On October 15, 2026, at the Dong Nai branch of Dong Nam Partnership Auction Company, 27.54 million shares of Tin Nghia - A Chau Investment JSC (TNAC) will go under the hammer. They represent 51% of the developer of the Cu Lao Tan Van project, marketed as Dao Kim Quy.Báo Đấu thầu The seller is Tin Nghia Corporation (TID, UPCoM). TTC Land (SCR, HoSE) is one of the parties that has approved taking part in the bidding.
What sets this auction apart is the history of the stake itself. Almost two years ago the 51% was sold to a company in the TTC Land group. In April the deal was terminated and the shares went back to Tin Nghia. Now TTC Land is stepping in under its own name to buy them again, at a starting price higher than the amount Tin Nghia refunded to the earlier buyer. This piece walks through each milestone of the stake: who held it, and where the money sat after each step.
Starting point: a 2009 joint venture
TNAC was set up in 2009 to develop a residential, service and tourism area on Cu Lao Tan Van, a site of more than 48 hectares in Bien Hoa ward, Dong Nai, surrounded by rivers and canals on all sides.Vietstock According to Vietstock, in August 2013 TNAC had charter capital of VND 540 billion, of which Tin Nghia held 51%, ACB held 10%, and the rest belonged to A Chau Investment JSC.
In March 2020, TTC Land approved taking a 24% stake in TNAC.Vietstock The value of that deal was not disclosed. From then on TTC Land was a minority shareholder in the developer, while Tin Nghia kept control with 51%.
Early 2025: the 51% moves to a TTC Land-group company
At the end of 2024, Tin Nghia decided to offer its entire 51% of TNAC through auction. According to Vietstock, in early 2025 a member company of TTC Land won the lot.Vietstock Tin Nghia signed the transfer contract with May Tien Phat JSC in January 2025.Nhà Quản Lý
May Tien Phat is no stranger to TTC Land. SCR's 2026 half-year consolidated report says it was once an SCR subsidiary, with ownership of nearly 99%. By the end of June 2026 that had fallen to just over 11%, worth nearly VND 39 billion.Vietstock Tin Nghia also put nearly VND 40 billion into May Tien Phat.VnBusiness
After the deal, TTC Land renamed the project Dao Kim Quy. According to SCR's 2025 annual report, total project investment was raised to VND 10,333 billion, covering three sub-zones with 571 townhouses and villas, plus a high-rise mixed-use area and social infrastructure.CafeF From the outside, TTC Land now looked to hold nearly the whole project: part through its direct stake, the controlling part through a subsidiary.
Late 2025: the project enters post-inspection remediation
On October 15, 2025, the Government Inspectorate issued Conclusion 399/KL-TTCP, pointing to a number of shortcomings and violations at the Cu Lao Tan Van project. These included a 1/500 detailed plan adjustment that did not comply with regulations, a change of use from tourism to housing that did not comply with regulations, no allocation of 20% of the land for social housing, and issues in investment approval and land-price determination.Nhà Quản Lý On November 18, 2025, the Dong Nai People's Committee issued Plan 180/KH-UBND, asking departments and agencies to review, remedy and handle the violations.
The sources reviewed do not show the outcome of that review: how the 1/500 plan was handled, and how much land-use payment the developer owes.
April 2026: the deal is terminated, VND 689 billion comes back
On April 15, 2026, Tin Nghia and May Tien Phat signed to terminate the transfer contract. Tin Nghia refunded VND 689 billion to the counterparty, completed on April 17.Vietstock By April 24, May Tien Phat had returned all 27.54 million TNAC shares.
The sources reviewed do not state the reason for the termination. The date falls a few months after the inspection conclusion, but no source links the two, so this article does not treat the inspection as the cause.
The termination left a large balance on TTC Land's books. At June 30, 2026, SCR recorded a receivable from May Tien Phat of more than VND 863 billion, arising from the settlement of the promise-to-transfer contract and the transfer of the very same 27.54 million TNAC shares. The outstanding balance at June 30 was nearly VND 547 billion. By the time the report was prepared, SCR had collected a further VND 376 billion or so, with the remainder secured by shares of a related party.Vietstock There is also nearly VND 165 billion receivable from An Viet Investment & Trading Co., tied to another promise-to-transfer contract for nearly 19.8 million TNAC shares.VnBusiness
Put simply, the money moved in a loop: TTC Land's money went through May Tien Phat to buy the 51%, Tin Nghia refunded May Tien Phat, and TTC Land is now collecting gradually from May Tien Phat.
