Stable growth, an increase in incomes and high demand for real estate products have together created favourable opportunities for overseas investors in Vietnam’s real estate, a Ho Chi Minh City conference heard last week. The Auscham-hosted event touched on many areas across Vietnam’s property sector Speaking at the Vietnam Real Estate Symposium 2018 hosted by the Australia Chamber of Commerce in Vietnam (Auscham), chairman of the Vietnam National Real Estate Association Nguyen Tran Nam said that many domestic developers own large land funds and, due to current credit tightening that reduces the possibility of bank loans, they should seek out foreign developers to co-operate on schemes. “It is high time for foreign developers join projects in Vietnam because the current credit tightening from the government reduces the finance flow from domestic developers, but this should be a good opportunity for foreign developers to jump … [Read more...] about International investment into real estate develops further
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Đồng Nai investigates Alibaba Real Estate’s unlicensed land sales
Viet Nam News HCM CITY — The People’s Committee of Đồng Nai Province has instructed the provincial police to investigate the sale of house foundations by Alibaba Real Estate Joint-Stock Company in the province’s Long Thành District. Alibaba Real Estate advertised plots with foundations on social media. The real estate projects were located near the planned Long Thành International Airport, which was connected to National Highway No 51. However, none of the projects have been licensed. Many customers and real estate investors paid deposits on plots of land in Long Thành District, hoping to have a property near the airport. Chairman of the district People’s Committee Võ Tấn Đức said no real estate projects by Alibaba were licensed in the district, and asked customers to be careful when considering purchasing land from the company. Đức said Alibaba had advertised projects covering over 60 hectares … [Read more...] about Đồng Nai investigates Alibaba Real Estate’s unlicensed land sales
Over USD216 million of FDI capital poured into HCM city real estate
Photo for illustration Specifically, the capital pouring in the real estate market was from Japan, the Republic of Korea, Singapore, the US and China. As of the end of 2017, the city has had 7,372 FDI projects with a total capital of nearly USD45 billion. FDI has created a force of strong joint venture businesses such as Phu My Hung Joint Venture Company, Nam Long Company in coordination with Hankyu Hanshin Toho Group and Nishi Nippon Railroad (Japan), Tien Phuoc, Tran Thai in coordination with Keppel Land (Singapore), Tien Phat in association with Sanyo Home (Japan), and An Gia in association with Creed Group (Japan). Together with FDI attraction, the real estate market also absorbed overseas remittances. The country’s average remittances reached around USD10 billion a year, in which the southern city makes up about 50% with some 21% investing in real estate. According to the association, the rapid growth in the FDI capital source was due to change in policy and law which … [Read more...] about Over USD216 million of FDI capital poured into HCM city real estate
Tight credit cools City real estate
With banks tightening credit to the property sector the HCM City market is cooling off, traders said. — Photo plo.vn With banks tightening credit to the property sector the HCM City market is cooling off, traders said. In District 9 for instance, unlike a month ago, many people are offering to sell their lands but cannot find buyers. The offers are much higher than bids, a broker said. Huu Tin, a broker from Binh Tan District, told Nguoi Lao Dong (The Labourer) newspaper there have been no transactions for a week. He has a 50sq.m house on Do Nang Te Street for sale for VND4 billion (US$175,000), but there are no takers, he said. Even recently everything on offer was being snapped up immediately, he said. Le Thi Hong Tham of District 7 told Viet Nam News she invested VND1.7 billion ($74,5000) to buy a piece of land near Long Hau Industrial Zone in Long An Province just off HCM City and sell it immediately. “Earlier, land could be re-sold within three or four days of buying. … [Read more...] about Tight credit cools City real estate
City real estate at $2 billion volume
Hanoi and Ho Chi Minh City have seen real estate sector transactions reach a total volume of more than $2 billion in the last two years.According to Adam Fitzpatrick, director of advisory and transactions and investment properties at CBRE Vietnam, residential projects are still sought after by many foreign investors.CapitaLand, Mitsubishi, and Keppel Land are just some of the big names involved in a range of large-scale projects of this kind in Vietnam.“We can read the growth rate of mergers and acquisitions (M&A) in Vietnam by looking at the initial public offering activities and the growth rate of private equities, which have been more active recently. We expect that this trend will continue throughout the next several years,” said Fitzpatrick.In the past two years, unlike a majority of transactions in Ho Chi Minh City, which were focused on the central business districts, those in Hanoi are mostly taking place in decentralised areas. Ho Chi Minh City made up three … [Read more...] about City real estate at $2 billion volume