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Business deals

Vietnam's Vingroup secures GIC's $1.3bn for property investment

Singapore state fund's move comes ahead of spinoff of company's residential unit

Vinhomes Central Park, stretching over 1km along the Saigon River in Ho Chi Minh City, is one of the biggest projects operated by the subsidiary of Vingroup.

HO CHI MINH CITY -- Singapore sovereign wealth fund GIC will invest about $1.3 billion in leading Vietnamese property developer Vingroup and related entities for its real estate arm ahead of its market debut, which is slated for the second quarter of this year. The deal is expected to be announced shortly.

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