After two years of preparing to real estate investment, the Annual Shareholders' Meeting 2018 took place on February 12, the leaders of Hoang Huy Investment Financial Services JSC (Code: TCH) said they ready for the peak investment stage with the synchronization of a series of real estate projects in Hanoi and Hai Phong.

TCH Shareholders' Meeting has approved the procedures, transferred construction contracts as well as transaction agreement with related parties.

TCH Shareholders' Meeting 2018 took place in the afternoon of February 12

TCH has developed 5 real estate projects with 4 in Hai Phong and 1 project in Hanoi. It is noticeable that renovation and construction projects of the old and degraded buildings HH3 HH4 in Dong Quoc Binh Ward with transfer and construction value is VND 1,670 billion, which are completed procedures of investment preparation.

List of company’s real estate projects

The 5 projects with value of VND 5,000 billion performed by TCH in 2018

The project in No. 1 and 8 Chi Lang Street, Hai Phong (Hoang Huy Riverside) with total investment capital of VND 1,000 billion, which have been completed procedures of investment preparation. Construction project of commercial service area and housing in Kenh Duong Ward, Hai Phong City, which have been completed procedures of investment, total capital is Approximately VND 700 - 800 billion.

In addition, the 2 projects performed by TCH are 33-floor Gold Tower Building, No. 275 Nguyen Trai Street, Hanoi (capital is VND 800 billion); Renovation and re-construction of the old buildings U1, U2, U3 Le Loi, Hai Phong City (capital is VND 110 billion).

The company said the projects will be completed and put into operation in the next 2 - 3 years qualifying to accounting profit for the company.

Moreover, Mr. Do Huu Ha, Chairman of TCH Directors Board said "In addition to 5 above-mentioned projects performing in 2018, we will carry out more projects in the future. We have got more 10 large-scale projects in Hai Phong City. It is certain that the investment will be expanded in the future because TCH has won the bid and has got approval from Hai Phong City People's Committee for 15 Build-Transfer locations, suburban and some urban areas with advantage location".

"It is great opportunity for Hoang Huy to invest in real estate"

The unofficial announcement for reasons of simultaneous investment in real estate projects in 2018 by Hoang Huy, Mr. Nguyen Huy Duong - TCH Financial Director said "The two factors promote TCH's investment are an appropriate time and that we are one of the leaders in performing real estate in Hai Phong".

 
In 2016, the impressive growth of Hai Phong's GDP up to 14%, which is double to country’s GDP growth rate; industry-construction index also reaches a level of around 20%.

Source: Hai Phong Statistical Office

Be asked whether there are difficulties in performance because Hoang Huy is a new trademark in real estate, Mr. Nguyen Huy Duong said "Hoang Huy is not a new face in this field with evidence is that the company has implemented a number of projects in Hanoi since 2010. In Hai Phong, the Pruska Town project has been done well. The difficulty is the brand because Hoang Huy is not famous as Vingroup or Green Land. However, the company is confident in their own advantages".

Mr. Duong also said that Hoang Huy's development strategy for real estate has long been considered by the company's management board. In previous years, when the automobile market grew rapidly, the company focused on this field and did not focus on real estate development. Through operation with a fast turnaround in car business, TCH accumulated huge capital. The TCH’s strategy depends on each period that according to Mr. Do Huu Ha said "It is great opportunity for Hoang Huy to invest in real estate".

For currency resource, Mr. Duong said "we do not worry about the capital because TCH has a abundant source, furthermore, the TCH’s projects are land projects with faster turnaround, in about 3 years".

There are some projects having inflow in 1 - 2 years. For instance, Hoang Huy Riverside project could have inflow in this year; therefore, we do not worry about. In addition, in case lack of money we could loan".

It is expected to purchase up to 20 million treasury shares in 2018

THC Shareholders' Meeting has agreed with plan to repurchase maximum 20 million treasury shares in 2018 by two stages, repurchase 10 million treasury shares in each stage by transaction and auction.

The capital is taken from undistributed profits after tax at as March 31 and September 30, 2018.

The expected transaction period is within 30 days after getting approval of State Securities Committee.

On November 18, 2017, Board of Directors approved the plan to purchase 11 million shares. From December 8, 2017 to January 5, 2018 the company has completed acquisition of more than 9.7 million shares, which is less than registered number due to insufficient transaction time.

Bach Moc