Vietnam gets second billionaire
A surge in the share price of a real estate tycoon's construction company rocketed him into billionaire status.
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A stock rally has shot property tycoon Trinh Van Quyet, 41, into the coveted place as Vietnam's second billionaire.
On October 27 VnEconomy reported that Quyet, the chairman of property developer FLC Group, held 93 million shares in the company valued at VND561 billion and 279.6 million shares of Faros Construction Corporation, worth VND22.113 trillion.
The news site reported Quyet's total assets at VND22.674 trillion (US$1.02 billion).
On December 31, 2015, Quyet, a native of the northern province of Vinh Phuc, purportedly had just VND972 billion. The site attributed the sharp rise in Quyet’s fortunes to a 653% jump in Faros' share prices between now and the start of last month.
Faros serves as the primary contractor on several property projects backed by FLC throughout the country. The total value of the Faros' completed projects is estimated to be roughly VND20 trillion.
Faros has also invested construction projects valued at VND4.5 trillion. The company expects pre-tax profits of VND450 billion this year, VND624 billion next year and VND663 billion in 2018.
VnEconomy quoted real estate services provider Savills as saying the total value of FLC’s property projects, including apartment buildings and resorts, exceeded US$3 billion.
Vietnam's first billionaire, Pham Nhat Vuong, has an estimated worth of VND30.989 trillion (US$1.39 billion) as of October 27. Vuong is founder and chairman of real estate giant VinGroup.
