At the same time, the Corporation also affirmed its ability to complete the plan on the basis of diversification of investment products, apart from social housing there are also types of commercial real estate with higher profit margins such as resort, real estate for accommodation and business, apartments, industrial zones, workshops, warehouses. 

At the Annual General Meeting of Shareholders 2017, Hoang Quan Corporation was honored to receive the representative of Ho Chi Minh City Stock Exchange, Mrs. Le Thi Tuyet Hang - Head of Management and Appraisal of Listing; Mr. Tran Vinh Du - Deputy General Director of Ernst & Young Vietnam Company Limited; Mr. Ly Quoc Trung - Deputy General Director of A & C Auditing and Consulting Company and more than 430 shareholders together with representatives of securities companies, investment funds and investors, partners, the media.

On behalf of Hoang Quan Corporation, Dr. Truong Anh Tuan - Chairman of the BOD, General Director of Hoang Quan Corporation; Dr. Nguyen Thi Dieu Phuong - Vice Chairman of the BOD, Deputy General Director of Finance and Accounting, Mr. Truong Duc Hieu - Member of the BOD, Deputy General Director of Sales, Dr. Truong Thai Son - Member of the BOD, Deputy General Director of Marketing - Foreign Affairs, Mr. Le Thanh Nam - Independent Member of the BOD and 12 members of HQC's Board of General Directors and department leaders and staffs of Hoang Quan Corporation attended the General Meeting.

Before the general meeting, Hoang Quan Corporation reported the results of investment, business in 2016 and direction and plan in 2017 submitted to the shareholders to approve the reports, contents related to the Corporation's activities.

Panorama of the General Meeting of Shareholders 2017 of Hoang Quan Corporation.

Accordingly, 2016 had a good start when following the breakthrough momentum and impressive business results with revenue of more than VND 1,421 billion in 2015. However, objective factors of the market, especially the cease of the VND 30 trillion credit packages without alternative support policy directly affected investors, customers in the segment of social housing in general and Hoang Quan Corporation in particular.

By the end of 2016, Hoang Quan Corporation earned VND 1.114 billion in revenue and VND 20.1 billion in after tax profit, fulfilling 15% of its revenue target and 4% of its profit target as set out. Of which, the major contribution came from real estate business accounting for 88% of total revenue. In the previous year, the Corporation also stopped issuing shares to mobilize capital and at the same time delayed some new projects, so inventories fell nearly VND 123 billion, 13.4% over the same period of 2015.

In addition, 2016 was the year with the largest number of apartments handed over by the Corporation when more than 4,000 completed apartments and rough apartments were handed over in HQC Plaza, HQC Hoc Mon, HQC Nha Trang, Thuong Thanh Residential Area (Can Tho), bringing modern, convenient living area for thousands of households. In particular, to address the urgent needs of the people upon the stop of the credit package of VND 30,000 billion, the Board of General Directors of Hoang Quan Corporation launched an interest compensation program for commercial borrowers to buy social housing from 01/11/2016, provided high discounts for customers who paid earlier than the payment schedule.

Although the business performance was only at VND 20.1 billion, the results achieved in 2016 did not meet the expectation of shareholders and investors, it was collective effort of the staffs and the proper management of the Board of General Directors of Hoang Quan Corporation during the past time.

In 2017, with the evolutions of the market and available resources, on the basis of prudence and orientation to ensure the stability of shareholders' interests, the Board of Directors of Hoang Quan Corporation proposes the basic targets in 2017 with a target revenue of VND 2,000 billion, after-tax profit of VND 200 billion, 10 times more than 2016, 5% dividend.

According to the plan, social housing continues to be the source of 50% revenue for Hoang Quan Corporation; in parallel, the Corporation implements the strategy of diversifying business products and balancing revenue sources. In addition to the social housing which has been leading the Southern area, Hoang Quan Corporation also increases investment in other segments with higher profit margins such as resort real estate (villa and condotel), real estate for both accommodation and business (shophouse and officetel), apartments (luxury, medium, affordable), industrial zones, workshops, warehouses to maximize the profitability on equity. In the near future, the total revenue from these types of real estate will account for more than 50% of the Corporation's revenue structure.

