The turmoil in Vietnam’s property sector continues, with creditors embroiled in a dispute with developer Novaland Investment Group Corp. after it failed to pay interest on a $300 million bond.
The company is committed to resolving the impasse with holders of its 2026 overseas convertible note in “a cooperative spirit, aiming to find optimal solutions that safeguard the interests of bondholders,” Novaland said Tuesday.
Novaland is one of Vietnam’s largest developers and has become a prominent example of real estate firms in the country late with bond payments, at a time when China’s property crisis is also showing signs of intensifying. “Novaland has proposed and is currently negotiating with the ad hoc group of bondholders on a debt restructuring plan that aligns with the company’s current financial capacity and the timeline for business recovery,” it said.
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