Real estate current trends

The Toronto-based Avison Young announced its expansion into the Vietnamese market on September 20 through a strategic affiliation agreement with the Ho Chi Minh City- and Hanoi-based D&P Company. The commercial real estate company is establishing a presence in Southeast Asia for the first time. Its services include valuations and advice, industrial and office leasing, as well as property and asset management. The offices in Hanoi and Ho Chi Minh City will be led by David Jackson (right) and Peter Dinning (left), who will be joining as principals, with Jackson taking on the role of CEO and Dinning acting as chairman Mark E. Rose, chairman and CEO of Avison Young, said that, with the fast growth in Vietnam, the company is incredibly excited to expand the Avison Young network into the Asia-Pacific real estate market through this affiliation with D&P. “Vietnam's robust economy and dynamic real estate sector offer tremendous opportunities for us to deliver … [Read more...] about Avison Young enters Vietnam’s real estate market

A building near Ben Thanh Market in downtown HCM City whose construction stopped at the end of last year. The property market slump is expected to continue until the end of 2024. (Photo: VNA) HCM City (VNS/VNA) - Despite the Government’s efforts to address them, the challenges for the property market will continue until the end of next year, experts have warned. Speaking at a forum late last week, Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association , said the market would continue to struggle with limited access to capital, legal bottlenecks and companies’ inability to redeem bonds. A recent survey by his association found over 70% of businesses saying Government policies aimed at resolving funding difficulties have not been effective, he said. Real estate transactions have plummeted by 90% in 2022-2023, indicating weak market demand, he said. Even after almost five months since its announcement, the Government’s 120 trillion VND credit … [Read more...] about Real estate market challenges to continue until end of 2024: experts

More than 400 domestic and international participants gathered at Vietnam's largest construction exhibition, which opened to create a connection amid the economic recovery. The second edition of the Vietbuild Hanoi International Exhibition 2023, which runs on September 20-24, has seen the participation of numerous new products and advanced technologies in real estate, construction, building materials, and interior and exterior design. More than 1,000 pavilions of over 400 domestic and foreign companies from Australia, China, France, the UK, Germany, India, Italy, and Japan display their products and technologies at Vietnam's largest construction exhibition. Delegates cut the red ribbon to open the exhibition. Photo: moc.gov.vn Speaking at the opening ceremony, Deputy Minister of Construction Nguyen Van Sinh said that the event, themed "Construction - Building Materials - Real Estate & Interior and Exterior Decoration", aims to support enterprises in … [Read more...] about Vietbuild Hanoi International Exhibition 2023 expected to revive real estate

An aerial view shows unfinished residential buildings of the Gaotie Wellness City complex in Tongchuan, Shaanxi province, China September 12, 2023. Photo by Reuters China's property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China Evergrande Group defaulted on its debt obligations following a clampdown on new borrowing. Big-name developers such as Country Garden Holdings continue to teeter close to default even to this day, keeping home-buyer sentiment depressed. As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres. That does not count the numerous residential projects that have already been sold but not yet completed due to cash-flow problems, or the multiple homes … [Read more...] about Even China’s 1.4 billion population can’t fill all its vacant homes, former official says

Supermodel Pham Thi Ngoc Thuy at the court on September 18, 2023. Photo by My An Thuy’s legal representative said in court Monday that she had received VND47 billion ($1.9 million) in dong and $700,000 in US dollars from An in March 2008, and the disputed properties, including several in HCMC and the coastal provinces of Phan Thiet and Ba Ria-Vung Tau, with that money. Because of that, Thuy disagreed with An’s request to claim the assets back. Thuy also said she registered various properties in the list of assets in dispute under the name of her mother, Truong Thi Be. She said she asked Be to help her sell those properties after she and An divorced in 2008, and admitted that Be transferred the money made from selling those properties to her. However, she said she could not remember the exact amount of money she made by selling those properties. She explained the reason behind selling those assets was that she had to move back and forth between Vietnam and the … [Read more...] about Supermodel wants half of $12 M assets in dispute with ex-husband

