Banks to guarantee Sacomreal property projects

Sacomreal's Jamona City will be guaranteed by OCB bank aiming following Article 56 of the Law on Real Estate Business, which will take effect on July 1.VNS Photo

Saigon Thuong Tin Real Estate Co. (Sacomreal) signed agreements with OCB, ACB and HDB banks on Sunday to guarantee its property projects, following Article 56 of the Law on Real Estate Business, which will take effect on July 1. OCB committed to guarantee all Sacomreal-invested products, including the recent Jamona City project in District 7, while ACB committed to guarantee products of Jamona Riverside in District 7 that will be on sale in the third quarter. HDB will guarantee products of Carillon 3 project in Tan Binh District which will be announced in the third quarter. Pham Nhat Vinh, chairman and general director of Sacomreal, said if developers failed to hand over residential houses as agreed in the lease-sale contracts, the purchaser may request the guarantor to return the advance and other payments made to the investors. "The property market will then develop more transparently and sustainably. The provision ensures that developers are financially viable and greater … [Read more...]

Top local banks see simultaneous changes in top positions

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While a Japanese national has been appointed the deputy head of Vietcombank, Sacombank and Eximbank have relieved the posts of their two deputy general directors so that they can move to work at their subsidiaries. Yutaka Abe, a Japanese national, was appointed the deputy general director-cum-member of the board of directors of the Joint Stock Commercial Bank for Foreign Trade of Vietnam, better known as Vietcombank, starting Sunday. (September 30). … [Read more...]

Banks see simultaneous changes in top positions

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While a Japanese national has been appointed the deputy head of Vietcombank, Sacombank and Eximbank have relieved the posts of their two deputy general directors so that they can move to work at their subsidiaries. Yutaka Abe, a Japanese national, was appointed the deputy general director-cum-member of the board of directors of the Joint Stock Commercial Bank for Foreign Trade of Vietnam, better known as Vietcombank, starting Sunday. (September 30). … [Read more...]

Business news in brief

On June 26, ACB Growth Investment Fund (ASIAGF), a close public fund, will debut 24,008,000 fund certificates on the Ho Chi Minh Stock Exchange. The debut price is set at VND10,000 a share with a trading band of plus minus 20 percent on first trading day. On June 25, the Ho Chi Minh Stock Exchange allowed Hung Vuong Corporation (HVG) to sell 1,260,320 treasury shares, or 2 percent stake. From June 28 to July 25, Nguyen Thi Xuan Thao, IR officer of MIRAE Joint Stock Company (KMR), registered to sell 329,450 shares, reducing her ownership to 26,234 shares, or 0.08 percent stake, for personal need. From June 29 to July 29, Ho Truc Lam, IR officer of Sacombank Securities Joint Stock Company (SBS), registered to sell all 5,220 shares for personal financial need. Bui Thi Bich Lien, sister of Bui Phap, chairman of Duc Long Gia Lai Group Joint Stock Company (DLG), registered to sell all 194,768 shares from June 28 to July 27, or 0.55 percent stake, for personal need. Le Quoc Binh, CEO of Ho … [Read more...]

Sacombank Shareholders General Meeting: Many Unexpected Things to Come

Sacombank's General Meeting of Shareholders on 26th May is forecast to contain lots of unexpected happenings regarding personnel issues, because its ownership and personnel have changed dramatically before the meeting. Sacombank's Annual General Meeting of Shareholders is forecast to contain lots of unexpected news, with information continuously released before the meeting. Saigon-Thuong Tin Commercial Joint Stock Bank (Sacombank - ticker: STB)'s Annual General Meeting of Shareholders this year will be organised on 26th May 2012 in Ho Chi Minh City. The list of attending shareholders was fixed on 20th April. The content of the meeting will focus on summarising operations of 2011 and plans for 2012, including reports of the Management Board and Supervisory Board. The shareholders will also express their approval or denial of reports under their authority. Recently, Sacombank has made several changes in personnel. Mr Pham Nhat Vinh resigned as Deputy General Director from 2May. Along … [Read more...]

