Thanh Cong Textile maker sets sights on real estate, securities business

Monday, April 28, 2008
The Thanh Cong Textile Garment-Investment-Trading Joint Stock Company (TCM) which is listed on the HCM City Stock Exchange plans to expand its business into real estate and securities brokerage.

Chairman Dinh Cong Hung announced at last week’s shareholder meeting that construction of the Thanh Cong Tower apartment complex would begin on a 10,000sq.m. plot in Ho Chi Minh City ’s Tan Phu district before June.

Also in Tan Phu district, the construction of the 6.4ha Thanh Cong Tower 2 is set to begin next year. It will include houses, a vocational training school, a conference centre, office buildings and a cultural centre.

Other residential projects are in the works, including Thanh Cong Tower 3 in district 4, Bui Huu Nghia apartment building in district 5 and a 20ha service and commercial area in the northern Bac Ninh province.

Based in HCM City , TCM is cooperating with several partners on a 200ha industrial park and a 3ha residential area in neighbouring Long An province, a 17ha bonded warehouse at Phu My Port in Ba Ria – Vung Tau province and a 10ha resort in the coastal province of Phan Thiet .

The Thanh Cong General Clinic, on Thanh Cong Tower 2’s grounds, will begin operation later this quarter It is capable of receiving 1,000 patients a day.

In May, Thanh Cong Securities company will become a trading member of the HCM City Stock Exchange.

The company intends to issue 10 million convertible bonds with a face value of 100,000 VND each to raise funds for its real estate projects this year alone. (VNA)