The HCM City Real Estate Association (HoREA) has drawn up a petition suggesting certain solutions to the troubled property market, in which the association seeks permission for real estate mortgages at overseas banks.
The prevalent Land Law only allows land users to mortgage their land use rights or the properties developed on the land at the credit institutions operating in Vietnam.
There is no regulation on property mortgages at the banks in foreign countries to borrow capital or execute the joint-venture projects in Vietnam. This narrows the channels to mobilize capital from abroad into the local realty market, said HoREA chairman Le Hoang Chau.
In its petition, HoREA also suggests relaxing the requirements for foreigners to purchase apartments of commercial housing projects.
Under the pilot model allowing foreign organizations and individuals to possess houses in Vietnam, foreigners currently working in Vietnam are permitted to own commercial apartments in at most 50 years, provided that buyers have residence cards with terms of one year or above and do not enjoy diplomatic and consular privileges and immunities.
Such regulations restrict the number of foreign homebuyers, thus should be loosened, said HoREA. - Source: Saigon Times
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