Markets adjust at slower pace

The markets continued their correction phase on July 16 but on a slower pace thanks to recovery of several blue chips. The VN-Index on the HCM Stock Exchange edged down 0.63 percent to close the session at 626.90 points as the decliners outnumbered the advancers by 106 to 89 while other 110 codes went flat. Most of bank stocks extended losses, but some other large-cap shares rallied, which cushioned the fall. Members of the top 30 shares by market value and liquidity like steel market's Hoa Phat Group regained 3.5 percent while insurer Bao Viet Holdings (BVH) increased 1.6 percent and Saigon Securities Inc (SSI) rose 0.4 percent. However, many others still slumped including Masan Group (MSN), VinGroup (VIC) and Vinamilk (VNM), pulling the VN30 down 0.37 percent to 649.06 points. "The market is struggling to test investors' expectations as well as demand power while the VN-Index is approaching the five-year peak after a long rally," analysts at Saigon-Hanoi Securities Co wrote … [Read more...]

Focus on mid-cap shares lifts market

Blue chips continued to prop up the market although bank stocks extended losses on profit taking (Photo: apl.edu.vn) Growth weakened towards the end of June 4 session but liquidity climbed as traders focused money on mid-cap shares. On the HCM City Stock Exchange, the VN-Index inched up 0.19 percent to close at 568.99 points while the VN30 which tracks the top 30 shares by market value and liquidity rose by a more substantial 0.32 percent to end at 587.48 points. Blue chips continued to prop up the market although bank stocks extended losses on profit taking. Lenders like Vietinbank (CTG) and Sacombank (STB) lost ground but other large-cap stocks like VinGroup (VIC), Vinamilk (VNM), Bao Viet Holdings (BVH), and Hoang Anh Gia Lai Co (HAG), apart from FPT Corp (FPT), Hoa Phat Group (HPG) and Gemadept (GMD) increased strongly. "Investor confidence was heightened as cash flows continued to be channelled into the equity market," analysts at FPT Securities Co wrote on their website … [Read more...]

Market sees slow trade but slight price increases

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Property developers are racing to launch big promotions, including cash and lucky draw prizes and favorable payment conditions, to lure homebuyers to invest in the long ailing real estate sector. While trade declined this year, prices remained stable in the residential for sale segment. However, prices are expected to fall. According to market research company CB Richard Ellis Vietnam (CBRE), although some commentators said that the residential market was still overpriced and had further to fall, it had settled in the year's first quarter. Prices in the luxury and high-end sectors remained flat, while the mid-end market and the affordable sector saw an 8.5% and 8.3% year-on-year price increase respectively. An affordable condo project in Binh Tan District in HCMC -Photo: Dinh Dung In the first quarter, high-end real estate was worth US$1,878 per square meter and mid-end property sold for US$998 per square meter, while the affordable sector reached US$720 per square meter, said … [Read more...]

Property trade disrupted by new red tape

Stare management agencies and real estate companies alike are witnessing their business coming to a halt because of the amended law, which went into effect August 1, relating to the issuance of ownership certificates for both house and land. Under the law, both the land and the house on it will be certified in one title instead of two separate titles as before. Lacking guidance, however, the change has embarrassed district level management organizations with many of them having stopped granting ownership titles and using confusion as an excuse. Without exception, real estate companies have lost business because they cannot execute the legal paperwork for their customers when transactions are completed. Trading waits for new title A file photo featuring customers trading at the ACBR property trading floor in downtown HCMC - Photo: Dinh Dung Pham Van Hai, general director of ACB Real Estate Services Co. (ACBR), told the Daily last week that his property trading floor in downtown HCMC … [Read more...]

TPP to open up ​​investment opportunities in Vietnam: expert

How the Trans-Pacific Partnership Agreement (TPP will open opportunities to attract investment in Vietnam was the focus of an interview between Nhan Dan (People) newspaper and Dr. Phan Huu Thang, former Head of the Foreign Investment Agency under the Ministry of Planning and Investment. * Joining the TPP is expected to open up opportunities for Vietnam to attract foreign investment from TPP countries. Could you give us more details about these potential opportunities? Participation in the TPP will open up opportunities for Vietnam to attract foreign investment in general, including foreign direct investment (FDI), foreign indirect investment (FII) and others. The TPP is a new-generation free trade agreement (FTA) of the 21st century, with a deeper and broader level of tariff line reductions than the WTO; increased service openness; relevant strengthened provisions on foreign investment and investor protection; and enhanced transparency in competition and labour issues. Under a FTA … [Read more...]

