Hoan Cau Group sells $4 billion resort project to new investor

By Nguyen Ha   August 11, 2019 | 06:02 pm PT
Hoan Cau Group sells $4 billion resort project to new investor
A swimming pool at Diamond Bay Resort & Spa, Nha Trang. Photo by Shutterstock/Aleksander Karpenko.
Multi-sector investor Hoan Cau Group has sold its $4 billion Diamond Bay resort project in Nha Trang to real estate developer Sunshine Group.

The 300-ha resort in the southern coastal town, currently the group’s largest development project, has been completely transferred to Sunshine Group for an undisclosed fee, a source told VnExpress.

The newly registered general director and legal representative for Hoan Cau Nha Trang is Do Thi Hong Nhung, general director of Sunshine Sai Gon, a subsidiary of Sunshine Group, in place of Tran Ngoc Nhat, a long-time executive of Hoan Cau Group.

According to plans previously announced by Hoan Cau Group, Diamond Bay will have 15 resorts, over 15,000 hotel rooms and serviced apartments, 4,000 sea villas with golf courses, malls, hospitals, and other recreational facilities.

So far, only parts of the project’s condotel, golf course, and villas have been constructed. The project began construction in January 2014.

Sunshine Group has blazed a trail in the real estate sector with its rapid growth. Established in March 2016 with a charter capital of VND300 billion ($13 million), the company has grown nearly 30 times to have a charter capital of VND8.54 trillion ($368 million) and total assets of 10.92 trillion ($471 million) by July 2018.

At the end of 2018, Sunshine Group issued VND10 trillion ($431 million) in corporate bonds to raise capital for its projects. It is the investor of Sunshine Marina Nha Trang Bay, a VND8.7 trillion ($375 million) condotel project.

Hoan Cau Group invests primarily in real estate and banking, with around 40 subsidiaries. It was founded by the late businesswoman Tran Thi Tu Huong, also the founder of Nam A Bank. She died in 2017.

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