Supermodel Pham Thi Ngoc Thuy at the court. Photo by Thien An Prior to the announcement, a prosecutor from the Ho Chi Minh City People’s Procuracy questioned An and Thuy on matters relating to the VND288 billion ($12 million) worth of assets in dispute. An claimed in his suit that he was the legal owner of nine apartments in HCMC’s District 1, which were registered under Thuy’s name, and which she had rented out. He said the assets were bought with the $3 million he sent Thuy from the U.S. through an agency, supporting his argument that the assets were "bought with his own money [and not related to Thuy]." However, he could only provide the court proof of having sent Thuy VND45 billion in dong and $700,000 in dollars. Responding to An’s claims, Thuy admitted receiving VND45 billion in dong and $700,000 in dollars from An. She argued, however, that the money was their mutual property since it was generated after the two’s marriage. She also said the mentioned figures … [Read more...] about Court delays businessman’s $12M-lawsuit against supermodel ex-wife

Nguyen Thi Tin, a 67-year-old woman who lives in the alley where the fire broke out, said she has been talking with her neighbors about opening up exits at each other’s houses to "have as many exits as possible in case something happens." Two days later, workers came to remove cages. Tin’s house now has two additional exits, and she also bought a steel rod onto which rope ladder can be hooked. "My daughter-in-law is also buying more flashlights and a rope ladder," she said. Tin going up to check the new emergency exit that leads her neighbor’s house on Sept 19, 2023. Photo by VnExpress/ Phan Duong A few houses away, Vu Thi Ha, 66, is also opening up two exits, one in front of the house and one that goes to the neighbor’s house, as well as buying a rope ladder. She has also made sure that everyone in her family knows where the key to the emergency exit is. "Of course, I’m also worried about thieves, but I’m more afraid of fire," Ha said. " If we lose our … [Read more...] about Hanoi residents increase efforts to combat fire

To date, carbon emissions from building operations have reached an all-time high of around 10 gigatons of CO 2 . This figure is an increase of about 5 per cent compared to 2020 and 2 per cent higher than the previous peak in 2019. Therefore, reducing carbon emissions in construction projects plays an essential role in achieving an overall reduction. The World Green Building Council (WGBC) has developed a vision and action framework up to 2030. In particular, all newly built construction projects must have zero operational carbon and reduce their associated energy by 40 per cent in terms of embodied carbon. By 2050, all buildings (both existing and new) must achieve-zero operational carbon, with new constructions having to achieve zero carbon content. Measured over the entire life cycle of the building, a zero-carbon construction is one with zero operating and zero embodied carbon. Diamond Lotus Riverside by PKP has been researched and applied many strategies to reduce … [Read more...] about Phuc Khang applies green building standards to reduce carbon emissions

Green-certified office buildings on the rise, Photo: Shutterstock Standard Chartered Bank Vietnam’s head office in Hanoi was the latest to be awarded LEED Gold certification at the beginning of September, demonstrating the bank’s commitment to sustainability and delivering the most environmentally conscious design. The bank has fulfilled the standards set by the LEED Green Building rating system of the US Green Building Council (USGBC). The verification includes a range of factors including energy efficiency, human health and wellbeing, water conservation, indoor environmental quality, sustainable and regenerative material cycles, and active community engagement. Michele Wee, CEO of Standard Chartered Bank (Vietnam), said that certification reflected the bank’s shared values and commitment to crafting spaces that excel in functionality while minimising ecological footprint. “Standard Chartered commits to continuing to drive sustainable economic growth, embrace responsible … [Read more...] about Green-certified office buildings on the rise

A bank employee counting money. The corporate bond market currently has a slow recovery pace, making it difficult to have a breakthrough in issuance volume in the next 12 months. — VNA/VNS Photo The corporate bond market is developing towards a more in-depth approach, focusing on quality, said Nguyễn Quang Thuân, Chairman of FiinGroup. At the Vietnamese Corporate Bond Market Development Solutions Seminar organised by FiinRatings on Thursday in Hà Nội, Thuân said that it was crucial to review and address the remaining problems of the corporate bond market. The corporate bond market currently has a slow recovery pace, making it difficult to achieve a breakthrough in issuance volume in the next 12 months, he said. “In investment, the higher the profit, the higher the risk,” said Trịnh Quỳnh Giao, CEO of PVI Asset Management Company (PVIAM). “Bond interest rates depend on many factors, including the financial health of the issuing organisation, the stability of the industry, … [Read more...] about Corporate bond market focuses more on quality