Sacombank auctions Xi Grand Court assets to recover Bamboo Airways debt

Sacombank is seeking an auction organization to liquidate collateral related to loans provided to Bamboo Airways. The primary asset slated for auction is the commercial exploitation rights for six floors of the Xi Grand Court project in Ho Chi Minh City.

The commercial space covers approximately 47,316 square meters, including a cinema area of nearly 1,798 square meters and various garden spaces. The starting auction price is set at over 3,620 billion VND. These rights stem from contracts between the project developer, Phu Son Thuan Construction Investment JSC, and Sai Gon Impression Real Estate Development and Investment JSC.

This move follows previous efforts by Sacombank to recover debts from Bamboo Airways, including the planned seizure of 355 land use certificates in Dak Doa, Gia Lai province. Those properties, totaling over 86,308 square meters, belong to FLC Group and were used as collateral for the airline's loans.