The Hanoitimes - Interest of foreign investors in the country’s real estate is rising significantly with the market seeing more large-sized projects underway in recent months. During a recent working session with Ho Chi Minh City’s leaders, CEO of Lotte Asset Development Lee Kwang Young released plans to start construction of a smart complex in the Thu Thiem new urban area in the city’s District 2. The smart complex, covering 7.54 hectares, is set to cost VND20.1 trillion (US$885.5 million), excluding compensation and site clearance expenses. Vietnam expects to attract foreign investors in all sectors of the property market Also in Thu Thiem, Empire City project is under implementation with an investment capital of $1.2 billion. The project is developed by a 50/50 joint venture between two Vietnamese companies - Tien Phuoc Real Estate JSC and Tran Thai Real Estate Co Ltd, and one foreign partner – Denver Power Ltd. South Korea’s Daewon Thu Duc … [Read more...] about More foreign investors eye Vietnam’s real estate market
International investors in us real estate
US real estate firm makes surprise return to Vietnam
By Ha Thanh  August 8, 2018 | 08:39 am GMT+7 A MGM Grand sign seen in Las Vegas, Nevada, U.S. Photo by Reuters/Lucy Nicholson It left with no explanation, and there is no explanation about an unexpected return by MGM Resorts International to Vietnam. MGM had withdrawn from a $4.2 billion project in March 2013 without saying why, but seems to have encountered no difficulty in returning with a new investment project. The global hospitality and entertainment company will now be a part of a new resort project near travel hot spot Hoi An in central Vietnam. MGM will partner with Vietnamese real estate firm Bamboo Capital in managing the VND2 trillion ($86 million) Malibu Resort Hoi An on Ha My beach. MGM would have managed the first resort on the Ho Tram Strip project in the southern Ba Ria – Vung Tau province, had it not broken a deal with the Canada-based Asian Coast Development Ltd (ACDL) which was the project’s main investor. It didn’t give a … [Read more...] about US real estate firm makes surprise return to Vietnam
REIT fund to create breakthrough in stock, real estate markets
VietNamNet Bridge - The establishment of the REIT (real estate investment trust) fund shows that the real estate market has integrated more deeply into the global market. The finance market has received Techcom Viet Nam REIT, the first of its kind in Vietnam. Unlike the other real estate investment funds such as VPH, managed by Saigon Asset Management (SAM), VPF managed by Dragon Capital, ILH3 by Indochina Capital and VinaLand by VinaCapital (which were established and have fund certificates listed on foreign bourses), Techcom REIT was set up in Vietnam and its certificates are listed in Vietnam. It is the first Vietnamese owned fund specializing in injecting money into real estate projects. Investors, instead of spending big money to buy valuable real estate assets, now can obtain indirect ownership by buying Techcom REIT certificates with reasonable investment capital. Le Hoang Chau, chair of the HCM City Real Estate Association, commented that REIT is considered the … [Read more...] about REIT fund to create breakthrough in stock, real estate markets
PVFC signs up US real estate group
HA NOI — PVFC Land, a subsidiary of the National Oil and Gas Group, signed a co-ordination agreement with the US real estate company Cushman&Wakefield earlier this week to promote activities in the property area. Under the agreement, the two firms will boost investment, trading, brokerage, evaluation, consultancy, auctions and advertising. Co-operation with a company like Cushman&Wakefield will help PVFC's business activities, said Hoang Huu Tam, PVFC Land general director. Binh Phuoc gets investment permit BINH PHUOC — The southern province of Binh Phuoc has received permission to develop eight industrial zones occupying 5,244 ha. Fifteen infrastructure investors will build 15 industrial zones with a total registered capital of VND5.16 trillion ($271 million). Work starts on Phu My housing zone BA RIA - VUNG TAU — Development Investment Construction Joint Stock Corporation (DIG) started work on the Phu My new urban area in the southern province of Ba … [Read more...] about PVFC signs up US real estate group
Real estate hits the wall
Complicated legal procedures, sky-high land prices and poor infrastructure are putting the clamps on Vietnam's real estate industry. That was the grim message delivered to the 700 international investors at the Vietnam Travel Property Opportunity Conference in Ho Chi Minh City recently. Delegates said the country's 3,000 kilometers of coast line, breathtaking scenery and cultural and historical landmarks are all major selling points which are being hampered by avoidable problems. Martin Kaye, general director of Hong Kong-based Starbay Holdings told the conference, "I was only granted a construction license for a US$1.65 billion resort in PhuQuocIsland after four years of paperwork and negotiations with local authorities." David Lim - a senior consultant at Mayer Brown JSM - added, "Vietnam lost many investors in the real estate industry with its land renting procedures, land clearance cost negotiations and applications for licenses." Another major concern are the land and house … [Read more...] about Real estate hits the wall