Bank Loans for Realty Projs in HCM City Up 24.1% to VND78.29T in 2009
The total loans local banks made for real estate projects in Ho Chi Minh City, the biggest property market in Vietnam, rose 24.1% from end-2008 to VND78.29 trillion at the end of 2009, the Lao Dong newspaper reported Monday.
The sum reportedly accounted for 13.9% of the total outstanding loans of the city’s banking system and doubled figure for real estate projects in Hanoi, the paper said.
Local real estate investors have recently found it impossible to access loans at banks which are currently facing a serious shortage of capital due to difficulties in capital mobilizations.
At a recent property conference in the city, foreign experts urged local real estate developers to seek capital from different sources, instead of bank loans only.
Nguyen Son director of the Market Development Department under the State Securities Commission said that securitization of real estate such as real estate saving fund and bond issue is a good solution.
Vietnam, however, has not yet built any legal framework for the real estate securitization, Son added. (Labor)
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