Five more banks to guarantee property investors

The State Bank of Viet Nam named five more banks on August 27 that qualify for guaranteeing property investors, following issuance of regulations on the realty trading law. Thirty-eight banks have been named as qualifying for guarantee property investors. Illustrative photo tapchitaichinh.vn The banks are Sacombank, Kien Long Bank, Nam A Bank, as well as Orient Commercial Bank and Vietnam International Bank. The newly revised Law on Real Estate Business, which took effect on July 1, stipulates that property investors can sell or rent houses, which are to be built in the future, only with the underwriting of commercial banks. The Ministry of Construction said such regulations aim to protect the interests of homebuyers, whose advanced money will be refunded if investors fail to assure the completion of their projects. Earlier this month, the central bank listed 33 banks that offer such property guarantees. These included foreign lenders such as HSBC Vietnam, Standard Chartered, … [Read more...]

Property-guarantee barriers remain despite new circular

Transactions being conducted at Sacombank's branch in Lang Son Province. Sacombank is one of five additional banks that are eligible to guarantee property investors. — VNA/VNS Photo Tran Viet HA NOI (VNS)— Issues relating to banking guarantees for future property purchases remain, even though Article 56 of the Law on Real Estate Business came into effect two months ago. Following the article coming into effect, property developers, before selling or leasing unfinished properties, must now obtain guarantees from eligible commercial banks as assurances of their financial obligations to buyers. The purpose of the article is to protect homebuyers. If property developers fail to hand over apartments to buyers, despite commitments, banks will be responsible for returning a buyer's money, in line with signed contracts. In addition, this will help improve the sense of responsibility of investors. Five more banks to guarantee investors HA NOI — The State Bank of Viet … [Read more...]

Dong devaluation will have ‘modest’ impact on property market: report

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Apartment buildings under construction are seen near the old residential area of Vinh Tuy village in Hanoi July 1, 2015. Photo: Reuters Vietnam’s recent devaluation of the dong will have a limited impact on the real estate market as the market is largely fueled by domestic demand and dominated by domestic supply, property research firm CBRE said in a new report. Vietnam’s residential property market is dominated by domestic supply, with supply by foreign developers only accounting for less than 10 percent, according to the report, released on Wednesday. "Hence, impact of the currency movement to prices would be limited. Prices would be affected, however, when currency devaluation creates pressure on inflation," the report said. On August 19 the State Bank of Vietnam, the nation's central bank, devalued the dong for the third time this year in a bid to protect the export sector by countering the adverse affects of a strengthening dollar and yuan devaluation. On the same … [Read more...]

Dong devaluation will have ‘modest’ impact on Vietnam’s property market: report

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Apartment buildings under construction are seen near the old residential area of Vinh Tuy village in Hanoi July 1, 2015. Photo: Reuters Vietnam’s recent devaluation of the dong will have a limited impact on the real estate market as the market is largely fueled by domestic demand and dominated by domestic supply, property research firm CBRE said in a new report. Vietnam’s residential property market is dominated by domestic supply, with supply by foreign developers only accounting for less than 10 percent, according to the report, released on Wednesday. "Hence, impact of the currency movement to prices would be limited. Prices would be affected, however, when currency devaluation creates pressure on inflation," the report said. On August 19 the State Bank of Vietnam, the nation's central bank, devalued the dong for the third time this year in a bid to protect the export sector by countering the adverse affects of a strengthening dollar and yuan devaluation. On the same … [Read more...]

