Cen Land plans to raise VND 620 billion through a private bond sale carrying a 12% annual coupon, leaning on shares in two businesses as security for the debt.
The real estate firm, listed as CRE, received board approval for the issuance, which targets a fourth quarter 2026 launch. The non-convertible notes come without warrants and rank as unsubordinated obligations of the issuer.
Under the approved structure, Cen Land will offer up to 6,200 bonds at VND 100 million each in a single tranche. The debt matures after three years.
The interest mechanism blends fixed and floating components. For the first two payment periods, investors collect a locked 12% annually. Later periods reset based on a base rate plus a supplementary margin.
Most of the proceeds, roughly VND 600 billion, go toward settling a short term debt with Binh Minh Housing Development Joint Stock Company. That three month loan comes due in the fourth quarter of 2026.
Another VND 20 billion will partially repay an VND 80 billion facility at MB Bank’s Dong Da branch. That six month credit line also matures late next year.
Collateral backing the bonds totals an estimated VND 1,374.3 billion. Cen Land pledges 21.9 million of its own shares in Thanh Dat VN Investment, valued at VND 416.8 billion. The package also includes 717,103 shares in Nhat Hang Construction and Trading Investment, owned by Dinh Thuy Duong and worth approximately VND 957.5 billion.
Meanwhile, Cen Land keeps reshaping its corporate structure. On October 7, the company greenlit a VND 10 billion capital contribution to establish CEN Hanoi Real Estate, a wholly owned subsidiary. The new unit will operate from The Golden Palm building on Le Van Luong Street and focus on real estate investment.
The Hanoi expansion follows a wave of divestments. Since mid July, Cen Land has exited three member companies: Pho Xanh Group on July 24, Cen Saigon Real Estate on August 17, and Cen Partnership Management by September 15.
Within roughly three months, the company has shuffled ownership across multiple subsidiaries while adding a fresh foothold in the capital.
