Becamex IJC Buys 200 Green City Homes From Parent for VND 1,012B
This Aveluro analysis covers IJC (Becamex IJC) on HOSE in the Real Estate sector. The classified event type is m a announcement, with neutral sentiment and a deterministic market-impact score of 7.0/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Becamex IJC (ticker IJC, HOSE) approved a related-party contract to purchase 200 townhouses in the Green City Binh Duong project from its largest shareholder, Becamex Group, for more than VND 1,012 billion. Becamex Group holds 49.76% of IJC, making the transaction a related-party deal under Vietnamese disclosure rules. The purchase absorbs roughly 90% of the project’s advertised 222-unit first phase.
Key Facts
- Contract value after VAT: more than VND 1,012 billion, equivalent to roughly USD 40.5 million.
- 200 detached residential units across land plots G1, G3, G17, G19, G21, G22, G24 and G25 at Green City Binh Duong.
- Total land area of the 200 homes exceeds 28,791 sqm; built floor area is approximately 49,531 sqm.
- Average price works out to about VND 5 billion per unit if divided evenly.
- Green City Binh Duong spans roughly 18 hectares with about 1,394 units in total; the first phase offers 222 products, with handover expected from 2026.
- Becamex Group holds more than 313 million IJC shares, or 49.76% of capital, per IJC’s 2025 annual report.
- IJC reported H1 2026 consolidated after-tax profit of nearly VND 187 billion, up about 31% year on year.
What Happened
On 29 September, the board of Công ty CP Phát triển Hạ tầng Kỹ thuật (Becamex IJC) issued a resolution approving the purchase of homes from Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex – CTCP. Under the resolution, Becamex is the seller and Becamex IJC is the buyer. The assets are 200 detached houses at the Green City Binh Duong project, located in the Hòa Lợi resettlement area, Bình Dương ward, Hồ Chí Minh City.
The board authorised the General Director to negotiate and sign all 200 individual sale contracts, provided the total value stays within the approved limit. The General Director also has discretion over signing schedules, contract terms, appendices, handover minutes and related legal procedures. IJC classified the transaction as a related-party deal because Becamex Group is its largest shareholder. The filing does not disclose a payment schedule or the expected completion date for the individual contracts.
Market Context
IJC closed at 6,690 on 29 September 2026 on HOSE. The stock trades in the real estate sector, where sentiment has been shaped by the pace of residential absorption in industrial-adjacent provinces and by legal progress on project approvals. Bình Dương, now part of Hồ Chí Minh City’s expanded administrative boundary, remains one of the country’s most active industrial and residential corridors, and Green City sits within that footprint. The transaction size is meaningful relative to IJC’s H1 2026 profit of nearly VND 187 billion, though the accounting treatment of an inventory purchase differs from a revenue-generating sale.
Strategic Significance
The deal effectively transfers a large block of finished or near-finished housing inventory from the parent into the listed subsidiary, concentrating Green City’s first-phase supply on IJC’s balance sheet ahead of handover from 2026. For long-term investors, the key question is whether IJC is acquiring stock it can resell at a margin, or absorbing inventory to support the parent’s cash flow. The related-party label means the transaction will draw scrutiny on pricing fairness, particularly the roughly VND 5 billion per unit average, and on whether independent shareholders receive adequate disclosure. IJC’s 31% profit growth in H1 2026 gives it some capacity to carry the purchase, but the deal ties up capital in a single project.
What to Watch
- IJC’s next financial statements for disclosure of the payment schedule and inventory treatment of the 200 units.
- Any independent valuation or related-party transaction opinion filed with HOSE or the State Securities Commission.
- Green City Binh Duong handover progress from 2026 and resale pricing of the acquired units.
- Further related-party contracts with Becamex Group, given the parent’s 49.76% stake.
- Q3 2026 earnings, which will show whether real estate revenue continues to offset the capital deployed.