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Japan fund partners with local property firm
The Saigon Times Daily
Tuesday,  Jul 28, 2015,22:39 (GMT+7)

Japan fund partners with local property firm

The Saigon Times Daily

HCMC – Japan’s investment fund Creed Group has struck a cooperation agreement with An Gia Investment to invest US$200 million in the local firm and its property projects.

The fund will use the amount to own a stake in An Gia Investment and invest in housing projects to be developed in HCMC meeting Japanese quality standards. 

Nguyen Ba Sang, chairman and general director of An Gia Investment, was cited by Vietnam News Agency as saying that the partnership with Creed Group would provide an additional strong source of financing for the firm to implement property projects.

An Gia plans to build around 2,000 mid- and high-end homes for the local market annually and spend US$1 billion constructing some 10,000 high-end apartment units in HCMC towards 2020.

An Gia is now carrying out four projects worth nearly VND3 trillion in total with 2,000 apartment units. Besides, the firm is negotiating to buy ten land lots in districts 4, 2, 7 and Tan Binh for its future projects.

Toshihiko Muneyoshi, president of Creed Group, said the fund decided to invest US$200 million in An Gia after one year of consideration as the local firm met its business criteria for effective implementation of projects, quick sales, and young and active staff. 

“This is just the first step of our partnership. If the Vietnamese property market grows well, Creed Group will inject hundreds of millions of dollars more in An Gia,” he said.

According to Muneyoshi, Vietnam’s increasing integration into regional and global economies and its forthcoming signing of the Trans-Pacific Partnership would create more business opportunities and help attract more international investors to the country. Vietnam has a young population, mainly in urban areas, but housing supplies are limited. Besides, the revised housing law has made it easier for foreigners to own homes, thus stimulating demand in the sector.

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