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New property law piles risk on banks

HCM CITY (VNS)— A proposed decree to guide the recent amendments to the Law on Real Estate Business that requires housing developers to get guarantees from banks before they can sell or lease out units needs to be more specific to ensure safety, a developer has warned.

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HCM CITY (VNS) — Japan's Creed Group, a real estate firm specialising in principal investment and property development, has signed a comprehensive investment co-operation contract with An Gia Real Estate Investment and Development JSC.

Nearly $1.7b of FDI pours into real estate market

HCM CITY (VNS)— The country's property market attracted US$1.69 billion in foreign direct investment (FDI) for 15 projects in the first seven months of 2015, according to the Foreign Investment Agency. This figure accounted for 19.3 per cent of the total FDI capital of $6.92 billion.

Foreigners Buy Houses In Vietnam - Stimulus Resource For Real Estate

On July 1st 2015, the law for foreigners to buy houses in Vietnam began to take effect. 2015 07 15 1This will make the real estate market have a larger demand. Thus, for approaching international standards, the investors have to adjust operations, ways of working and management to introduce the products with strict requirements on quality and attentive service ... so as to meet the requirements of this new market.

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While residential developments in the west and north of HCM City have few customers, the property spotlight is falling on the east and south of HCM City where Districts 2, 9, and Binh Thanh are seeing plenty of transactions.

Vietnam real estate market continues attracting foreign investors

Foreign direct investment (FDI) capital to Vietnam’s real estate market has continued increasing recently with high-value deals of many giants from South Korea, Japan and Singapore. The Foreign Investment Agency under the Ministry of Planning and Investment reported as of July 20, the country has licensed 1,068 new projects with the registered capital of US$6.92 billion, up 1 percent over the same period in 2014

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With a majority of 77 per cent vote the National Assembly last week passed the long-awaited amended Law on Housing which would expectedly make positive changes to home-ownership rights for foreigners. Bich Ngoc reports.

Foreigner property rights to boost Vietnamese realty market

Viet Nam's real estate market will become more competitive within the region because foreigner property rights will soon be allowed, Savills Viet Nam said in a statement last November 26.

New property law piles risk on banks

"Now, with the guarantee, all the risks pile on banks if a project gets into trouble", Nguyen Van Duc, deputy director of Dat Lanh Real Estate Company said. — Photo: dothivn

HCM CITY (VNS)— A proposed decree to guide the recent amendments to the Law on Real Estate Business that requires housing developers to get guarantees from banks before they can sell or lease out units needs to be more specific to ensure safety, a developer has warned.

Nguyen Van Duc, deputy director of Dat Lanh Real Estate Company, told a seminar held in HCM City to collect feedback on the draft decree that generally a developer needs bank loans for land clearance and buying land use rights and then for construction.

Now, with the guarantee, all the risks pile on banks if a project gets into trouble, he pointed out.

In reply, Vu Van Phan, deputy head of the Ministry of Construction's Housing Management and Real Estate Market, said the State Bank of Viet Nam would issue a circular to address this.

Phan said the guarantee is to safeguard buyers' rights since many people who paid to buy apartments had been unable to get back their money when projects stalled.

Le Hoang Chau, chairman of the HCM City Real Estate Association (HoREA), said the government should allow insurance companies to join the business (provide the guarantee) to offer developers a wider choice in sharing the risk.

Nguyen Trong Ninh, permanent deputy head of the Ministry of Construction's Housing Management and Real Estate Market, said that even foreigners who are in the country for just a day are allowed to buy houses.

He also said that foreigners get ownership for 50 years and can apply for a single extension of 50 years at most.

They can resell their assets with the buyers getting the title for the remaining duration, he said.

Participants said the new owners should enjoy another 50 years.

The amendments to the housing and real estate business laws took effect on July 1, but decrees guiding their implementation are yet to be issued.

Chau said foreign institutions and individuals are allowed to own 30 per cent of the total number of units in an apartment project but only 10 per cent of houses if a development comprises both apartments and houses. He called for greater flexibility in places like Ha Noi, Da Nang, Binh Duong, Dong Nai, and HCM City, especially areas like Phu My Hung and Thao Dien in HCM City that attract a large numbers of foreigners.

"Local governments should be empowered to make decisions appropriate for their situation."

Yoshida Akio, chief representative of Japanese-owned Kitakei Co, which sells housing materials and equipment and construction work systems, said the Japanese community in Viet Nam wanted to buy houses to live in the country for a long term, adding the 30 percent rate should be increased to 40 or 50 per cent. — VNS

* More informations, please contact: An Phat Real Estate - Hotline: 0938.218.206 or saigon4sale4rent@gmail.com

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