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Mr.Phat Dat sold the River City to Van Thinh Phat

Mr. Nguyen Van Dat, Chairman of Phat Dat Real Estate Development Joint Stock Company

The rumors of Phat Dat’s acquisition of the River City project for Van Thinh Phat once again broke out in recent days. Exchanging with VietnamFinance on 27 September , Chairman Nguyen Dat Dat once again denied this information.

“All of them are unfounded rumors.” We have no agreement with Van Thinh Phat in the River City deal, “Dat said. Before rumors surfaced that the deal had been completed but had not been announced, the business leader said it was not responsible for unfounded sources. Mr. Dat also did not share more about the upcoming strategy for the project “crisis” is considered the “heel Asin” of the group.

Mr. Nguyen Van Dat, Chairman of Phat Dat Real Estate Development Joint Stock Company
Mr. Nguyen Van Dat, Chairman of Phat Dat Real Estate Development Joint Stock Company

River City, formerly known as The Everich 2 of Phat Dat in District 7, Hochiminh City, started construction in July 2010, is a super project expected to bring Phat Dat into the new real estate market. . However, after the construction, the project was stagnant, cover for many years. Phat Dat experienced a difficult period with debt swindles at DongA Bank.

In May 2016, the joint venture Creed Group (Japan – An Gia) announced the acquisition of the project by M & A “crisis”, pouring up to $ 500 million to revitalize the project, renamed River City with 8,000 apartments.

However, the deal is also expected to break the line as early as 2017, the venture announced a suspension of sales to change the design and new business strategy. Official announcement from the investor, will spend 400 billion compensation for about 1,000 customers have bought apartments in the project.

With the rejection of the project transfer to Van Thinh Phat of Phat Dat, the fate of the River City super project has not solved

More information that Phat Dat implicitly received a portion of money from Van Thinh Phat to pay for customers. And the announcement of the River City M & A deal is just waiting for time because of some problems and complaints from customers. Mr. Nguyen Van Dat has denied this.

The rumors at that time pushed the stock of Phat Dat (HoSE: PDR) from VND13,000 / share to VND27,000 / share in May 2017. After a period of slowdown and slope, recently, the stock of this business has “resurrected” with impressive growth and exceeded the threshold of 30 thousand per share. Coincident with the time rumored rumors of the River City deal.

With 135.7 million shares of PDR owns, equivalent to VND4.147 billion, Mr. Dat returned to the top 10 richest people on the stock market. Answering the question of VietnamFinance about the “attractiveness” of PDR shares in recent times, Mr. Dat explained that is the normal fluctuation of the stock market.

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