Novaland (NVL) Sells Four Assets Worth VND 11,266 Billion as Capital Tightens

Overview

Novaland (HOSE: NVL) reported in its reviewed H1 2026 consolidated financial statements that it has sold four assets for a combined VND 11,266 billion, part of a VND 15,617 billion asset-liquidation plan aimed at repaying debt. Hai Phat Investment (HNX: HPX) separately approved the sale of its wholly owned subsidiary Heritage Vietnam Real Estate, the developer of a 39.58-hectare resort project in Huế. The transactions illustrate how Vietnamese developers are funding themselves through disposals rather than new project launches as credit access stays tight.

Key Facts

• Novaland sold four assets with a total value of VND 11,266 billion, against a planned liquidation programme of VND 15,617 billion.
• NVL has signed preliminary agreements to sell four further assets worth VND 3,931 billion, including one asset valued at VND 420 billion for which it has received buyer offer letters.
• Novaland management expects to complete the remaining transactions within 12 months of the reporting date; the filing does not name the assets, their locations or the buyers.
• Saigonres transferred the Phú Định Riverside commercial housing project in Hồ Chí Minh City for VND 245 billion at the end of August; the project has total investment of VND 336 billion, 2,104 sqm of land and 169 apartments.
• Saigonres carried VND 183 billion of work-in-progress costs on Phú Định Riverside as of end-June, up more than VND 17 billion from the start of the year.
• Hai Phat (HPX) approved the sale of Heritage Vietnam Real Estate, into which it had invested VND 250 billion as of 30 June, representing 100% of charter capital.
• Heritage Vietnam is the developer of the Vinh Mỹ resort tourism project in Huế, with total investment capital of more than VND 1,656 billion.

What Happened

Novaland’s reviewed H1 2026 consolidated financial statements disclose that the group has disposed of four assets for VND 11,266 billion, with binding preliminary contracts signed on a further four assets valued at VND 3,931 billion. The report does not identify the assets, their locations or the counterparties. The board expects the remaining transactions to close within 12 months of the reporting date, and management frames the disposals as one of several measures to maintain liquidity.

Hai Phat Investment approved the sale of its 100%-owned subsidiary Heritage Vietnam Real Estate, an indirect divestment of the Vinh Mỹ resort project in Huế. Saigonres, meanwhile, transferred its Phú Định Riverside project in Hồ Chí Minh City for VND 245 billion, stating the move supports a review and restructuring of its investment portfolio toward larger, longer-duration projects. The buyer will continue developing the project, which broke ground in early August 2025 and is scheduled for handover in Q3 2027.

Market Context

NVL closed at VND 11,050 on 28 September 2026 on HOSE, while HPX closed at VND 4,030 on HNX. Both tickers sit in the real estate sector, which has been pressured by elevated construction input costs and tighter capital access. JLL Vietnam attributes the shift toward acquiring existing, legally completed assets rather than greenfield development to these conditions, a dynamic that is pushing developers to monetise balance-sheet assets to service debt.

Strategic Significance

For Novaland, the disposals convert illiquid project interests into cash against a stated debt-repayment objective, but the VND 11,266 billion completed against a VND 15,617 billion target leaves roughly VND 4,351 billion still to be executed, and the filing offers no visibility on asset quality or pricing relative to book value. For Hai Phat, exiting Heritage Vietnam removes a VND 1,656 billion committed project from the balance sheet and releases the VND 250 billion invested, trading long-term development upside for near-term liquidity. The common thread is that capital discipline, not land banking, now determines which developers can hold assets through the cycle.

What to Watch

• Novaland’s progress on the remaining VND 4,351 billion of asset sales and whether the 12-month completion window holds.
• Any disclosure of the identity, location or buyer of the four sold assets and the four under preliminary contract.
• Hai Phat shareholder-meeting documentation and the disclosed sale price for Heritage Vietnam.
• Saigonres’ redeployment of the VND 245 billion proceeds into larger projects.
• Q3 2026 earnings releases from NVL and HPX for updated debt and liquidity figures.