Mid-2026: TTC Land holds 36.63%, the chairman's seat changes hands
After the 51% returned to Tin Nghia, TTC Land booked TNAC as an associate with a 36.63% stake and a cost basis of more than VND 593 billion.CafeF Nearly 19.8 million of those TNAC shares are pledged by TTC Land to borrow more than VND 593 billion from VPBank, with the collateral term running to February 2027.Vietstock
Control of TNAC's management also shifted. In July 2026, Mr. Tran Trung Tuan, Board Member and General Director of Tin Nghia, replaced Mr. Nguyen Thanh Chuong, Chairman of TTC Land, as chairman and legal representative of TNAC.Vietstock
Tin Nghia does not intend to hold on for long. It classifies the returned stake as an asset held for resale within no more than 12 months, so its control of TNAC is only temporary.Nhịp sống kinh doanh Meanwhile it remains a major creditor of TNAC: at June 30, 2026, Tin Nghia had lent TNAC nearly VND 600 billion unsecured, at 10-12% a year, maturing at the end of 2026.Vietstock
September to October 2026: a new price, an old buyer
On September 21, 2026, Tin Nghia's board approved a starting price of VND 36,350 per share.Vietstock The auction notice fixes the starting price for the whole lot at VND 1,001.079 billion, with a 20% deposit of VND 200.2158 billion, by indirect written bidding with ascending bids.Báo Đấu thầu Registration and deposit closed on October 12. The winner must inherit all of Tin Nghia's rights and obligations as a contributing shareholder in TNAC.
Compared with the VND 689 billion Tin Nghia refunded to May Tien Phat, the new starting price is about VND 312 billion, or roughly 45%, higher.
On the registration deadline itself, October 12, 2026, TTC Land's board passed a resolution to take part in buying this auctioned asset, assigning Mr. Vo Thanh Lam, General Director of TTC Land, to register, bid and decide the price at the session.Vietstock If it wins, Mr. Lam will also handle the share transfer.
The size of this sum should be set against TTC Land itself. At the October 13 close, SCR shares stood at VND 4,080, for a market capitalization of about VND 1,800 billion. The starting price of the 51% is already more than half of that, before any ascending bids if others compete.
Two outcomes, three groups affected
The result of the October 15 session will send the story down one of two branches.
If TTC Land wins. Its stake in TNAC rises to 87.63%, moving from associate to controlling party of the developer.CafeF For SCR shareholders, that means the company spends at least VND 1,001 billion and directly carries TNAC's known obligations, including the nearly VND 600 billion loan from Tin Nghia maturing at year-end and the outcome of the post-inspection remediation. For TID shareholders, the stake is sold at a price at least about VND 312 billion above what was refunded to the earlier buyer. For Dao Kim Quy homebuyers, the decision-maker on project timing returns to a company that renamed the project and planned it from 2025.
If TTC Land loses. It remains a 36.63% associate, and the controlling party of the developer is whoever bid higher. Under the Law on Property Auctions, a bidder who does not win gets the deposit back, so more than VND 200 billion returns. Even so, TTC Land would have to deal with a new major shareholder on a project it named and introduced to the market. For TID shareholders, the further the winning price sits above the starting price, the larger the proceeds. For homebuyers, a new owner would decide the project's pace.
The marker for the answer
TTC Land's resolution only says the company wants to bid, not that it will win or how high it will go. The answer lies in Tin Nghia's disclosure after the October 15 session: who won, and by how much the winning price exceeds VND 1,001 billion. If the winner is TTC Land, the next marker to watch is SCR's fourth-quarter report, which will show where the money for the stake came from and whether the May Tien Phat receivable has been fully collected. In parallel, the outcome of Dong Nai's Plan 180 remains the variable that decides the project's real value, whoever holds the 51%.