Thu Duc Housing Development Joint Stock Corporation has decided to expand its business to Uzbekistan following a plan to invest in a real estate venture in the US last year.
The Ho Chi Minh City-based developer, backed by Citigroup Inc. and Deutsche Bank AG, plans to invest VND32.5 billion to build properties in the Central Asian country, the Vietnam Economic Times reported Wednesday.
General director Le Chi Hieu said the venture into Uzbekistan was a long-term one as land prices in the country are still low and the housing market has great potential for development.
The company will submit its plan to the government for approval soon, he said, without providing more details.
Thu Duc Housing received a license in February last year to set up a venture with US partners to invest in property development projects in the US for 20 years. The venture has a capital of around US$6 million.
The company has targeted total revenues of VND709.2 billion this year, a 15 percent increase over last year's VND616.8 billion.