How is the developer of Hanoi’s nearly $1 billion-per-square-meter apartments doing business?

New Era T&T, the developer of The Grand Hanoi at 22-24 Hang Bai Street in Hanoi, reported a sharp jump in profit during the first half of 2026. Apartments at the project are being advertised on property websites for nearly 1 billion Vietnamese dong per square meter.

In a financial disclosure sent to the Hanoi Stock Exchange, the company reported more than 14.159 trillion dong in pretax profit, up from 456.3 billion dong in the same period last year. After tax, profit exceeded 11.253 trillion dong, 25 times the year-earlier figure. The company’s average profit amounted to more than 62 billion dong a day.

Its return on assets rose from 0.27% to 8.19%, while return on equity increased from 5.58% to 30.11%. Equity reached more than 37.372 trillion dong at the end of June, 4.6 times the year-earlier level. Contributed capital rose from more than 7.999 trillion dong to nearly 11 trillion dong, and undistributed after-tax profit rose from more than 176 billion dong to over 26.344 trillion dong.

The disclosure did not include detailed revenue and profit explanations like those found in financial statements. Total liabilities fell from about 163.639 trillion dong to nearly 100.038 trillion dong. Bank loans declined 7.5% to about 3.462 trillion dong, but bond debt rose from zero to 16.050 trillion dong.

The company now has three bond tranches. One, worth 8 trillion dong, was issued in late March 2026, carries a 48-month term and matures on March 31, 2030, with a fixed annual interest rate of 10.5%. Two others, worth a combined 8.050 trillion dong, were issued from October 2025 and mature in 2026 and 2028. The company had not paid bond principal or interest during the first half of the year. New Era T&T, established in 2006, operates mainly in real estate and land-use-rights trading.