Van Thinh Phat chairwoman's husband sells off assets

By Dat Nguyen August 22, 2023 | 10:41 pm PT

A general view of buildings in Hong Kong, China July 13, 2021. Photo by Reuters/Tyrone Siu

Hong Kong tycoon Eric Chu, husband of Van Thinh Phat chairwoman Truong My Lan, has sold US$127.6 million worth of properties since her arrest in Vietnam last year.

He has been offloading luxury apartments and a hotel in Hong Kong, accepting losses in some of the transactions, Bloomberg reported.

In June, he sold a hotel at a 50% loss and a project under construction at 39% less than his purchase price.

Chu and his wife own real estate assets worth around $1 billion.

Lan was arrested in October last year for alleged fraud related to issuance and trading of bonds worth trillions of dong (VND1 trillion = $41.87 million).

She established Van Thinh Phat in 1992 as a restaurant and hotel operator before moving into property development.

The company has many projects in prime locations in Ho Chi Minh City.