South Korean group acquires Vietnam's tallest building: report

Thanh Nien News

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A file photo of Keangnam Hanoi Landmark Tower. Photo: Ngoc Thang
AON Holdings, a mid-sized financial group, is set to take over a 72-story tower in Hanoi after winning a bid to buy its developer's loans at about 450 billion won (US$382.5 million), news website Deal Street Asia reported Thursday.
South Korean developer Keangnam Enterprises owns a stake of 70 percent in the Keangnam Hanoi Landmark Tower, which it built with the loans of about 600 billion won ($510 million), the website said, citing Korean media.
The stake, which is managed by the developer's subsidiary in Vietnam Keangnam Vina, is collateral of the loans accounting for about half of the property's total cost.
The US investment management group Goldman Sachs and South Korea's Hana Financial Group were reportedly another two key bidders for the building, which was first put up for sales in 2013.
Located in downtown Hanoi, the Keangnam became Vietnam's tallest building with one 350-meter high office tower consisting of 72 stories and two 48-story residential towers, when its construction was completed in 2012.

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