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Sunday, June 23, 2024

Debt analysis on C.T Group?

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Amidst the COVID-19 pandemic, many large property developers have trillions or even hundreds of trillions of dong worth of debts.

There have been some reports in the unofficial medias that C.T Group has massive debts. But, as attested by the State Bank of VietNam’s Credit Information Centre, C.T Group is not only debt-free but has not had any debts in the last five years.

As an old conglomerate founded in 1992, C.T Group operates with an eco-system of five main industries: real estate, construction, finance, retail, and tourism.

A screenshot showing CIC’s database confirming that C.T Group has no outstanding debt.

An appraisal of 11 out of C.T Group’s 80 projects done by British company Colliers International showed that its total assets were worth over US$1 billion (VND25 trillion).

The combined value of products that were sold but for which payments are due and products on sale currently is worth VND11 trillion, much more than the total debts of C.T. Group’s subsidiaries.

The group has around 60 projects for launch in 2021, according to its executive board.

C.T Group uses Big 4 audit firms to audit subsidiaries that are to be listed soon.

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