The long process of project approval from competent government agencies and the serious impact of COVID-19 have helped mergers and acquisitions in real estate sector become more active. A recent report released by VNDirect Securities Corporation stated that mergers and acquisitions (M&A) deals, especially in transferring part of large-scale real estate projects, were considered one of the fastest solutions for foreign developers when they want to jump into the Vietnamese real estate market, as well as for the domestic developers expanding their land fund and investment portfolios. This report also cited that some projects from giant developers are currently in the negotiation process with most expected to be completed this year. “Thanks to the improvement of the legal system in the Law on Investment, a range of deals will be done within this year with total value up to more than $1 billion,” the report cited. According to Tran Khanh Hien, deputy director of the Research at VNDirect, the real estate market in 2021 will be step-by-step resumed at its active level, based on the economic recovery, rising housing demand, and increased supply due to a range of projects that will be permitted to continue after long delays to review procedures. The Gem Riverside, funded by domestic developers Dat Xanh Group, and the Eco-smart city at Thu Thiem from South Korea’s Lotte Group, are among those looking to be kicked forward. Developers cited that M&A deals in real estate are a motivation for developers to be resumed after a long time of being impacted by the ongoing pandemic. Nguyen Thai Phien, senior financial director at Novaland Group, said that the corporation is based on M&A deals in order to develop its land fund and business for long-term development. Novaland started collecting land in 2005 via M&As and currently boasts more than 700 hectares in the east of Ho Chi Minh City, 700ha in Dong Nai province, and more than 2,000ha in Phan Thiet …
Capital city real estate
VIETNAM NEWS HEADLINES MARCH 3
Clip expresses gratitude toward doctors in COVID-19 fight A video clip comprising a series of paintings by children on doctors, who are called intimately as white blouse warriors during the COVID-19 fight, has been published recently by the Ministry of Health. The paintings by child artists are part of a campaign initiated by the Vietnamese Ministry of Health and United Nations Children's Fund (UNICEF). They depict doctors as white-blouse soldiers who have relentlessly fought against the pandemic, through which children’s gratitude toward health workers is expressed. The video also conveys a message of solidarity in the fight against COVID-19./. 110 foreign experts to be isolated for COVID-19 combat The administration of Quang Ngai province, central Vietnam, has outlined plans to put a total of 110 foreign experts into isolation in concentrated places in an effort to prevent the potential spread of the novel coronavirus (COVID-19) pandemic. The foreign experts are scheduled to pass though Huu Nghi international border gate in the northern province of Lang Son and then travel to Quang Ngai to work for Hoa Phat Dung Quat Iron and Steel Integrated Complex. The provincial administration requested relevant agencies to create favourable condition for the experts during their travel and quarantine back in Quang Ngai. At present, Quang Ngai is yet to record any positive COVID-19 cases this year, although local authorities have advised relevant agencies to closely control people entering from COVID-19 hotspots in the fight against the virus. Cases that violate the Health Ministry’s COVID-19 prevention and control measures will be punished, whilst local medical workers will take samples for testing of relevant cases, especially foreigners currently working in Quang Ngai. Daily Mail hails Vietnamese driver as hero after saving life of local girl The Daily Mail newspaper of the UK has posted an article hailing the bravery of a local delivery …
Vietnamese proptech startup raises US$1 million in pre-series A round
The Hanoitimes - The startup plans to use the new funds to further develop its products and expand across the country. Citics, a Vietnamese proptech startup, has raised US$1 million in a pre-series A round from a group of international and domestic investors. Citics - a Vietnamese proptech startup The investors include Vulpes Investment Management, a seed investor in Singapore-based unicorn PropertyGuru, Vietnamese company Nextrans and South Korea’s TheVentures. The startup has raised US$700,000 from multiple angel investors, many of whom also participated in this round. The startup plans to use the new funds to further develop its proprietary SaaS and DaaS products, as well as expanding its business across the country. Established in 2018, Citics aims to build a comprehensive real estate data platform by digitizing and centralizing many fragmented data sources to assist real estate transactions, including real estate valuation, sales-purchase, lease and mortgage. It offers a data-as-a-service solution for banks to validate the value of real estate employed as collateral for loans. By using a proprietary valuation map, bankers can check the details and preliminary values of properties. It also enables banks’ risk department to control mortgage risks related to property values and locations by digital price map technology. Currently, it has data of more than nine million properties across the country and has estimated values for nearly four million of them. Since launching its products in early 2020, it signed contracts with ten banks and achieved a monthly growth rate of more than 30%. …
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