VND110-trillion package for social housing withdrawn
HCMC – The Ministry of Construction has backed off from the VND110-trillion credit package for banks to lend on to developers and buyers of social housing, according to a statement released yesterday, March 2. The ministry’s package is to recapitalize commercial banks so that they can lend on to
Ministry wants rethink of high tax on second home
HCMC – The Ministry of Planning and Investment has proposed the Government turn down the HCMC government’s proposal to impose a higher property tax on people who own a second home. It reasoned that the proposal still had inadequacies as owners of several small houses or plots of land would have to
HCMC proposes coefficient K be used to set land prices
HCMC – The HCMC People’s Committee has written to the Government proposing using coefficient K to determine land prices for many property projects in the city. It is difficult to collect and check information on the actual prices of property transactions in the city due to vagueness in those
HCMC to put up nearly 3,800 apartments for auction
HCMC – HCMC authorities are working out auction plans for land plots and 3,790 apartments in the Thu Thiem new urban area after their auctions failed for three consecutive times. A working session, with the participation of HCMC Vice Chairman Bui Xuan Cuong, discussed a detailed plan for the
Construction Ministry wants target for social homes reduced
HCMC – The Ministry of Construction has proposed the prime minister lower the target of building social homes for workers and low-income people to just over one million in 2021-2030. The budget for the plan would also be cut by VND280.5 trillion. The proposal received approval from most
Novaland proposes extending bond maturity
HCMC – Major Vietnamese real estate developer Novaland has proposed extending the maturity of the bonds it issued to a later date due to its tight budget. According to the official dispatch Novaland sent to the Hanoi Stock Exchange, the HCMC-based property firm has not been able to settle coupons
Administrative bottlenecks impede social housing projects
HCMC – Despite the Government’s financial packages, low-income buyers still have difficulty acquiring a social home in HCMC due to red tape. According to the city’s Department of Construction, HCMC has many long-stalled social home projects for low-income people and workers, with administrative
Two huge credit packages are good news for struggling real estate sector
HCMC – Struggling with difficult access to bank loans, the real estate sector has got good news that two major credit packages totaling VND230 trillion would be launched after Prime Minister Pham Minh Chinh met with real estate businesses on Friday. At a hybrid conference on solutions to pull the
PM says Govt will not bail out real estate sector
HCMC – Prime Minister Pham Minh Chinh has said the Government will not bail out the struggling real estate sector. Speaking a hybrid conference on policies and solutions for the frozen real estate sector yesterday, February 17, Chinh said there would be no bailout but government agencies, local
VND110-trillion social housing credit package proposed
HCMC – The Ministry of Construction has proposed a social housing stimulus package worth VND110 trillion to house tenants, buyers and developers. The ministry has yet to give details on the allocation of the package, but it said the package should be similar to the VND30-trillion credit package
Real estate sector still struggles
HCMC – The ongoing credit crunch and the Government’s restrictions on corporate bond sales have put an additional strain on the debt-ridden real estate sector. Savills Vietnam’s survey pointed out that homebuyers must apply for a mortgage worth around 50% to 80% of the total value of a mid-end
Keppel Land, Khang Dien Group to develop sustainable urban projects in HCMC
HCMC – Singapore’s Keppel Land and Vietnamese real estate developer Khang Dien Group yesterday, February 10, signed a memorandum of understanding (MOU) to develop residential and sustainable urban area projects in HCMC. The MOU signing was witnessed by Vietnamese Prime Minister Pham Minh Chinh