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Quoc Cuong Gia Lai real estate developer vows to settle debts

Update: April, 28/2012 - 08:55

HCM CITY — The chairwoman of real estate developer Quoc Cuong Gia Lai (QCG), Nguyen Thi Nhu Loan, told company shareholders on Thursday that QCG would be able to settle all of its long-term debt this year, estimated at VND1 trillion (US$47.6 million). The company has already received preferential financing from the Viet Nam Development Bank at a rate of 7.6 per cent for a 12-year-term on one project. In addition, it hoped to generate VND620 billion ($29.5 million) from selling half of its interest in another project. QCG plummeted to its floor price of VND12,600 during yesterday's session. QCG also operates in hydropower and rubber plantations.-VNS

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