The Asian Public Real Estate Association (APREA) on March 12 arrived in HCM City, expressing keen interest in the city’s real estate sector, said municipal People’s Committee chairman Le Hoang Quan.
Asian Public Real Estate Association (APREA) president Alfred H. H. Liu, who led a group of international property investors from China, Japan, and Hong Kong, said the objective of the delegation’s visit to the city was to organize an annual Property Leaders’ Forum in HCM City.
The delegation is also seeking to explore real estate business opportunities in the city, he said, adding the city’s plan for developing major property projects like new urban areas, and its incentive policies for property and housing projects attracted the attention of the delegation.
Chairman Quan said the city’s real estate market had become more active, proven by the lack of high-grade office space and luxury hotel rooms in the city.
The city authorities are finding ways to raise funds for low-cost housing development projects and resettlement areas, as well as to attract foreign investment for developing commercial centers, high-class hotels, and new urban towns such as Thu Thiem, Hiep Phuoc and Northwest Cu Chi, he noted.
Liu said he hoped his association could act as a bridge to help international property firms learn about real estate sector investment policies, and urban development demand in the city.
The association will help the city draw on Japan, Hong Kong and Singapore’s urban management experience, he said.
However, he added investors needed to know about the city’s “soft infrastructure”, the transparency of foreign investor policies and rules, as well as the simplicity of procedures, such as customs.
Indochina Land chief executive officer Rick Mayo-Smith proposed two solutions for developing the city’s real estate market. First, the city should effectively put up land lots for auction as well as prepare sites for investors before inviting them in.
Second, the city should ask the Central Government for approval on real estate project listing on the stock market, as in Hong Kong, Singapore and China.
The APREA is a not-for-profit industry association that represents the interests of the listed real estate sector in the Asia Pacific region.
Established in 2005, the association has more than 80 members from various countries, including listed real estate companies, property trusts, investment banks and institutional investors.
The Property Leaders’ Forum, running from March 11 to 13 at the Park Hyatt Hotel in downtown HCM City, has so far attracted about 125 delegates. (Youth, Liberated Saigon)
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