Frasers Property cancels 408.6B dong investment in Vietnamese developer

Frasers Property Ltd. and Tran Thai Lands Co. Ltd. decided to call it quits on a deal concerning the 408.6 billion dong transfer of a 75% stake in a Vietnamese property developer.

The companies terminated Jan. 20 the April 2018 agreement after failing to satisfy all conditions necessary for the completion of the transaction within the agreed time period.

Frasers Property, through its Frasers Property Investments (Vietnam) 1 Pte. Ltd. subsidiary, was supposed to buy from Tran Thai Lands 24 million shares in Phu An Khang Real Estate JSC, which will develop a mixed-use site in Vietnam.

In light of the deal's cancellation, Tran Thai Lands refunded the 40.9 billion dong deposit paid by Frasers Property.

As of Jan. 20, US$1 was equivalent to 23,221.00 Vietnamese dong.