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Foreign capital pours into real estate in HCM City
vietnamplus.vn - 8/5/2015 2:32:46 PM
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Foreign firms have pumped hundreds of millions of US dollars into numerous real estate projects in Ho Chi Minh City as of late, attributed to an upswing in the real estate market after a long period of hibernation.

On July 26, the Japanese Creed Group Fund announced its intent to pour US$200 million into the local An Gia Real Estate Investment and Development JSC (An Gia Investment) to purchase stocks and run housing investment projects to supply Japanese-quality products in HCM City.

Founder and Managing Director of the Creed Group Toshihiko Muneyoshi said US$200 million is just an initial step in the cooperation between the two countries, adding that if the real estate market in Vietnam develops, the group will continue to pump into hundreds of millions of US dollars into the market.

He added that since 2011, the Creed Group has shifted its investments to Asia with about 5,000 apartments worth over US$300 million. Considering the real estate in HCM City in particular to be a promising market, the group set up an office in 2014 and decided to invest in the southern metropolis after a year of evaluation, he revealed.

Additionally, Vietnam has a young population, dynamic economy and high demand for accommodations, he said, adding that the Vietnamese Government is removing barriers to well integrate into the global economy.

Particularly, the number of active foreign investors in Vietnam is increasing since the Law on Housing and Law on Real Estate Business now allows foreigners to buy, possess and lend houses, which also helps empower the real estate market, he noted.

The US Global Emerging Market (GEM), for example, has poured US$20 million into Hoang Quan Group, a leading corporation in real estate trading investment in Vietnam.

In June 2015, the municipal People’s Committee granted investment licences to Empire City – a joint venture between several local firms and the Denver Power Ltd. from the UK – to implement a project worth US$1.2 billion including a trade centre, five-star hotel, office building, apartment building and underground parking lot inside the city’s new Thu Thiem urban area.

The municipal People’s Committee unveiled that the city welcomed 30 domestic and foreign investors to study planning and cooperation opportunities in the Thu Thiem new urban area in the first half of this year.

As of July 15, 2015, the city had granted investment licences to 284 foreign direct investment projects with capital totalling US$2.02 billion, including US$1.3 billion from real estate.
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28/03 Management of real estate brokers to be tightened
23/03 HCM City real estate market to recover in H2
23/03 Industrial real estate emerges out of storm
18/03 Lots of ground to cover to build 130,000 social housing units this year
12/03 Deputy PM urges resolving price manipulation for healthy real estate market
12/03 Limit set on interest rates of loans for social housing
21/02 Experts upbeat about real estate prospects
23/12 Foreign investments in property market expected to soar: experts
22/12 Thừa Thiên-Huế invests in infrastructure in economic zones and industrial parks
19/12 PM asks for drastic solutions to remove difficulties for realty market
Older News
03/08 Vietnam's fast rising property market leaves hard times behind
31/07 Experts pick holes in new bank guarantee for apartment buyers
31/07 Many foreigners eager to buy homes in Vietnam, gov’t urged to clarify funding rules
24/07 Hanoi & HCMC residential price index up
23/07 Economic recovery, new laws prop up property market
20/07 Retail property sales climb in two main cities, but not rents
17/07 Resort property market revival woos realty big guns
15/07 Recovery in Vietnam's property market is real: official
15/07 Hanoi faces office and condo oversupply
14/07 Finances, incentives lacking for social housing: Minister
 
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