A 3D-rendered image of the Song Da Riverside Project in Hiep Binh Phuoc Ward, Thu Duc District, HCM City. — Photo vietnambiz.vn

Quoc Cuong Gia Lai's (QCG) board of directors recently approved the sale of the firm's remaining 34 per cent shares of real estate firm Hiep Phuc JSC.

In April, QCG sold 56 per cent of Hiep Phuc JSC's share to LDG Group.

Hiep Phuc JSC, formerly known as An Vui International JSC, was founded in 2008. In 2017, QCG purchased 90 per cent shares of the firm and raised its charter capital from VND30 billion to VND650 billion (US$28 million).

The same year, Hiep Phuc bought the Song Da Riverside Project for nearly VND340 billion from ANI JSC with an initial agreement that the two firms co-develop the project with Hiep Phuc's contribution at 49 per cent.

Disputes among partners soon surfaced followed by a legal battle that lasted five years.

The 2.8-hectare Song Da Riverside located in Hiep Binh Phuoc Ward, Thu Duc District, HCM City was earmarked for an investment amount of more than VND1.3 trillion with five buildings, each with 25 floors, and a central square.

QCG has been reportedly putting up for sale shares from a number of real estate firms since the end of last year. — VNS