Business woman Duong Thi Bach Diep and four officials of the Ho Chi Minh City People's Committee have just been started legal proceedings against for their alleged involvement in dubious real estate projects in the city and hoarding a great debt towards Agribank. The Owner of Diep Bach Duong Real Estate, Duong Thi Bach Diep In a statement issued by the Ministry of Public Security, business woman Duong Thi Bach Diep, director of Diep Bach Duong Real Estate Co., Ltd., was prosecuted for "fraudulent appropriation of property." In addition, former deputy chairman of the Ho Chi Minh City People's Committee Nguyen Thanh Tai and three other officials were also prosecuted for "offences against regulations on the management and use of State-owned property that lead to losses or wastefulness." Duong Thi Bach Diep became known in the real estate sector by receiving many "golden" land plots in the centre of Ho Chi Minh City. In particular, she became the first person to own the … [Read more...] about Real estate tycoon and Ho Chi Minh City officials arrested
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Real estate poised for positive 2019
Vietnam continues its rapid development with a slew of new property types springing up in recent years, Photo: Le Toan According to the Foreign Investment Agency under the Ministry of Planning and Investment, real estate business ranked second in size since early this year, with total registered capital of $6.5 billion in 87 new registered projects. “With foreign direct investment (FDI) being funneled into the real estate sector, Vietnam remains an attractive destination for real estate investment in 2019 and beyond. It is because the demand for residential real estate, industrial zone infrastructure, trade centres, and resort real estate remains high,” said Nguyen Tran Nam, chairman of the Vietnam Real Estate Association. According to the country’s housing development strategy, the average housing area of the nation will reach 25 square metres per capita by 2020. To achieve this goal, 100 million sq.m of new housing will be built each year, 70 per cent of which … [Read more...] about Real estate poised for positive 2019
Real estate credit tightened
VietNamNet Bridge - At most banks, loans provided to the real estate sector account for no more than 7 percent of their total outstanding loans, but the figures are above 10 percent at other banks. The outstanding loans provided to the real estate sector in 2010-2017 By the end of the second quarter, Sacombank had VND42 trillion worth of loans provided to fund activities related to asset trading and consultancy service, most of which were real estate and real estate brokerage service. The figure represented an increase of VND3 trillion compared with the beginning of the year. However, the ratio of the loans on the bank’s total outstanding loans had reduced from 17.6 percent to 17 percent. This was attributed to the sharp increase of VND23 trillion worth of loans in the first six months of the year. Sacombank is one of a few banks which have loans to the real estate sector exceeding 10 percent of total outstanding loans. The other two banks are Kien Long Bank and Techcombank, … [Read more...] about Real estate credit tightened
Real estate credit under strict control
Nguyen Tri Hieu, Economist The real estate lending rate may be much higher than the published number. The SBV’s regulations on credit for real estate business are aimed at real estate loans for profit purposes. However, many people now buy houses or repair homes with loans from banks, but these loans are now classified as consumer credit and, if the mortgage is included in real estate credit, it will account for about 20 per cent of total outstanding loans. If real estate credit is not controlled and money is still poured into the sector next year, the real estate market may return to saturation, recession, and oversupply. Tran Du Lich , Economist The bad results of bankers pumping investment into the real estate and security markets during 2007-2008 had a great negative impact on the markets, which have not been fully overcome yet. This is a major lesson for the whole economy in general and the banking system in particular. Therefore, I would say that the credit tightening and … [Read more...] about Real estate credit under strict control
Vietnam hosts International Real Estate Conference for the first time
The International Real Estate Conference (IREC) 2018 expects to welcome more than 300 international representatives and nearly 1,000 participants from the country. The August 15 press conference of IREC 2018 This is the first time that the Vietnam National Real Estate Association and the US National Association of Realtors agreed to organise IREC 2018 in Vietnam. The conference was held in the Philippines in 2015, South Korea in 2016, and Thailand in 2017. IREC 2018 is taking place between September 5 and 7 at the National Convention Centre in Hanoi with the theme “Vietnam—A world of opportunities.” In addition to Chairman of the Hanoi People’s Committee Nguyen Duc Chung, Minister of Construction Pham Hong Ha, US Ambassador to Vietnam Dan Kritenbrink, and Chairman of the US National Association of Realtor Vince Malta, and leaders of the government will also attend and speak at the conference. The conference is a good chance for state authorities, experts, … [Read more...] about Vietnam hosts International Real Estate Conference for the first time