BINH DUONG (ABC News) How to sell a property in Binh Quang province for $40 million and then buy it back for $1.5 million?
If you are Kim Ounh, you are not a millionaire.
But you are a property developer and Binh Dong Land Development Group is one of the few in Vietnam to have a real estate license.
Binong Dong has more than 4,000 properties under construction and plans to add another 2,000 over the next three years.
Kim Oanhh said he started his real estate business in the late 1990s after his wife died.
“I thought I would be able to make money out of my business, but I did not,” he said.
The property was bought for $2.6 million in 2003.
Then, Kim Oansh found out it was not legal to buy the property without a license, so he got a license in 2007.
He was able to purchase the property from a group of land brokers for $7.2 million in 2012.
In the next few years, Kim had the property appraised and the value rose from $2 million to $4.8 million.
Now, the land is being redeveloped into a 1,000-room hotel.
A year ago, Kim was contacted by Binh Dongs Land Development.
They were looking for an investor for a land project in Binti Quang Province, so Kim bought the land from a land broker for $5.6 billion.
At the time, Binhdong Land Development was worth $8.6 to $12 billion.