Alibaba Real Estate Raised Chartered Capital ‘Abnormally’

According to HoREA, after one year, the charter capital of Alibaba Real Estate has jumped from VND1 billion to 1.6 billion.

The above data has been reported by Ho Chi Minh City Real Estate Association (HoREA) in the report on the business activities of Alibaba Real Estate Joint Stock Company and Northwest Alibaba Joint Stock Company in the evening 16 November.

According to HoREA, the total chartered capital of Alibaba Real Estate Company was contributed by three shareholders including Nguyen Thai Linh – Director and legal representative, contributing 10% of charter capital; Mr. Nguyen Thai Luyen, accounting for 80% of charter capital and Mrs. Vo Thi Thanh Mai, contributes 10% of charter capital.

Caution with abnormal increases

Mr. Le Hoang Chau, Chairman of HoREA, questioned the amount of charter capital is too large, do not know the shareholders have contributed enough capital or not, do not know the business results and tax finalization in 2016?

Alibaba Real Estate Joint Stock Company registered a chartered capital of VND1,600 billion is unusual for a startup company in the real estate market. “In comparison with the largest real estate corporations in Vietnam over many years, only one corporation has chartered capital of over 19 trillion Dongs and the next three conglomerates have the charter capital of only VND 8,000 billion, as of 2016 “- HoREA cited.

Alibaba urban area project in North West of Cu Chi is a project that is being proposed by the Tay Bac Urban Area Authority.

Another abnormal is Alibaba Northwest Joint Stock Company in Ho Chi Minh City on October 12, 2017 with chartered capital of VND 12,000 billion and registration of capital contribution in cash, not registering for capital contribution by a property.

According to Chau, the Enterprise Law is now open, but may have loopholes, loose, easy to exploit, maybe even fraudulent purpose. Such “accelerated capital” increase should be supervised and checked by the competent authorities in order to avoid the case where the enterprise takes advantage of the “enterprise registration certificate” to record large amounts of charter capital to deceive customers and partners.

Buyers are white

To say more, it is on the website of Alibaba Real Estate Joint Stock Company announced 10 projects subdivision sold by the company as the investor but not true. In the “land” project the company announces that the project is owned by another investor; Having “project” not yet approved by the competent State agency.

The typical example is the Marine City project in Cua Lap, Phuoc Tinh Commune, Long Dien District, Ba Ria-Vung Tau with about 1,000 townhouses and villas belonging to Nam Hai Construction Company.

Alibaba Real Estate Joint Stock Company registered a chartered capital of VND1,600 billion is unusual for a startup company in the real estate market.

For Alibaba projects in Long Phuoc 1, 2, 3, 4, 5 …, the Department of Natural Resources and Environment of Long Thanh district has identified no projects owned by Alibaba Real Estate Company in Long Thanh District, Dong Nai.

Alibaba urban area project in North West of Cu Chi is a project that is being proposed by the Tay Bac Urban Area Authority. However, Alibaba Northwest Joint Stock Company and Alibaba Real Estate Joint Stock Company all claim themselves as investors of this urban area, open 1,000 sales floors and illegally mobilize capital with a “voucher” deposit 50 million / platform.

In the current situation, the association recommends the Prime Minister to direct the ministries and branches to review the legal provisions of the Enterprise Law; The Civil Code is compatible with the Law on Real Estate Business. Therefore, in order to ensure the uniformity of the legal system, to avoid loopholes, loosening and lack of coordination, creating opportunities for bad guys and some enterprises to take advantage of illegally mobilizing capital when selling real estate formatted in the future as happened in the past.

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