CORPORATION INTRODUCTION
Introduction
Legal international name: CT LAND CORPORATION Legal vietnamese name: CÔNG TY CỔ PHẦN BẤT ĐỘNG SẢN CT Abbreviation: CTLAND
Tax code: 0306240094 Head office: 117 Nguyen Dinh Chieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City, Viet Nam
Tel: 08 6297 1936 Website: https://ctland.com.vn/
Email: info@ctland.com.vn Charter capital: 4,200,000,000,000 VND (in words: four thousand two hundred billion Vietnamdong)
Business sectors: Multi-industry development company, service with 4 main industries including:
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1.2 Brief history and development of CT Land
CT Land Corporation was established as a corporation in charge of real estate under
CT Group aims to be a leading urban developer, with CT Land specializing in real estate through the philosophy of Transportation Oriented Development (TOD) This approach emphasizes the integration of transport infrastructure into comprehensive urban planning, supported by CT Group's retail system and various subsidiaries With over 30 years of continuous evolution and strong backing from CT Group, CT Land has established itself as a premier and unique real estate developer in Vietnam, focusing on Transportation Oriented and Integrated Townships Development.
From the initial registered charter capital of only 6 billion VND, until now CT Land's charter capital has reached 4,200 billion VND.
To support its rapid growth, the company has established a centralized cost center system along with multiple profit centers, leading to a substantial decrease in operational costs In line with international best practices, CT Land has recently implemented the current IFC Corporate Governance standards.
CT Land operates across the nation, with its headquarters situated in Ho Chi Minh City and over 30 branches and transaction offices strategically located in various provinces and cities.
Mission – Core values
CT Land aims to develop sustainable cities powered by 3 key factors:
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Deliver the dream working environment, the basis for comprehensive human development.
CT Homes, also known as “DIYAS,” is pioneering the affordable housing sector with its innovative 4.0 technology-based housing solutions To meet the significant demand for affordable housing, CT Land aims to deliver 100,000 studio apartments between 2021 and 2025, with a long-term goal of providing up to 1,000,000 units by 2045.
CT Town specializes in real estate projects covering land sizes of under 3 hectares, strategically situated in prime areas of Ho Chi Minh City These locations include central districts and key thoroughfares such as Pham Van Dong Avenue, Ha Noi Highway, Ring Road 2, as well as along Metro Lines No 1 and 2.
CT World is the strategic product line of CT Land, leveraging the extensive expertise and strengths of CT Group, honed over 30 years This initiative combines master planning proficiency, deep market understanding, and rich development experience to create a robust long-term strategy.
Download the latest TIEU LUAN MOI at skknchat123@gmail.com, which explores various retail establishments, including retail chains, Mega Malls, and Commercial Food and Entertainment Centers This article highlights how these businesses contribute to creating thriving ecosystems within townships and mega townships.
CT Com provides customizable commercial assets with diverse layout designs to meet various business needs, ranging from 10 m² to 200,000 m² in floor area Their offerings include commercial, office, and logistical spaces situated on prominent frontages along bustling commercial and financial corridors in major cities Additionally, CT Com features tourism projects that reflect a philosophy of solidarity and harmony between people and nature.
Business Structure
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Playing a powerful role of real estate segment of CT Group, the scale and organizational structure of CT Land is extremely clear and professional.
General shareholders: the owners of CT Land, provide financial backing for potential dividends (profits) of the corporation.
Board of directors: to recruit, keep track, direct the company’s plans.
CEO/President: to be responsibilities for their major department in a whole, manage the operation.
To advise and assist the Directors in synthesizing, developing and implementing work programs and strategies; Synthesize planning, finance, investment in development of science, technology and innovation.
Manage revenue, quantity, liabilities, inventory, fixed assets
To monitor and check the quality of work and products of other departments to provide customers with high quality service.
Building PR and marketing strategies for products in each segmentation…
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3.2 Position during the mid-course internship and duties undertake
The financial force of a company is primarily divided into two key departments: Finance and Accounting This article specifically focuses on the Finance department, which plays a crucial role in preparing the company's financial statements, recording transactions, and determining product pricing Additionally, the Finance department supports the Front office by providing essential financial data to enhance customer interactions.
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Right from the beginning of the internship at CT Land Corporation, the author was assigned by the Finance Manager – Nguyen Thi Minh to undertake the following tasks:
To have basic understanding of legal brief of Real Estate projects, the author would regularly research the relevant documents and related laws/regulation.
To get enough documents to standardize a dossier, the author had the opportunity to contact other departments.
To effectively present the company's projects and products, the Head of Department will evaluate the author's knowledge and research skills to confirm their capability as a point of contact for specific projects This process involves direct access to crucial data, including sales performance, financial statements, and relevant regulatory procedures.
The author gained valuable insights into the corporate bonds issued by CT Land Corporation through the assigned tasks, which significantly contributed to the completion of this report.
Business situation period 2018 – 2021
Between 2019 and 2021, the economy, particularly the real estate sector, experienced significant fluctuations due to the COVID-19 pandemic, leading to notable impacts on business conditions The accompanying table illustrates these changes.
