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[2009-08-06] Capital needs force companies sell real estate investments
Capital needs force companies sell real estate investments
(Listed Aug 6, 2009)
Short on capital needed to develop their main lines of business, many companies are liquidating investments in real estate. Thus a considerable number of real estate deals have been recorded recently. Vietnam Electricity Construction JSC (VNECO) was forced to sell its Green Plaza Da Nang property to Thien Thanh Production, Trade and Construction Company for 385 billion dong. VNECO lost money in 2008 and ... |
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[2009-08-06] Steelmakers bemoan shortage of dollars
Steelmakers bemoan shortage of dollars
(Listed Aug 6, 2009)
The Viet Nam Steel Association recently sent a letter to the Government saying that its members were facing a risk to halt production because they lacked sufficient supplies of US dollars to import scrap steel, according to association chairman Pham Chi Cuong. The association said steel producers were unable to get the currency from commercial banks as imported scrap steel was not on the State Bank of Viet Nam list of import... |
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[2009-08-06] Banks restrain lending to property speculators
Banks restrain lending to property speculators
(Listed Aug 6, 2009)
Local lenders say they are applying tightened policies on property loans but will continue providing credit to meet genuine demands of home buyers. Ho Xuan Nghiem, deputy general director of Sacombank, said his bank has been cautious with real estate loans this year. It is keeping loans for home purchases at under 12 percent of total outstanding loans and property project financing at less than 5 percent. Nghie... |
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[2009-08-05] Steel producers to be able to purchase dollars to import scrap steel
Steel producers to be able to purchase dollars to import scrap steel
(Listed Aug 5, 2009)
The Ministry of Industry and Trade has sent a document to the State Bank of Vietnam, requesting support in ensuring enough foreign currencies for steel producers to import scrap steel to serve domestic production. Chairman of the Vietnam Steel Association Pham Chi Cuong confirmed the information on July 31. Prior to that, steel producers and the Vietnam Steel Association (VSA) sent a petition ... |
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[2009-08-05] State Bank leaves prime rate at 7%
State Bank leaves prime rate at 7%
(Listed Aug 5, 2009)
The prime rate will remain unchanged at 7 percent for this month, the State Bank of Viet Nam said in a statement released yesterday. The prime rate has remained unchanged since February, when the State Bank cut it from 8.25 percent to 7 percent – the lowest rate since 2004. Pursuant to Decision No 1811/QD-NHNN, which took effect on August 1, the interest rate on dong-denominated loans would be capped at 10.5 percent per ye... |
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[2009-08-05] Disgruntled residents trapped by delayed projects
Disgruntled residents trapped by delayed projects
(Listed Aug 5, 2009)
Southern residents say they are fed up after years of being unable to renovate their homes or move due to slow-moving development projects. Many residents in Dong Nai Province and nearby Ho Chi Minh City say they are angry at being barred from repairing their homes or building new ones for the past decade, because they live in areas zoned years ago for new public projects. In 1997, an urban planning committee ann... |
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[2009-08-05] Brokers remain slightly bullish despite central bank money policy moves
Brokers remain slightly bullish despite central bank money policy moves
(Listed Aug 5, 2009)
Vietnam’s young stock market made a big leap in the second quarter 2009. Looking ahead, investors are of two minds. On one hand, they are optimistic about domestic recovery, but on the other, they fear return of high inflation and a tightening up of bank credit to would-be securities investors. Is credit tightening, or just returning to ‘normal’? In July 2009, the State Ban... |
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[2009-08-05] Construction glass producers crying for help
Construction glass producers crying for help
(Listed Aug 5, 2009)
A lot of domestic construction glass producers have had to temporarily stop production as stocks have become big and products remain unsold. Meanwhile, domestic products cannot compete with imports in terms of price. Tran Quoc Thai, Chairman of the Vietnam Glass Association, said in an interview with Thoi bao Kinh te Vietnam recently that if there were not timely intervention in the market, damages to the glass indust... |
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[2009-08-05] Real estate market could not be transparent right now
Real estate market could not be transparent right now
(Listed Aug 5, 2009)
No real estate trading floor in Vietnam has been recognised as meeting standards as the Ministry of Construction is still compiling standards for real estate trading floors. Therefore, one should not expect to see transparency in the market right at present.Lacking professionalism Economists said that Vietnam’s national economy has shown signs of recovery and this is a good opportunity to develop the rea... |
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[2009-08-05] Int'l real estate conference to be held in HCM City
Int'l real estate conference to be held in HCM City
(Listed Aug 5, 2009)
The Ho Chi Minh City Real Estate Association will sponsor an international real estate conference on December 17-18. Participants will discuss solutions for sustainably developing the country’s real estate market. They will hear a number of speeches on low income housing and Ho Chi Minh City’s architectural development strategy. The conference, the first of its kind in Vietnam, is part of a national ... |
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[2009-08-05] Signs of quick rebound in Malaysian property sector
Signs of quick rebound in Malaysian property sector
(Listed Aug 5, 2009)
The slew of property launches and speedy take-up rates lately are signs that the local (property) sector is on a quick rebound from the global economic downturn. In its latest report, HwangDBS Vickers Research said the local high-end property sector had been on an uptrend, with developers raking in quick profits from project launches. Among them were DNP Bhd’s Verticas condominiums in Bukit Ceylon, Kuala ... |
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[2009-08-05] New port delayed by roadwork
New port delayed by roadwork
(Listed Aug 5, 2009)
A nearly-completed new port in Ho Chi Minh City will not be able to operate until next year because three bridges on the access roads are not finished. The US$366 million Saigon Premier Container Terminal (SPCT) was scheduled to begin operating on October 1. However, the completed port is expected to lie idle for eight months or more because the roads that will connect the port to the city will not be able to carry traffic until May n... |
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[2009-08-04] Dubai house prices halved on job concerns
Dubai house prices halved on job concerns
(Listed Aug 4, 2009)
Dubai house prices halved from a year ago, almost reaching 2007 levels, as tighter mortgage lending and concerns among expatriates about job security hindered the market’s recovery, Colliers CRE Plc said. Home prices in the desert sheikhdom dropped 48 percent from a year ago, sliding 9 percent during the second quarter to an average of 949 dirhams ($258) per square-foot (0.09 square meters). The rate of decline dec... |
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[2009-08-04] Investors put sights back on real estate
Investors put sights back on real estate
(Listed Aug 4, 2009)
Stocks of property developers are again becoming attractive to investors as the real estate market shows signs of a revival. The number of property transactions has begun to increase, particularly land-related ones. Land prices have risen 10 to 30 percent in certain parts of HCM City since the end of last year. The real estate market is also exhibiting a surprising ability to absorb all available investment, including bank credi... |
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[2009-08-04] City's two old buildings come down
City's two old buildings come down
(Listed Aug 4, 2009)
HCMC's District 1 authorities have begun tearing down two old condo buildings to facilitate condo-commercial center-office complex projects.
The projects had been delayed five years due to disputes in site clearance and compensation. Meanwhile, local government and people were afraid the old buildings at 289 Tran Hung Dao Street and 74 Ho Hao Hon Street would collapse.
For the Tran Hung Dao buildi... |
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