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AQUA CITY RECEIVES LEGAL BOOST: ENTERPRISE CONFIDENCE RISES - NOVALAND CHARGES FORWARD TO RECOVERY

AQUA CITY RECEIVES LEGAL BOOST: ENTERPRISE CONFIDENCE RISES - NOVALAND CHARGES FORWARD TO RECOVERY

On November 19, 2024, Mr. Vo Tan Duc, Chairman of the People’s Committee of Dong Nai Province, officially approved the local adjustment of the 1/10,000 master plan. This approval marks a significant milestone in resolving the legal issues faced by Novaland Group’s Aqua City project, which has been stymied for over two years. This is a result of the guidance provided by the Government, various ministries and departments, and serves as a legal boost that promotes confidence within the business community regarding the Government’s overall policy aimed at effectively resolving legal issues for delayed projects. Furthermore, it serves as a catalyst for Novaland to recover and accelerate its business activities following a difficult period.

REAL ESTATE MARKET EXPERIENCES SLOWER-THAN-EXPECTED RECOVERY, NOVALAND'S AUDITED PROFIT AFTER TAX IN THE FIRST-6-MONTH 2023 FINANCIAL REPORT DECLINES DUE TO PROVISION

After nearly a year full of difficulties and fluctuations in the economy, in the first 6 months of 2023, the domestic real estate market has witnessed several postive signs. However, the tightening of real estate credit policies by financial institutions and the slower-than-expected recovery in market confidence continue to be major barriers that make Novaland's liquidity not as stable as expected. This leads to a decrease in the Company's revenue and profits recorded in semi-annual financial reports.
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AQUA CITY RECEIVES LEGAL BOOST: ENTERPRISE CONFIDENCE RISES - NOVALAND CHARGES FORWARD TO RECOVERY

On November 19, 2024, Mr. Vo Tan Duc, Chairman of the People’s Committee of Dong Nai Province, officially approved the local adjustment of the 1/10,000 master plan. This approval marks a significant milestone in resolving the legal issues faced by Novaland Group’s Aqua City project, which has been stymied for over two years. This is a result of the guidance provided by the Government, various ministries and departments, and serves as a legal boost that promotes confidence within the business community regarding the Government’s overall policy aimed at effectively resolving legal issues for delayed projects. Furthermore, it serves as a catalyst for Novaland to recover and accelerate its business activities following a difficult period.

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