|Japan's Creed Group signs a comprehensive co-operation contract with An Gia Investment in HCM City on July 26. — Photo cafeland
HCM CITY (VNS) — Japan's Creed Group, a real estate firm specialising in principal investment and property development, has signed a comprehensive investment co-operation contract with An Gia Real Estate Investment and Development JSC.
Under the contract signed on July 26 in HCM City, the Creed Group will spend US$200 million to purchase An Gia shares and advance loans to the firm to buy housing projects with the aim of building Japanese-quality houses in HCM City.
The Creed Group will also transfer technology in real estate development, as well as real estate development experience and opportunities to An Gia.
An Gia Investment CEO Nguyen Ba Sang said the contract would offer the company a strong financial backing to implement real estate projects.
An Gia plans to build 2,000 superior-quality apartments each year, targeting 10,000 units by 2020, with a total investment of $1 billion.
The company is currently implementing four projects, worth nearly VND3 trillion ($137.4 million), to provide 2,000 apartments to the market, and is negotiating the purchase of 10 plots in the centre of HCM City.
Founder and Managing Director of Creed Group Toshihiko Muneyoshi said this was just the first step in their bilateral co-operation.
If the Vietnamese property market grew well, the Creed Group would pump additional hundreds of millions of US dollar into An Gia, he said.
He said Viet Nam's economy has integrated deeply, while the government was going to finalise Trans-Pacific Partnership negotiations, thus opening more opportunities to draw large investors from across the world.
Viet Nam's young population was mostly concentrated in urban areas, while housing funds were limited, he said, adding that Viet Nam's regulations relating to land had become more open, creating opportunities for foreigners to buy houses and opening investment opportunities for both domestic and foreign investors. — VNS