Eximbank creates real estate development arm

21/01/2008 -- 3:25 PM

HCM City (VNA) – Eximbank Viet Nam opened a real estate joint-stock company called Eximland. Other founding members include furniture maker and real estate developer Savimex, as well as Saigontourist, Rong Viet Securities Company and Nha Vui Architecture and Construction Company. The company has initial chartered capital of 300 billion VND (18.8 million USD). Eximbank plans to kick off construction for two villa projects totalling 150 units, in HCM City and Ba Ria-Vung Tau province, later this year. Chairman Pham Huu Phu said his company would join hands with Eximbank to develop the bank’s headquarters and offices in HCM City and other cities and provinces. Investment in developing hotels in the city’s downtown, as well as office-apartment and trading complex projects is one of the company’s main activities. In the long term, Eximbank will set up a property investment fund that will specialise in housing development targeting average income-earners. During the inauguration ceremony, Eximland signed cooperation agreements with strategic partners including the Sai Gon General Trading Corp (Satra), Phong Phu Corp and Housing and Urban Development Corp (HUD).-Enditem
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