Banks in HCMC Lend US$2.187Bln for Property Projects
Ho Chi Minh City-based banks have loaned VND35 trillion (US$2.187 billion), or 10 per cent of their outstanding loans to property developers, Ho Huu Hanh, the director of the State Bank of Vietnam’s branch in the city said.
The number of real estate traders in the city still keeps rising despite banks’ raising borrowing costs by an additional 0.05 per cent-0.15 per cent a month and their tightening loans for property trading, Vietnam News Agency said.
This year, the real estate market is forecast to continue booming with the growth rate of 20 per cent-30 per cent with 49 high-class apartment buildings including Saigon Pearl, Hung Vuong Plaza, Phu My, Hoang Anh-Gia Lai 2 to be operational.
Currently, prices of apartments tripled to US$4,500 per square meters from US$1,200/square meter compared with the beginning of 2007.
By the end of last year, An Binh Bank’s property outstanding loans reached VND1.2 trillion, or roughly 20 per cent, Sacombank, Techcombank, ACB more than 20 per cent.
The city’s FDI investment poured into the property sector accounted 85 per cent of its total.
The State Bank of Vietnam will ask banks and credit organizations to buy VND20.3 trillion mandatory treasury bills from March 17 in an effort to tame inflation and deflate the property bubble. (VNA)
Vietnamese
