Indovina Bank Limited, Da Nang Branch (IVB Da Nang) has just announced the handling of collateral assets including 90 future apartments of the Hoi An Eco-Sports Resort project (also known as The Pearl Hoian - A Festa Hotel & Resort project) in Cam An ward, Hoi An city, Quang Nam province.

The project is invested by Tri Viet Quang Nam Joint Stock Company.

The above 90 apartments are collateral for a VND200 billion loan from 2018 of Quang Nam Real Estate Development Company Limited.

IVB said that during the implementation of the credit contract, the customer violated the debt repayment obligation as agreed.

IVB Da Nang has reminded and requested many times but up to now, the customer still has not paid the debt. Therefore, IVB Da Nang has transferred the entire customer's loan debt to overdue debt.

IVB is handling the collateral through auction to recover the debt. The total starting price of these 90 apartments is more than VND289 billion. However, the bank said it can sell each apartment individually.

The apartments range in size from 47.5 to 137.7 square metres, with starting prices ranging from VND2.47 to VND5.38 billion. The common apartment sizes are 63.5 square metres, 75.6 square metres and 137.7 square metres.

The apartment complex of the project consists of 4 apartment buildings with 218 apartments, located in the Hoi An Eco-Sports and Tourism Complex project, including 364 hotel rooms and 12 luxury villas. The project was completed and put into operation in 2019.

In addition to handling the above-mentioned collateral, IVB previously announced the seizure of collateral belonging to its customer, Hung Thinh Energy Development Investment Company Limited (Hung Thinh Company). The seizure will take place from August 2.

The reason is that Hung Thinh Company has violated its debt repayment obligations as well as violated the deadline for handing over secured assets. IVB Ben Thanh Branch announced the seizure of secured assets to handle bad debt recovery according to regulations.

The seized collateral is a white Mercedes GLC 300 car, HCMC license plate, according to the car registration certificate issued by the Traffic Police Department of HCMC Police in 2021 to Hung Thinh Energy Development Investment Company Limited.