Categories Total assets Net Revenue
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Source: Consolidated Financial Statements in 2018,2019,2020,2021 of CT Land
In 2019, City Land experienced significant growth, with total assets reaching 7,167.3 million VND, a 33.11% increase from 2018, driven by a series of mergers and acquisitions of its subsidiary companies This strategic expansion resulted in substantial progress in the company's operating revenue.
By the end of 2020, CT Land's bank loan to total assets ratio stood at a mere 6%, with no outstanding bonds, reflecting the financial health of its Member Companies involved in various projects Notably, CT Land has maintained a clean credit record over the past five years, as reported by the Credit Information Center (CIC), which is significantly lower than the industry average of approximately 60% This exceptional financial position indicates strong potential for growth and development in the upcoming period.
CT Land has experienced an astonishing revenue growth rate of 2121.9%, driven by the launch of new projects and the operationalization of existing ones, which has significantly boosted short-term receivables from customer sales and services.
In 2020, CT Land faced significant challenges, experiencing a revenue decline of over 57.6% compared to 2019, resulting in a profit before tax of only 95.78 billion VND, an 85% decrease This downturn is largely attributed to the adverse effects of the COVID-19 pandemic, which negatively impacted the entire bear industry and the economy as a whole However, the company has gained valuable insights from this experience and is now better equipped with contingency plans to navigate future market fluctuations and assess financial conditions.
In 2021, CT Land demonstrated signs of growth and stability, reflecting a positive outlook despite limited advancements, as influenced by the decisions of its board of directors For the latest insights and updates, please download TIEU LUAN MOI by contacting skknchat123@gmail.com.
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CORPORATE BONDS ISSUANCE PROCEDURE IN CT LAND CORPORATION
Analysis of corporate bonds issuance procedure in CT Land Corporation
Issuance agency: Bao Viet Security ar value: 100,000,000 VND/bond
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Step 1 Fin Dep cooperates with the Issuer to develop and submit the plan of issuance corporate bonds
To align with the business plan and strategic direction for CT Land projects, it is essential to establish a corporate bond issuance strategy aimed at raising capital This initiative will effectively support the funding requirements for project construction and facilitate reinvestment efforts.
FD will present the corporate bond issuance plan to the Assistant General Director and Board of Directors (BOD) Should the Assistant General Director or BOD find the plan inadequate, they will request modifications Conversely, if the plan meets their standards, it will receive approval.
Step 2 Conduct bond issuance procedure
FD registers business information on the Stock Exchange (HNX or HOSE):
+ Issuer registers email of the Stock Exchange.
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+ The issuer registers to use the corporate bonds specialized website.
FD and Issuance agency directly work together (consultants and issuance agency) FD will collect company information (the Issuer) for the disclosure.
+ Securities company advises on the organization and implementation of procedures related to bond issuance.
+ FD prepares full legal procedures for projects related to bond issuers.
FD/Issuers signs a number of contracts with securities companies:
+ Consulting contract and bond issuance agency.
+ Agency contract for registration, depository, payment and management of Bond transfer.
Securities company plays the role:
+ Consult and review necessary legal procedures.
+ Consulting on the release plan.
+ Underwriting of Bonds Issuance / Intermediaries for buying and selling Bonds.
+ Distributing Bond products thanks to a diverse network of institutional and individual customers.
+ Prepare bond purchase and sale documents and guide the issuer of the procedures after the bond issuance.
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FD/Issuers collaborated with the Bank to establish several key contracts, including an Account Management Contract for handling funds from bond issuances, a Guaranteed Asset Management Contract, and a Mortgage Contract for collateral, which involved notarization and registration of secured transactions with the relevant authorities.
Step 3 Disclosure before the offering
The Corporation has announced the issuance of Bonds for investors, accompanied by the necessary information disclosure to the Stock Exchange It is required that the enterprise completes the distribution of these bonds within 90 days from the date of the information disclosure.
- Securities companies and FD/Issuer conduct a research and make a list of investors wishing to purchase Bonds.
Bond buyers are primarily professional investors, including commercial banks, financial institutions, and securities firms Additionally, companies with a charter capital exceeding 100 billion VND, or those that are listed or registered for trading, qualify as buyers Individual investors must hold listed or registered securities valued at a minimum of 2 billion VND or have a taxable income of at least 1 billion VND in the most recent year.
Provide and clarify information for investors, guide the procedure for buying Bonds for investors When an investor decides to buy a bond, processing as follow:
+ Bond purchase and sale Contract.
Investors contribute funds to purchase bonds based on the terms established in the agreement between the investor and the issuer, as well as the arrangement made with the bank managing the creditor's account.
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Securities Company confirms ownership of Bonds and sends depository information an issue the Certificate of Bond ownership to the Buyer after the Buyer has completed the payment.
Step 5 Report on Bond Issuance Results
Report the results of bond issuance to the Stock Exchange within 10 days from the end of the bond issuance The official report would be notified on the specialize website.
