Sacombank is preparing to auction operating rights over six commercial floors at Xi Grand Court in Ho Chi Minh City as security for Bamboo Airways debt. VnExpress reports a starting price of VND3.62 trillion.
The asset is an operating right
Sacombank-SBA issued a notice seeking an auction organisation on 12 October. The operating rights originate from a contract involving developer Phú Sơn Thuận and Dấu Ấn Sài Gòn real estate, according to the article.
The associated commercial floor area totals 47,316 square metres across levels one to six. It includes almost 1,800 square metres of cinema space and garden areas.
The subject should therefore not be described as the sale of the entire building or every apartment. It is the specified commercial operating right pledged as security.
The starting price is not money already recovered. The report does not identify a completed purchase at that figure.
The lending relationship provides context
Xi Grand Court is on Lý Thường Kiệt Street in Diên Hồng ward. Sacombank and Bamboo Airways established comprehensive cooperation in 2021, with the bank described as a major creditor.
The article separately recalls an April notice concerning more than 86,000 square metres of FLC land in Gia Lai. That is another asset, not additional floor area in the Xi Grand Court package.
The new step concerns choosing an auction organiser and setting an opening price. It does not establish a successful sale, full debt recovery or the airline's bankruptcy.