Illegitimate land slots in Bao Loc City, Lam Dong Province. The draft bans bank loans to borrowers who use the loans to secure future transactions that are unqualified at the moment of the loans. — VNA/VNS Photo The State Bank of Viet Nam (SBV) has been developing a draft amending Circular 39 on bank loans, to keep credit risks in check. The draft bans bank loans to borrowers who use the loans to secure future transactions that are unqualified at the moment of the loans. The ban is expected to prevent the use of bank loans to purchase future real estate properties, which have not been given carte blanche from the authorities due to the lack of construction permits and proof of land use rights. The HCM City Real Estate Association (HoREA) believes that law-abiding real estate firms will remain unaffected by the ban since bank loans are still available to borrowers who aim for qualified real estate properties offered by the firms. "Unqualified realty properties include … [Read more...] about State Bank of Vietnam announces amendments to bank loans circular
Real estate market
The Filmore Da Nang scoops prestigious awards in the UK
Nguyen Tan Danh, chairman and Andy Han, CEO (second and third from left) received the awards from Asia Pacific Property Awards in London The ceremony took place over the weekend at the Sheraton Grand London Park Lane in the UK. The event was one of the largest and the most credible awards in the real estate industry that aims to honour the leading developers, projects, and designers in the Asia-Pacific region. The Filmore Da Nang has surpassed many other reputable projects in the same segment to take home three major awards. In addition, The Filmore Da Nang was nominated for the next international round of The Best Apartment/Condominium in Asia-Pacific. The Filmore Da Nang has not only attracted investors and the jury’s hearts with its design and premium finishes but also impressed with its values. This year, the Asia Pacific Property Awards received more than 1,000 entries for the regional round from residential and commercial projects throughout Asia-Pacific. … [Read more...] about The Filmore Da Nang scoops prestigious awards in the UK
An Cuong works with Japanese partners to export wood to the US
An Cuong Wood Working JSC announces the cooperation agreement with Sumitomo Forestry American. — Photo courtesy of the firm Local timber producer, An Cuong Wood Working JSC, has announced a cooperation agreement with Sumitomo Forestry American, a subsidiary of Japan-based Sumitomo Forestry Group, to provide furniture for projects in the United States from 2022 onward. Sumitomo Forestry America has invested billions of dollars into the US market and owns many real estate and construction companies. The company planned to launch thousands of housing products in the US. According to An Cuong, the cooperation was expected to help it earn tens of millions of US dollars per year. An Cuong’s representative said: “It will be a great opportunity for An Cuong to boost its business activities in the largest economy in the world.” An Cuong chairman Le Duc Nghia said the firm exports some US$20 million worth of products stateside each year, estimating the cooperation with Sumitomo … [Read more...] about An Cuong works with Japanese partners to export wood to the US