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Debt analysis on C.T Group?

Update: November, 04/2020 - 20:54

Amidst the COVID-19 pandemic, many large property developers have trillions or even hundreds of trillions of đồng worth of debts.

There have been some reports in the unofficial media that C.T Group has massive debts. But, as attested by the State Bank of Việt Nam’s Credit Information Centre, C.T Group is not only debt-free but has not had any debts in the last five years.

As an old conglomerate founded in 1992, C.T Group operates with an eco-system of five main industries: real estate, construction, finance, retail, and tourism.

Real estate is managed by C.T Land Joint Stock Company, which has an authorised capital of VNĐ4 trillion.

Research Unit: Việt Nam International Bank

Address: Floor 1 – 6 – 7, CornerStone, 16 Phan Chu Trinh Street, Hoan Kiem District, Ha Noi

Ticket No.:      3123123131

Time of request: 07:46 – 14/4/2020                            Time of delivery of report:  07:46 – 14/4/2020

1. CUSTOMER INFO

Customer Name:

C.T Group

CIC Code:

7900109475

Address:

60A Truong Son Street, Tan Binh District, HCM City

Tax Identification Number/Business Code:

0308469355

Business Registration Number/Investment permit:

0308469355

General Director (Director):

 

 

2. RESPONSE

The CIC database does not have any information about the customer’s borrowings and card debts in the last five years.

A translation of the Credit Information Centre showing C.T has had no debts in the last five years.          

An appraisal of 11 out of C.T Group’s 80 projects done by British company Colliers International showed that its total assets were worth over US$1 billion (VNĐ25 trillion).

The combined value of products that were sold but for which payments are due and products on sale currently is worth VNĐ11 trillion, much more than the total debts of C.T. Group’s subsidiaries.

The group has around 60 projects for launch in 2021, according to its executive board.

C.T Group uses Big 4 audit firms to audit subsidiaries that are to be listed soon.

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