Keppel Land Watco II Co., Ltd., G.V.C Development Limited, Indochine Park Tower, Global Toserco Co., Ltd., and Somerset Grand Hanoi, all big real estate developers in Hanoi and Ho Chi Minh City, will be inspected by the Ministry of Finance. Keppel Land Watco is trying to raise its ownership in Saigon Centre The Ministry of Finance (MoF) has just sent a document to the Ministry of Planning and Investment (MPI) on the inspection of implementing financial mechanisms and policies in five foreign-invested companies in this July. Accordingly, MoF will check the value of contributed capital at each party, the profits of the state’s contributed capital in these companies, the preservation of the state’s contributed capital in economic organisations, capital and project transfers, and the observation of tax laws. These firms will be informed seven days before starting the inspection. They are foreign-invested real estate companies with numerous big projects in Hanoi and Ho … [Read more...] about Five foreign invested real estate companies to be inspected
Investments real estate
VietNamNet Bridge - Director of the Foreign Investment Agency under the Ministry of Planning and Investment Do Nhat Hoang spoke to Dau Tu (Investment) newspaper about disbursement of foreign direct investments. How was last year's FDI disbursement? By December 21 last year, FDI enterprises had disbursed US$11 billion in investment projects, a 10 per cent increase compared with 2009. Such figures reveal FDI projects had achieved the set disbursement goals. … [Read more...] about Foreign invested real estate projects to face greater scrutiny
VietNamNet Bridge - The housing and real estate market must be the market for consumption, not for seeking profit. It is necessary to create favorable conditions for groups of low income earners in to obtain accommodation and prevent speculation-for-profit of some groups. … [Read more...] about Real estate for consumption or investment for profit?
VietNamNet Bridge – A lot of Asian investors are pouring their capital into the Vietnamese real estate market, despite the short term challenges in the market. The most noteworthy thing of the foreign direct investment (FDI) picture in Vietnam in the first eight months of the year was that real estate came second in the list of the business fields most attractive to investors. … [Read more...] about Asian real estate investment wave heads for Vietnam
A lot of foreign invested real estate projects have been unimplemented after they got operation licenses, while the investors have disappeared altogether. cParkCity project has not been implemented The foreign investment in real estate projects was once considered the guarantee that the projects will succeed. However, in fact, many of the foreign investors are not financially capable to develop the projects. The projects imposing in big scale and famous in slow implementation A lot of projects capitalized at hundreds of millions of dollars in Hanoi still have been left idle over the last many years, since they day they got licenses. In fact, the investors registered the projects just to “make a reservation,” while they cannot implement the projects because of the limited financial capability. If the market conditions are good, they would sell the “apartments on paper” to make profit. Meanwhile, if the market falls down, the projects would be kept on … [Read more...] about Real estate projects left fallow, foreign investors vanished from sight