Novaland Plans Share Sale, New Loans to Ease Cash Crunch
- Developer has repaid some of its creditors using properties
- It plans to sell assets, convert debt into shares in projects
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Novaland Investment Group, among Vietnam’s largest real estate developers, is planning to sell shares and increase borrowings after securing bondholders’ approval to restructure $300 million of notes to address a liquidity crunch.
The Ho Chi Minh City-based builder aims to raise almost 28 trillion dong ($1.11 billion) this year from loans and equity sales to boost available cash, Chief Executive Officer Ng Teck Yow said in an interview before the annual shareholders’ meeting.