Hodeco (HDC) to Divest Hodeco Seavillage Project for VND 1,050 Billion

Overview

Hodeco (ticker HDC, listed on the Ho Chi Minh City Stock Exchange) announced a resolution approving the principle of transferring its entire Hodeco Seavillage project in Ho Chi Minh City for VND 1,050 billion. The company also disclosed early repurchases of portions of two bond lots and a share purchase by its CEO, Le Viet Lien, who raised his ownership to 3.8% of capital.

Key Facts

• Hodeco Seavillage transfer value: VND 1,050 billion (approximately USD 42 million), per the company’s board resolution.
• Project scale: 2.58 hectares comprising 132 commercial apartments, 795 hotel apartments, and 39 townhouses.
• Location: fronting the 3/2 route, Rach Dua ward, Ho Chi Minh City.
• Bond lot HDC12502: partial early buyback on 4 September 2026 at nearly VND 105.3 million per bond, totaling over VND 6.3 billion; outstanding value reduced to VND 294 billion from a VND 300 billion issuance.
• Bond lot HDC12501: partial early buyback on 27 August 2026 at nearly VND 105.5 million per bond, totaling over VND 31 billion; outstanding value reduced to VND 170.6 billion from a VND 200 billion issuance.
• CEO Le Viet Lien bought 300,000 HDC shares between 30 July and 27 August 2026, lifting his holding from over 8.4 million to over 8.7 million shares, or 3.67% to 3.8%.
• Both bond lots carry three-year tenors, maturing in August and September 2028.

What Happened

Hodeco (Phát triển Nhà Bà Rịa - Vũng Tàu) issued a board resolution approving the transfer of the entire Khu nhà ở phía Đông đường 3/2 project, commercially known as Hodeco Seavillage. The resolution authorizes the Chairman and/or the General Director to direct and organize all related work to complete the transfer in accordance with regulations. The stated transaction value is VND 1,050 billion. The buyer was not identified in the disclosure.

Separately, the company reported early repurchases of portions of two bond lots. On 4 September 2026, it bought back part of lot HDC12502 at nearly VND 105.3 million per bond, equivalent to over VND 6.3 billion, leaving VND 294 billion outstanding from the original VND 300 billion issue. Earlier, on 27 August 2026, it repurchased part of lot HDC12501 at nearly VND 105.5 million per bond, or over VND 31 billion, reducing that lot’s outstanding value to VND 170.6 billion from VND 200 billion. Both lots were issued in 2025 with three-year tenors.

Market Context

HDC closed at VND 11,800 on 22 September 2026. The stock trades on HOSE within the real estate sector, which has faced persistent funding and liquidity pressures as developers work through inventory and refinance maturing debt. The Seavillage divestment, if completed, would convert a development asset into cash, while the bond buybacks reduce near-term obligations. The CEO’s on-market purchase adds an insider signal at a time when the shares sit at a low absolute price.

Strategic Significance

The transaction would allow Hodeco to monetize a mixed-use project in Ho Chi Minh City without carrying it through the full development and sales cycle, freeing capital for other uses or debt reduction. Combined with the partial bond repurchases, the moves point to a balance-sheet-first posture rather than aggressive expansion. For long-term investors, the key question is whether the proceeds are redeployed into higher-return land bank or used to retire obligations, and whether the transfer price reflects the project’s full gross development value. The CEO’s increased stake aligns management with that outcome.

What to Watch

• Disclosure of the buyer’s identity and the payment schedule for the VND 1,050 billion transfer.
• Completion status of the project transfer and any shareholder or regulatory approvals required.
• Further bond repurchase announcements for lots HDC12501 and HDC12502 ahead of their 2028 maturities.
• Q3 2026 earnings release for updated cash position and debt levels.
• Any additional management or insider share transactions following the CEO’s August purchase.