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GEM invests $20m in Hoang Quan group
US investment fund Global Emerging Markets (GEM) has signed an agreement to invest US$20 million in Hoang Quan Group, one of Viet Nam's leading real estate investment and business groups.
The agreement was signed in New York on July 1 on the sidelines of an investment promotion conference held by the Finance Ministry, entitled "My Viet Nam – Your Investment Destination."
Under the agreement, the investment will be used for purchasing Hoang Quan's shares within 30 months from the signing date.
Speaking at the signing ceremony, GEM President and CEO Christopher F Brown noted that GEM had been interested in the investments and business activities of Hoang Quan Group for a long time and was particularly impressed with the group's leading role in developing social housing projects in Viet Nam.
He said he believed that the social housing segment will grow stronger in the future, encouraged by the Vietnamese Government's social security programmes.
Hoang Quan Group's Chairman and CEO Truong Anh Tuan remarked that the agreement with GEM was one of the milestones in attracting foreign investments to the company in particular and other businesses in the securities market of Viet Nam in general.
The group will use this investment to implement and develop its current and future social housing projects, he added.
GEM is the third international investor to partner with Hoang Quan over the past year, after LG Vietnam and Huyndai Elevator.
GEM is a $3.4 billion alternative investment group that manages investment vehicles focusing on emerging markets across the world. It has investments in 305 companies across 65 countries.
Established in 2000, Hoang Quan Group has become a leading real estate investment and business group in Viet Nam. Hoang Quan is the pioneer company in the social housing construction and development sector in the South, with a series of large-scale projects in localities such as Ho Chi Minh City, Can Tho, and Nha Trang.
This year, the company plans to implement 15 projects in 12 provinces and cities and execute some of the large, key social housing projects such as HQC Plaza and HQC Hoc Mon in HCM City and Tuong Thach residential area in Can Tho.
In addition to establishing itself in the real estate sector, Hoang Quan is also enhancing its investments in the education and finance sectors.
Hoang Quan Group currently has 16 member companies and 14 branches and transaction offices nationwide.
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