Japanese firms invest in Nam Long subsidiary

Tuesday, Apr 19, 2016 09:44

HCM CITY (Biz Hub) — Two Japanese companies, Hankyu Realty and Nishi Nippon Railroad, are set to buy stakes of 25 per cent each in an subsidiary of property giant Nam Long Investment Company.

The price of the deal was not disclosed. ASPL – PLB Nam Long company has a chartered capital of VND738 billion (US$33 million).

The company will begin work on its VND1.3 trillion Fuji Residence later this quarter on 5.38ha of land in HCM City's District 9.

Its 84 villas and almost 800 apartments will be handed over to buyers at the end of 2018.

The Japanese companies have also joined hands with NLG for a bigger housing project — Flora Anh Dao also in District 9 — and Toshihiro Matsuo, director of Nishi's residential business, expects to co-operate for more projects. — VNS

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