Hoang Quan, a social housing tycoon, has announced that it is moving forward with real action on its partnership with Novaland to construct social housing in Ho Chi Minh City and the surrounding provinces. According to Mr. Truong Anh Tuan, Chairman of HQC, the partnership is a mutually beneficial relationship aimed at addressing the pressing need for social housing. Both companies plan to deliver 3,000 social housing units this year by leveraging each other’s strengths.
During the company’s annual meeting, shareholders raised concerns about Novaland’s focus on high-end real estate and questioned the rationale behind partnering with HQC when the latter has extensive experience in building social housing. Mr. Tuan clarified that there are no competitors in the real estate market and that Novaland’s larger scale and HQC’s expertise in social housing make them ideal partners to address the growing demand for affordable housing.
Moving forward, Hoang Quan plans to expand its portfolio to include industrial parks and commercial housing for low-income individuals. The company also aims to grow through mergers and acquisitions, with a significant commercial housing project on the horizon. Despite facing challenges in accessing capital, HQC is optimistic about its growth prospects and is targeting a substantial increase in revenue and profits this year.
In conclusion, Hoang Quan’s partnership with Novaland is a strategic move aimed at positioning itself as a leader in social housing and low-income housing development. By leveraging each other’s strengths and resources, both companies aim to address the critical need for affordable housing in Vietnam’s rapidly growing real estate market.
