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Property firm Hoang Quan boss says company will not go under

Update: April, 28/2012 - 08:56

HCM CITY — Real estate developer Hoang Quan (HQC) has denied rumours of its impending bankruptcy.

The company merely moved its headquarters to reduce operating costs, asserted deputy director Le Trong Ngoc. HQC's short-term assets currently total VND1.6 trillion (US$76 million), while short-term debts have hit VND1.9 trillion ($90.4 million), mostly owed to affiliates and key personnel. HQC also said yesterday that it would issue 200,000 convertible bonds by the end of this year with a par value of VND1 million ($47.6) and a two-year term.-VNS

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