“Real estate market faces liquidity, other serious problems” Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (HoREA), warned during a meeting that Deputy Prime Minister Le Minh Khai and the Ministry of Construction held with real estate companies and HoREA to help reduce problems in the market.
“To survive, some have had to postpone development projects and even IPOs, which could hamper economic recovery,” Chau added.
The Vietnam News Agency quoted the HoREA statement as saying that many companies struggle to access bank credit, issue bonds and mobilize customers’ money, and even resort to selling their assets or products at high discounts or the look for risky loans at high interest rates. said, adding that some have cut their payroll by as much as 50%.
The data showed that there is an oversupply of premium housing and a lack of affordable commercial and social housing, so more policies are urgently needed to increase the supply of the latter.
Ho Chi Minh City Real Estate Association called for enabling developers and buyers of affordable housing to access credit more easily, especially reliable companies among the former.
It also called on the government and the Standing Committee of the National Assembly to consider subsidizing loans provided by the four state-owned banks to buy or rent social housing.
It urged the Vietnamese government and the central bank to increase the banks’ credit quota by 2%, which would increase the available credit by VND 200 trillion (USD 8 billion) to support the economy by the end of the year. stimulate.
Ho Chi Minh City Real Estate Association also called for amendments to the law under 2013 and related laws to promote the market, the Vietnam News Agency reported.