Many realty firms yet to secure bank guarantees

Customers inspect an apartment at the Sky Center project in HCMC’s Tan Binh District. Hung Thinh Corporation has got bank guarantees for the project - PHOTO: MANH TUNG

Manh Tung Article 56 of the 2014 Law on Real Estate Business, which took effect on July 1, stipulates that before selling or leasing products at their half-done or future housing projects, investors must secure banks’ assurances for their financial obligations towards their customers in case their deliveries miss deadlines. If property developers fail to hand over houses to buyers as committed in the contract, guaranteeing banks will have to return deposits to customers on behalf of those developers. Right after the law took effect early last month, a number of real estate firms like Him Lam Corporation, Khang Dien Investment & Trading House Company and Hung Thinh Corporation secured guarantees from banks such as Sacombank, VietinBank, Eximbank and BIDV for their housing projects. However, many other enterprises have yet to clinch guarantee deals with banks for their projects in HCMC. A number of firms acknowledged that they have not sought bank assurances before … [Read more...]

CapitaLand optimistic about demand for Seasons Avenue apartment project

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Singapore-headquartered property developer CapitaLand is confident that its Seasons Avenue apartment project in Vietnam's capital city would be another success story, thanks to the recovering local real estate market and a well-grounded partnership with a local business. Designed with four high-rise buildings inspired by Hanoi's four seasons, the project is scheduled for completion in phases, with the first phase to be completed in 2017. Once completed, it will add 1,300 apartments to the mid-end segment in the rapidly urbanising Ha Dong district. Despite the fact that it's still under construction, the project has drawn keen interest from buyers with a substantial amount of bookings already in place, according to Lim Hua Tiong, general manager, North Office, CapitaLand Vietnam Holdings. "The local property market is warming up and the demand for housing from the Vietnamese people is increasing sharply, especially in the mid-end segment. Seasons Avenue offers the right product that … [Read more...]

CapitaLand optimistic about demand for Season Avenue apartment project in Hanoi

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Singapore-headquartered property developer CapitaLand has claimed that its Seasons Avenue apartment project in Vietnam’s capital city would be another success story thanks to the warming local real estate market and a well-grounded partnership with a local business. The design concept behind Season Avenue is inspired by Hanoi’s four seasons Lim Hua Tiong, general manager of CapitaLand–Hoang Thanh, said he was confident of the successful sales of the apartment complex once they became available to buyers in early 2017. Designed with four high-rise buildings inspired by Hanoi’s four seasons, the project is scheduled for completion in 2019. Once completed, it will add 1,300 apartments to the mass housing segment in the rapidly urbanising Ha Dong district. Despite the fact that it’s still under construction, the project has received a positive response from the market with a raft purchasing orders already in place, according to Tiong. "The local property … [Read more...]

CapitaLand optimistic about demand for Seasons Avenue apartment project in Hanoi

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Singapore-headquartered property developer CapitaLand is confident that its Seasons Avenue apartment project in Vietnam's capital city would be another success story, thanks to the recovering local real estate market and a well-grounded partnership with a local business. The design concept behind Seasons Avenue is inspired by Hanoi's four seasons Designed with four high-rise buildings inspired by Hanoi's four seasons, the project is scheduled for completion in phases, with the first phase to be completed in 2017. Once completed, it will add 1,300 apartments to the mid-end segment in the rapidly urbanising Ha Dong district. Despite the fact that it's still under construction, the project has drawn keen interest from buyers with a substantial amount of bookings already in place, according to Lim Hua Tiong, general manager, North Office, CapitaLand Vietnam Holdings. "The local property market is warming up and the demand for housing from the Vietnamese people is increasing sharply, … [Read more...]

Luxury and high-end projects are rebounding in VN

After a period of inactivity the high end apartment market is showing rapid signs of recovery with the rebound of many projects. Among others, luxury and high-end project developer the Tan Hoang Minh Group began construction of D’.LeRoi Soleil on the corner of Xuan Dieu and Dang Thai Mai Streets in Hanoi’s Tay Ho district, with sales of 498 opening on July 4 apartments after many years of delay. "D’.LeRoi Soleil has already received 230 registrations for purchasing apartments," Mr. Tran Nhu Trung, Deputy Managing Director of Tan Hoang Minh, told VET. "Its extremely favorable location is one of the major reasons behind the project’s attraction for homebuyers and investors." With three sides overlooking West Lake and one looking out to the Red River, this is the only high-rise project in the area to offer apartments for sale with a permanent red book. "Among customers registering to buy our apartments are many from Malaysia and Singapore", Mr. Trung … [Read more...]