HCMC – Real estate developer Hung Thinh Corporation has denied rumors that the firm is paying salaries by real estate vouchers.
An image of a document that went viral on social media showed that part of the employees’ salaries of Hung Thinh Corporation and its affiliated companies would be paid in the form of real estate vouchers from January.
Hung Thinh told the news site at Congthuong.vn that while a financial crunch is being faced by all real estate firms, the company does not have such a pay policy and still pays its staff in cash.
In its financial statements for the fiscal 2022 fourth quarter, the firm posted over VND1.2 trillion in net revenue for the fourth quarter alone and VND5.4 trillion for the whole year, achieving 73% of its full-year target.
Real estate liquidity problems have forced enterprises in the sector to change business plans, downsize and shelve investment activities, projects and initial public offering plans, said Le Hoang Chau, chairman of the HCMC Real Estate Association.