without conducting an auction as regulated.[5]

In November 2020, an article on ThuongTruong24h.vn reported that Novaland had not finished issuing house ownership certificates in 11 real estate projects.[6]

In January 2021, Ho Chi Minh City Inspectorate was reported to have discovered many wrongdoings of the Tân An Huy Residential Area project's investors, including those related to Phú Mỹ Hưng Co. Ltd and Novaland Group.[7]

See also

References
  1. "Những điều chưa biết về tỷ phú Bùi Thành Nhơn". Báo Đời sống và Pháp luật. 2017-01-01. Archived from the original on 2017-12-12. Retrieved 2017-12-11.
  2. H. Tú (2016-12-29). "Tỷ phú USD thứ 3 Việt Nam chính thức xuất hiện". VietNamNet. Retrieved 2017-12-11.
  3. "Đại gia nào 'hưởng thơm' từ Vũ 'nhôm'?". VietNamNet (in Vietnamese). 2019-01-17. Retrieved 2021-12-01.
  4. "Novaland khẳng định bản án phúc thẩm vụ Vũ 'nhôm' không liên quan đến công ty và người nội bộ". Vietnam Finance (in Vietnamese). 2019-06-17. Retrieved 2021-12-01.
  5. Hé lộ thương vụ 'đường vòng' 5.500 tỉ thâu tóm đất Thủ Thiêm
  6. [https://thuongtruong24h.vn/tai-sao-11-du-an-cua-novaland-van-bi-tp-hcm-giam-so-hong-a146121.html Tại sao 11 dự án của Novaland vẫn bị TP.HCM “giam” sổ hồng?]
  7. Phú Mỹ Hưng, Novaland liên quan đến sai phạm tại dự án Khu nhà ở Tân An Huy?
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