WHAT DOES HAI PHAT INVEST SAY ABOUT PROJECTS BEING MORTGAGED AT THE BANK?
The mortgage of assets in some projects of Hai Phat Invest is to develop for that project itself. Up to the present time, the company has received consensus from the bank in obtaining property mortgages, registering secured transactions and lifting the mortgage each piece of assets when making sales to customers.
Meeting investors in the third quarter of Hai Phat Invest (photo: MA)
At the meeting of investors in the third quarter, before the information of Hai Phat Investment JSC (Hai Phat Invest – Code: HPX) with projects being mortgaged at the bank, General Director Doan Hoa Thuan said that according to regulations of real estate business law and real estate projects, when carrying out sales, must carry out procedures to grant guarantee to homebuyers.
On the other hand, the Law on Credit Institutions requires that when lending to real estate investors, there must be secured assets. Collateral can be from the project itself, or other property of the investor.
Before lending, banks must evaluate the effectiveness of the project; financial capacity, project implementation experience of investors.
When deploying projects, Hai Phat Invest has loans at credit institutions and mortgages main assets as land and assets on the land of the project itself.
Mr. Thuan affirmed that the credit rating of the company at credit institutions is prestigious and said Hai Phat Invest strictly complied with the law.
When deploying loans, credit institutions have conducted rigorous appraisals and concurrently managed project cash flow and customer cash flow strictly. In fact Hai Phat Invet has done that process properly. Banks have provided the company with good credit limits and medium and long-term loans to implement the project.
Up to now, the company has received consensus from the bank in accepting property mortgages, registering secured transactions and disbursing each piece of assets when making sales to customers.
Mr. Thuan affirmed that there is no ambiguity in lending and mortgage procedures as well as lifting the mortage of assets with banks.
From the supervision, the bank has helped the company to manage the cash flow well, ensured customers’ revenue to the bank’s own bank account. At the same time, the project implementation time is ensured on schedule as there is a commitment to assure the bank.
On that basis, when making sells to homebuyers, Hai Phat Invest receives good feedback from customers on legal procedures and transparency of investors.
Besides, at the meeting, the leadership of Hai Phat Invest said that the progress of the projects of Hai Phat is being ensured, the last two quarters of the year the company can bring the after-tax profit of 280 billion VND. In there, the profit will mainly fall in the fourth quarter, when the company hand over real estate projects.
Currently, Hai Phat Invest has implemented 4 projects including The Vesta, Roman Plaza, Phu Luong new urban area and Trau Quy auction area with a total investment of over 9,600 billion VND.
In addition, joint ventures and subsidiaries are also implementing three other projects in Hanoi, HPC Landmark, Hanoi Homeland, Bea Sky with a total investment of 3,722 billion VND.
In there, according to the progress of The Vesta project, two buildings are expected to hand over in late 2018, early 2019.
For Roman Plaza project, the roof is finished and the interior is being completed and will be opened for sale on September 30th. The Trau Quy project is expected to hand over the house to customers before December 31, 2018.
