The Mekong Capital-operated Vietnam Azalea Fund has paid US$9.1 million to property developer Nam Long Investment Corp for an undisclosed stake but not exceeding 30 percent.

The Ho Chi Minh City-based company, capitalized at VND482 billion ($25.4 million), owns 550 hectares of lands in the city, Can Tho, Long An Province, and Danang.

It also has a tie-up with two other foreign investors -- Aseana Properties Limited owned by the Malaysia-based Ireka Development Management Group, and Goldman Sachs’ Nam Viet Company Limited.

The two invested $28 million in Nam Long two years ago.

Vietnam Azalea Fund, which has a corpus of $100 million, was set up in 2007.

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