Real estate and construction firm 577 Investment Corporation has lost VND614.7 billion (US$27.3 million) in market capitalisation following the fire at Carina Plaza in HCM City on March 23. The Carina Plaza apartment building with the name of 577 Investment Corp on the top of the building. - Photo news.zing.vn The corporation has listed more than 97.5 million shares on the HCM Stock Exchange, and its shares have lost nearly 25.5 per cent in the last five trading sessions to close Thursday at VND19,000 per share. Its shares started to decline on March 23, when a fire broke out at a building of Carina Plaza early on the day, killing 13 residents and injuring 90 others. Carina Plaza was constructed by contractor Hung Thanh Construction-Trading-Services-Production Co Ltd, in which 577 Investment Corp holds a 95 per cent stake. On March 26, 577 Investment Corp. sent a filing to the HCM Stock Exchange, in which it said the two companies had worked out with the city authorities to … [Read more...] about Real estate corp 577 loses US$27m after Carina Plaza fire
Real estate
Berjaya keeps investing into Vietlott despite ailing real estate operations
Despite its failed businesses in the Vietnamese real estate market, Malaysia-based Berjaya Group has committed to invest more in Vietlott to help the firm achieve an annual turnover of VND13 trillion ($572.6 million) and reach a growth rate of 20 per cent per year. Berjaya aims to ensure that Vietlott's ticket sales will grow by 20 per cent per annum According to Vietnam Lottery Company's (Vietlott) development strategy to 2025 and vision to 2034, Berjaya Group will support the company to reach a turnover of VND117.478 trillion ($5.17 billion) in 2017-2025, equivalent to VND13 trillion ($572.6 million) per year. Additionally, in 2025-2034, the Malaysian partner will help Vietlott achieve a total turnover of VND258.513 trillion ($11.3 billion) and VND59.398 trillion ($2.6 billion) to pay to the state budget. On the other hand, despite the huge financial support, Berjaya is facing difficulties in the Vietnamese property market. In February last year, Berjaya decided to sell 70 … [Read more...] about Berjaya keeps investing into Vietlott despite ailing real estate operations
Top five foreign investors in Vietnam’s real estate announced
Investors from Thailand, China and the US are expected to invest more in Vietnam’s realty market in the near future. Photo: enternews.vn According to experts, domestic investors have bought more since 2017, leading to competition with foreign investors with supply limited. The trend is forecast to continue this year. Residential land leads in terms of supply and transaction volume while housing and land for developments are most popular. Hanoi and Ho Chi Minh City have seen increases in new supply and transaction volume over the past years. House prices have tended to rise slightly while demand for quality housing increasingly grows. Investors have competed to buy projects at higher prices and several buildings under construction have been transferred to new investors. The shortage of supply will encourage investors to work with domestic partners to build projects. At the same time, real estate funds will seek to buy stakes in major realty companies. … [Read more...] about Top five foreign investors in Vietnam’s real estate announced
SBV restricts real estate and construction loans
Document 563 sought tighter control over credit growth to meet the SBV’s target of 17 per cent for 2018, Photo: Le Toan According to experts, real estate firms need to apply more effort to cope with more stringent lending requirements starting this year, and with the coming influx of new supply. The State Bank of Vietnam (SBV) recently asked credit institutions and local offices of foreign banks to give lending priority to production and business and to strictly monitor the acquisition of consumer loans that are used, in reality, for investment and trading in real estate and/or securities. SBV’s recent Document No.563/NHNN-TTGSNH, issued in January by SBV, asked for tighter control over credit growth in order to meet its target. The credit growth target for 2018 was set at 17 per cent, lower than the growth rate of 18.17 per cent the year prior. SBV Governor Le Minh Hung has instructed financial institutions to lessen the focus on real estate and construction and … [Read more...] about SBV restricts real estate and construction loans
Greening out real estate projects
Developers in Ho Chi Minh City are trying to realise the dream of greening out their real estate projects. Ho Chi Minh City is considered the leader in green real estate projects. Among those, Phuc Khang Construction and Investment Corporation is a pioneer in applying the American LEED green building standards in its two projects called Diamond Lotus Riverside (District 8) and Diamond Lotus Lakeview (Tan Phu District). In particular, Diamond Lotus Riverside handed over properties to more than 700 homebuyers by the end of 2017. In addition, the An Nhien Garden eco-urban complex, developed by Thang Loi Group, including the three sections An Phu-An Loc-An Dien, is a green community in the heart of the city with tree and traffic densities of nearly 40 per cent. EverRich Infinity of Phat Dat Real Estate Development Corporation, which is located in the centre of District 5, has been covered with green spaces surrounding the windows, not to mention a system of interconnected watercourses … [Read more...] about Greening out real estate projects