HCM City-based real estate companies are weak in financial capacity and lack professionalism. If commercial banks do not support, enterprises will be hard to carry out large projects, according to the draft plan on real estate market development in HCM City built by HCM City Department of Construction.
The draft cited data from HCM City Department of Planning and Investment as showing that 70.5% of real estate companies in HCM City have capital of below 10 billion dong, nearly 19% with capital at 10-50 billion dong, 8% at 50-200 billion dong and only 2.6% with capital at 200-500 billion dong. Therefore, if banks do not support, enterprises will be hard to carry out large projects.
The draft also said that in view of production costs, the experts said property prices could further fall by 30-50% compared to the current prices (depending on location and type). Housing prices rose too highly against the people's needs due to an imbalance of supply and demand, increasing input costs and real estate transactions are not transparent.
The draft also proposed a number of urgent measures to develop the real estate market in the current period such as mergers and acquisitions (M&A) of enterprises, enterprises give priorities to projects with good location and convenient traffic and focus on popular housing market. The city must soon carry out the establishment of the management centre for state-owned houses to manage, invest, operate and develop the social housing fund. - Source: Vietbiz24
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