Dr. Truong Anh Tuan - Chairman of the BOD, General Director of Hoang Quan Corporation - spoke about the business direction of the Corporation in 2017

Speaking at the general meeting, Mr. Truong Anh Tuan - Chairman of the BOD, General Director of Hoang Quan Corporation - pledged to shareholders that the Corporation will complete the 2017 plan and profit plan for the next four years. “By the experience of the executives, I pledges and promises to the shareholders about the completion of the profit plan in 2017 of VND 200 billion, 2018 of VND 300 billion, 2019 of VND 500 billion and 2020 of VND 600 billion. This promise is stronger than the promise to resign. This promise is not only for one year, but also for the profit plan for the next four years”, Mr. Truong Anh Tuan confirmed at the General Meeting.

Based on the experience and prestige of the brand name, the Board of Directors and Board of General Directors believe to achieve the target revenue of VND 2,000 billion, after-tax profit of VND 200 billion from the revenue from the projects: HQC Hoc Mon, HOF - HQC Ho Hoc Lam, HQC Binh Trung Dong, HQC An Phu Tay (Ho Chi Minh City), HQC Nha Trang (Khanh Hoa), HQC Tay Ninh (Tay Ninh), HQC Binh Minh (Vinh Long), HQC Tan Huong (Tien Giang), HQC Can Tho, and especially Ham Tien-Mui Ne Tourism Service Center Project (Binh Thuan), HQC Tra Vinh, HQC Binh Tan (HCM), Long Hoa Shopping Center (Tay Ninh) ...

In particular, Decision 630/QD-TTg promulgated by the Government on 10/05/2017 announcing the preferential interest rate of 4.8% (0.4% per month) when buying, renting social housing at the Vietnam Bank For Social Policies has opened a new direction for social housing from which has created a premise for low-income people to easily access loans to own social housing, contributed to accelerate the completion of the goal of handing over more than 8,000 social housing units in 2017, more than 14,000 social housing units and cheap housing units for workers in 2018. At present, Hoang Quan Corporation is investing 22 social housing and affordable housing projects for workers with total investment of more than VND 20,000 billion across the Southern provinces.

At the general meeting, Hoang Quan Corporation's the Board of Directors also submitted the General Meeting of Shareholders to approve the plan of not paying dividends in 2016 but using the after-tax profit of 2016 after the appropriation of funds to buy back no more than 30% of total issued shares for treasury shares. The purpose is to reduce the number of outstanding shares, increase shareholder value.

In addition, in 2017 and the first quarter of 2018, Hoang Quan will issue 20 million corporate bonds (VND 100,000 / bond) with total value of VND 2,000 billion. All capital mobilized from corporate bonds will be used to implement investment projects support the development strategies and business direction of the Corporation, attract foreign investment capital.

With the strategic changes in corporate governance, Hoang Quan Corporation recently officially signed a service consultancy contract with Ernst & Young Vietnam Company Limited (EY) to review and evaluate in many aspects aimed at improving the quality of governance, creating the premise for the sustainable development of the Corporation. At the same time, the Corporation also researches and applies good practices, international standards of corporate governance; drastically promotes the divestment of member companies, minimizes the cross-ownership towards information transparency, ensuring shareholder benefits.

At the end of General Meeting of Shareholders 2017, Hoang Quan Corporation received a high consensus from shareholders with the approval rate of 99.9% or higher. With the experience and prestige of the brand name during the 17 years of construction, Chairman of the BOD, General Director of Hoang Quan Corporation - Dr. Truong Anh Tuan - expressed high determination in completing the business plan in 2017, affirmed the pioneering position in investing and developing social housing in the Southern provinces from which bringing Hoang Quan brand to become one of the leading real estate, education and financial corporations in Vietnam and to reach out to the international level

Some images at the 2017 General Meeting of Shareholders:

Shareholders registered to attend the General Meeting of Shareholders 2017 of Hoang Quan Corporation

The General Meeting of Shareholders 2017 of Hoang Quan Corporation 

Dr. Truong Anh Tuan - Chairman of the BOD, General Director of Hoang Quan Corporation - delivered the opening speech of the General Meeting

Dr. Nguyen Thi Dieu Phuong - Vice Chairman of the BOD, Deputy General Director of Finance and Accounting - presented at the General Meeting 

Mr. Le Thanh Nam - Independent Member of the Board of Directors

Vote contents in the General Meeting

Shareholders asked questions in the discussion with Hoang Quan Corporation's BOD

Chairman answered questions of shareholders in the General Meeting

Release members of the Board of Supervisors for 2015-2019 

Source: Hoang Quan Group