Step 6 Follow up after bond issuing
The FD/Issuer conducts quarterly monitoring and reporting to the Stock Exchange, while also coordinating with the account management bank to effectively manage the proceeds from bond issuance and ensure timely disbursement of project funds, contingent upon the availability of adequate and appropriate payment documentation.
Step 7 Summarize and save documents
The FD/Issuer regularly oversees and fulfills bond principal and interest payments as stipulated, while also providing essential information and reports to bondholders, depository institutions, and the Stock Exchange Additionally, the Issuer, FD, and AD ensure the collection and storage of all pertinent records in compliance with CT Land regulations.
Commitment involves agreeing to pay either the full or a portion of the interest and principal upon maturity, utilizing the issuer's assets or third-party assets, in compliance with legal regulations regarding secured transactions.
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Collateral includes land use rights and future assets associated with the Léman Cap Residence project in Vung Tau The contract value is assessed at XX by the Viet Nam Assessment and Evaluation Assets Joint Stock Company (VAAE).
Additional measures: payment guarantee by CT Land Corporation.
The evaluation of corporate bonds issuance procedure in CT Land Corporation 22 1 Strengths
The bond issuance process is essential for successfully launching bonds on the stock market, and the company's strong reputation and attractive yields have drawn significant investment from bond buyers This strategic use of corporate leverage, while impacting the total assets-to-capital ratio, has enabled the company to fund the Metro Star project and is projected to lead to a revenue surge, with expectations of reaching 8,600 billion by 2025.
The Finance Department operates with a balance of independence and collaboration, empowering each committee member with the autonomy to make decisions regarding their assigned tasks This approach fosters flexibility in connecting committee members and enhances overall teamwork within the department.
In the event of an incident, employees are empowered to address issues within their capabilities or collaborate with colleagues for assistance before escalating the matter to senior management, such as the department head or CFO For the latest updates, please download TIEU LUAN MOI by contacting skknchat123@gmail.com.
In 2021, real estate companies issued bonds worth approximately 200 trillion VND, representing around 33.16% of the total corporate bond market Furthermore, the real estate sector's market capitalization reached about 1.56 million trillion VND, which is equivalent to 21% of the overall market value.
In April 2022, Tan Hoang Minh raised VND 10,000 billion through bonds, highlighting the significant impact of the real estate sector Despite this, the domestic bond market remained dominated by the banking sector, which comprised 90.7% of total issuances Notably, there were no new bond issuances from real estate enterprises, leading to a total bond value of VND 16,472 billion, reflecting a 23.2% decline from the previous month.
As a real estate company, relying solely on bond issuance has proven inadequate to meet financial demands Given the industry's significant capital requirements, it is essential to diversify funding sources Consequently, the excessive reliance on bonds necessitates stringent regulations to ensure proper utilization of funds and to prevent market manipulation.
Tightening bonds issuance regulations: Decree No 153/2020/ND-CP dated December
31, 2020 stipulating the private offering and trading of corporate bonds in the domestic market and the offering of corporate bonds to the international market has negatively
Download the latest TIEU LUAN MOI by contacting skknchat123@gmail.com This document covers essential aspects from the issuer to the purpose of issuance, highlighting that mergers and acquisitions (M&A) often involve share acquisitions or project takeovers.
CT Land, a company involved in the private issuance of corporate bonds, is significantly impacted by Decree 153 Currently, the company is focused on two primary projects, which remain unfinished and generate revenue based on construction progress, resulting in an unstable budget and low liquidity Consequently, the tightening of state regulations on bond issuance poses considerable challenges for CT Land moving forward.
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CHAPTER 3: LESSON LEARNED AND RECOMMENDATIONS FOR IMPROVING THE EFFECTIVENESS OF CORPORATE BONDS ISSUANCEPROCEDURE IN CT LAND CORPORATION
Lesson learned from the practice study and the internship period
During the internship at CT Land Corporation, the author gained valuable insights into the finance sector, applying university knowledge in a practical setting The supportive internship guidance staff provided essential instructions and shared their own experiences, fostering an environment of learning and confidence for the author throughout the internship.
Accordingly, the author has accumulated a number of lessons for himself as follows:
During the university lecture, the author gained theoretical knowledge on bond analysis, evaluation, and issuance, but the internship experience provided a practical understanding of the bond issuance process, particularly in the real estate sector Initially, the author faced challenges in grasping the procedural steps and lacked familiarity with systematic information management and professional report writing The complexity of real-world bond issuance contrasted sharply with the theoretical concepts learned in school However, with the enthusiastic guidance of Team BO, the author acquired valuable insights not only into the bond issuance process but also into related operations such as M&A, IPO, DD, and FS, leading to a deeper comprehension of the roles within the real estate industry.
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Recommendation for improving the effectiveness of corporate bonds issuance
At Phuong Dong Garment Joint Stock Company, the management has fostered a supportive environment and encouraged close collaboration among departments, enabling forwarders to effectively fulfill their responsibilities However, to enhance the delivery service further, it is essential to implement specific solutions.
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