VietinBank (Gia Lai Branch) has announced an auction for a debt of 434 billion VND owed by Duc Long Dung Quat Co., a member of Duc Long Gia Lai Group. The debt arose from a credit contract in 2016 and consists of 277 billion VND principal and 157 billion VND interest. The starting price for the auction is nearly 280 billion VND, equivalent to the principal. The secured assets include rights related to the My Khe Duc Long Hotel project in Da Nang and an 88% stake in Duc Long Dung Quat. This company was established in 2005, located in Nam Chu Lai Industrial Section, Da Nang. Duc Long Gia Lai Group is currently facing financial difficulties with several real estate projects delayed.
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