This disbursement to Novaland is a positive sign in the current real estate market beset by the COVID-19 epidemic, with many developers suffering from difficulties in project approval and administrative procedures. Financial capacity consolidation At a time when the world financial market is in turmoil, the continued disbursement by international investors to the Vietnamese developer is keeping faith alive in the Vietnamese real estate market. Novaland Investment Group Corporation (Novaland), a leading real estate developer in Vietnam, is one of the few domestic developers who are receiving active co-operation from international financial institutions. This group has received the second disbursement of $101 million from its $250 million inaugural syndicated secured term loan facility. Novaland had previously received the first disbursement of $149 million of this facility in the fourth quarter of 2019. Credit Suisse AG (Singapore) is the Original Mandated Lead Arranger and Bookrunner (OMLAB) of the transaction. The facility was over subscribed by a number of leading international commercial banks, an endorsement of Novaland’s solid business growth. As a result of the strong interest, the facility was upsized from its original $150 million target to $250 million. The facility supports the execution of Novaland’s further business development, including the… Read full this story
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