Novaland signs dozens of contracts and memorandums for asset liquidation worth 28.38 trillion VND

Novaland (Novaland Investment Group) recently reported its financial results, recording a net revenue of 120.9 billion VND, a 33.8% increase year-on-year, and a net profit of 379 billion VND, compared to a loss of over 2.49 trillion VND last year due to capital transfer activities and reduced financial costs. The company announced a plan to liquidate assets worth 28.38 trillion VND, successfully selling 7 assets and collecting 13.506 trillion VND, signing principle contracts for 5 assets valued at 7.667 trillion VND, and making arrangements with various other assets. To address its financial difficulties, the group is restructuring debts worth 14.484 trillion VND and securing a credit limit of 15.050 trillion VND from banks. Additionally, the largest provision of 4.37 trillion VND related to financial obligations for the Lakeview City project is under review by authorities.