A mutual fund issue on the London stock market by Vietnam-dedicated property fund VinaCapital has been oversubscribed by three times.
Applications were received for 600mio US$ but VinaCapital said Wednesday it would accept between 300 and 400mio US$. The issue had originally targeted 200mio US$.
Don Lam, VinaCapital’s general director, said the board would meet this month-end for a final decision.
Half the applications were received from the EU, 40% from the US, and the rest from Asia.
The Vietnam Real Estate Fund (Vinaland), an existing fund which invests in resorts and other property projects, will receive the remaining amount.
VinaLand plans to invest 350-400mio US$ this year.
Established in 2003, VinaCapital now manages three funds with a total corpus of nearly 1 billion US$: the 600mio US$, London-listed Vietnam Opportunity Fund; $205 million Vinaland; and 50mio US$ DFJ VinaCapital L.P. which invests in information and communication technology firms.
Source: Thanh Nien
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