VinaCapital arm continues to churn portfolio

VinaLand, a subsidiary of VinaCapital, has sold off its 85 percent stake in a housing development by the Hanoi-based Golden Gain Vietnam real estate company.

Its investment of US$16 million in 2008 in the 2.5-hectare project will fetch VinaCapital $36.2-40.4 million now.

VinaCapital’s arms also exited other projects last year, selling off a 70 percent stake in the Hilton Hanoi Opera hotel and 50.1 percent stake in the A & B building in Ho Chi Minh City’s District 1.

Since the housing market in Vietnam will continue to yield high profits, VinaCapital will reinvest the proceeds in other projects, Don Lam, its chief executive officer and co-founder, said.

The Ho Chi Minh City-based VinaCapital Group is in asset management, investment banking, and real estate consulting.

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