FLC sells headquarters for $80 mln

By Dat Nguyen October 24, 2022 | 02:18 am PT

The logo of FLC is removed from its former headquarters in Cau Giay District, Hanoi as pictured in May 2022. Photo by VnExpress/Minh Son

FLC has sold its headquarters in Hanoi, known as Bamboo Airways Building, to private firm Gateway Hanoi for VND2 trillion ($80.53 million).

The 38-floor building, located on 265 Cau Giay Road in Cau Giay District, opened in 2019. FLC used the building as collateral for its debts in 2000 to lender OCB.

The bank took over the building at the end of 2020 and let FLC rent a part of it.

But FLC in June this year said it would buy back the building from the bank.

Gateway Hanoi is based in District 1, Ho Chi Minh City. It is registered as a property developer, construction and consultancy firm.

Lenders OCB and BIDV have been seizing FLC-related assets recently to recollect their loans after the company entered major financial and structural difficulties as its leaders, including former chairman Trinh Van Quyet, were arrested in March and April due to alleged stock manipulation.