HCMC – The chairman of the major Vietnamese property developer Novaland has called for lender banks to restructure debt owed by real estate businesses.

Bui Thanh Nhon made the proposal during a hybrid conference held this morning, February 17 to find solutions to cope with woes faced by the real estate sector.

“The proposal, if approved, would buy time for the housing market to recover while waiting for the Government to improve the legal framework for the sector,” said Nhon.

They would also help prevent 10% to 20% of the economy’s outstanding loans from turning bad, he added.

He also called for the prime minister’s help to resolve time-consuming paperwork for real estate projects nationwide.

Novaland would be able to take out over VND10 trillion of its VND25 trillion frozen at banks if the paperwork hindrances are removed, according to him.

With this, the firm would have enough capital to return to its regular operations, Nhon said.