Vietnam Net Bridge, Business in Brief, 16 August 2015. HCM City property rebounds.

Mr Le Hoang Chau is chairman of the Ho Chi Minh City Real Estate Association (HOREA) and below he speaks about the real estate market in HCMC. Mr Chau will also be a special guest speaker at AusCham’s Real Estate Symposium in HCMC on 17 September 2015

And edited extract of the original article appears below.

The HCM City housing market is recovering thanks to effective government policies like allowing foreigners and overseas Vietnamese to buy houses, an industry insider has said.

Chau

Le Hoang Chau, Chairman of HOREA, speaking at last year’s 2014 AusCham Real Estate Symposium, HCMC.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said the new regulation that housing projects need to be guaranteed by banks would usher in huge changes.

He hailed them as legal provisions that are totally consistent with the trend of international integration and which help build trust among consumers and secondary investors, leading to a sharp increase in property transactions.

In the first six months there were around 7,050 successful transactions in the city, 2.8 times the number in the same period last year, while prices have risen by 3-5%…

Chau said M&A activities are strong in the property sector and would help revive stalled projects…

The association called on authorities to quickly issue detailed guidance, and with open and transparent provisions, for the amendments made to the Housing Law, Real Estate Business Law, Investment Law, and Business Law to create a favourable environment for market activities.

 

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