Greenland Pho Hoa Company Limited
About the Issuer
Established in 2022, GPH is a single-asset project company owned equally by GL Group Joint Stock Company and BGC Thanh Cong Investment Co., Ltd., to develop the 9.66-hectare Bac Ly residential project in Xuan Cam commune, Bac Ninh province (formerly Hiep Hoa district, Bac Giang province).
The project comprises 296 residential land plots for terraced houses and villas, supported by integrated infrastructure and public amenities. It is strategically located near the new administrative center of Xuan Cam commune, within an area hosting multiple industrial zones and clusters, and benefits from convenient interprovincial connectivity via Provincial Road 295 and proximity to Hanoi Ring Road 4. These advantages, together with a product mix aligned with local demand and limited competing supply, support strong sales absorption upon launch, expected in 2027.
Rating Results
Credit Opinion
An upgrade of the BB- issuer rating is unlikely, as it already reflects GPH’s projected financial profile over its single-asset project lifecycle.
The BB- issuer rating could be downgraded if project execution underperforms, particularly if slower-than-expected sales weaken cash flow generation and interest coverage.
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for Unlisted.
VIS Rating has not issued a Second Party Opinion for this company
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