Luxury castle and restaurant of Khaisilk sold to Chloe Hospitality

The two establishment of Khaisilk were renamed to Chloe Gallery

According to Chloe Hospitality, the two projects of Khaisilk Group have officially been taken over by Chloe Hospitality, which made numerous changes.

Nguyen Dinh Toan, executive director of Chloe Hospitality, said that Tajmasago and Cham Charm are both promising projects and are expected to become beautiful “products” in the collection of the company.

“Chloe Hospitality aims to build and develop the locations, which are not only special in architecture, but also match entertainment demands. We bought Tajmasago and Cham Charm to keep their special architectural beauty. We also plan to turn Chloe Gallery into one of the leading places of enjoyment and entertainment for everyone, a venue of particular allure to foreign visitors,” added Toan.

Chloe Gallery has a good location, with a view on the entire Ban Nguyet Lake and Anh Sao Bridge, and is decorated with a mixture of East Asian culture and Western motifs. This will be a relaxing and cosy space, including Red Chilli Restaurant, Sake Lounge, Sunset Bar, Boutique Hotel, Chloe Spa, and Seven Yacht.

Chloe Hospitality is a new company in the Vietnamese hospitality sector, and these arefirst two products under the ownership of the company. Chloe Gallery is expected to complete its new look by the end of December.

In October last year, Khaisilk was caught up in a scandal where its scarves turned out to be of Chinese origin, after which all Khaisilk outlets in Hanoi and Ho Chi Minh City have been shut down.

Since then, the chains of restaurants and real estate projects of the Khaisilk brand in Ho Chi Minh City have faced a boycott. A series of luxury restaurants, including Au Menoir de Khai, Nam Phan, Cham Charm, and Trois Pommes, stood empty after the scandal. Besides, a series of multimillion-dollar real estate projects in Phu My Hung urban area kept losing value as customers have started to complain about the quality of the projects.

On the other hand, Khaisilk mortgaged all land use rights of the lands in Phu My Hung. Accordingly, Kim Cuong JSC (founded by Hoang Khai, the owner of Khaisilk) has mortgaged a land plot worth VND87.5 billion ($3.8 million), while in 2014 Khaisilk Investment JSC (also founded by Hoang Khai and held 50 per cent by Kim Cuong JSC) has mortgaged another land plot worth VND110 billion ($4.8 million) for a loan in Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank).

In addition to Vietbank, Hoang Khai's companies also mortgaged other properties to take up a loan from United Overseas Bank (UOB)'s branch in Ho Chi Minh City. For example, the whole of Saigon Paragon building has been used as collateral for a loan at UOB. Moreover, a Land Rover car of Khai Duc Co., Ltd. (chaired by Hoang Khai) was also mortgaged at this bank.

Meanwhile, a Mercedes-Benz S400 Maybach belonging directly to Hoang Khai has been mortgaged at MBank since April, 2017. Similarly a villa of Hoang Khai at Premier Village Phu Quoc Resort (in Phu Quoc Island), which was bought in May 2017, is also mortgaged at VietinBank's Thu Duc Branch.

Thereby, in addition to Tajmasago Castle and Cham Charm Restaurant, numerous properties of Khaisilk might find new owners in the time coming.