BIM Land

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  BIM Land Joint Stock Company (BIM Land) is a Vietnamese Hotel, Resort and Residential building developer operating in both Vietnam, and Lao Peoples Democratic Republic (Lao PDR). The company is a privately-owned entity registered in Vietnam and is a subsidiary of BIM Group Limited Company (BIM Group), one of Vietnam’s largest privately-owned groups with interests in energy, agribusiness, tourism and residential new town development.  The BIM Land business model is a combination of construction and direct sales to consumers (maintenance fees through supplying building services for these locations), as well as partnering with international and national hotel operators to design and develop hotels and villa resorts. These partnerships with international and national hotel operators formed through project specific subsidiary companies under the BIM Land.  IFC shall provide a US$ 100 million loan package (a senior loan of up to US$ 57.2 million for IFC’s own account plus a senior loan of up to US$ 42.8 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program) to BIM Land in expansion of its tourism portfolio with specific use of proceeds defined for the construction of three hotels/serviced apartments, one Intercontinental hotel in Ha Long Vietnam, one Holiday Inn in Vientiane Lao PDR, one Citadines serviced apartments and water theme park in Phu Quoc Island Vietnam. The funds will be used by three project specific subsidiaries, being: (i) Ha Long Production Development and Investment Company Limited (BIM Ha Long); (ii) BIM Kien Giang Company Limited (BIM Kien Giang, located in Phu Quoc); and, (iii) Vientiane Investment and Development Co., Ltd (BIM Laos, and collectively known as the project subsidiaries).   The use of proceeds is to support the construction of a high-end hotel complex and villas on a four  hectare foot print on a reclaimed peninsula within Ha Long Bay, Vietnam, development of a water park and serviced apartments on a seven hectare foot print in Phu Quoc Island, Vietnam, and a development of a hotel, office and retail complex on a ~1 hectare brownfield site in Vientiane, Lao PDR are defined as the project.  The development of hotels and resorts includes: (i) initial identification of projects and formation of a project team; (ii) identification of a suitable operator/partner; (iii) design based on operator standards and needs; (iv) environmental assessment and building permitting; (v) construction and commissioning; and, (vi) hand over to the operator. Each project subsidiary remains the legal entity for the project and responsible for compliance to local regulations and laws. As such the project subsidiary maintains all legally required contracts and agreements, such as employment contracts, and statutory environmental reporting. The project subsidiary manages the supporting infrastructure for the project.