By Decision 144/QDUB issued on 15 March 1989, the People Committee of Ho Chi Minh City officially commissioned the merger of the Housing Construction and Maintenance Factory and the Housing Management and Development Enterprise of District 8, both state-run, to form the Construction and Housing Services Company of District 8 (“the Company”), which was by then still wholly state-owned. Under Decision 245/QDUB on 15 December 1992 by the same authority, the Company’s scope of operation was then broadened to include the development of residential clusters addressing housing needs of public officials and citizens, as well as rehabilitation apartments serving the clearance of derelict ghettos and/or site reclamation for the District’s economic and social development projects.
The post-merger Company did stand a leading force in providing real estate solution for the well-planned urbanization of District 8 throughout the following decade, and became an affiliate to the Sai Gon Real Estate Holdings Company in 1998 under Decision 3326/QDUB on 26 June. The restructuring had paved way to the Company, in sense of management expertise and capital injection, to capitalize on its readily available merit and build a strong brand name in the sector ever since.
In 2003, with a view to being proactive in capital raising and in accordance with the government’s privatization policy of state-run enterprises, the Company was privatized and named Cho Lon Real Estate Corporation (“the Corporation”) under Decision 5828/QDUB on 31 December the same year. The new structure allowed the Corporation to reorganize its management and operations, thereby solidifying existing businesses and positively encouraging investment to new geographical territories in Ho Chi Minh City as well as other provinces in the vicinity.
With the rapid growth of the stock market in Vietnam, the Corporation decided to source fund from capital market, for which it consummated all relevant steps towards financial transparency and accountability, and successfully got listed on Ha Noi Stock Exchange on 14 June 2007 by the symbol RCL, having been the 87th publicly listed stock on this exchange with 1.5 million outstanding shares and represented by then one of a few progenitors from the real estate sector.
In 2009, the Corporation’s remarkable efforts were recognized with the Vietnam’s Gold Star Award granted by the Vietnam’s Association of Entrepreneurs, and the Real Estate Operator of the Year’s Award by the Real Estate Association of Ho Chi Minh City.
2010 marked another pivot when the Corporation was honored by the government with the prestigious Medal of Labor for the First Runner-Up due to its perseverance during the country’s economic endeavor from 2005 to 2009.
Having been active in business activities for over 20 years, the Corporation has never neglected its care for social responsibility. Either by financial manner from its own foundation or practical housing campaigns, the Corporation has contributed significantly to the society’s efforts in alleviating the suffering of the unprivileged and derelicts, the victims of natural disasters, the elderly and damaged veterans in various localities across the entire nation.