Binh Quong, the largest property developer in Vietnam, is reportedly going to sell its Binh Deong business to an investment group led by an American billionaire.
According to the Associated Press, Binh duong’s real estate development unit has been under fire since last year for allegedly failing to properly account for more than $400 million in real estate and real estate related expenses over several years.
According the AP, the investment group has been set to acquire the property for $50 million, but will only have to pay $50,000 per month in rent and other operating costs.
Binh quong said in a statement it was “pleased to see this project continue.”
It remains unclear how Binh deong’s business will be managed by BinhQuong, but the company said in an emailed statement that it will “provide services that will support the Binhdeong family, and for this, we will be paying an appropriate share of the expenses.”
Binrong deong is the eldest son of the late founder of BinhDuong, Binhan Duong.
Binhan duong died in 2012, and his son Binh Dinh Duow died in 2014.
Binhua Duong is also the current chairman of Binhua Group.