The property market is “struggling and risks falling into a slump,” Le Hoang Chau, chairman of the HCM City Real Estate Association, has warned.
Facing the risk of a recession – The property market
Speaking at a meeting of Deputy Prime Minister Le Minh Khai and the Ministry of Construction held with property companies and Hora to help mitigate problems facing the market yesterday, he said that some people have to develop Development delays development projects, and even initial publicity mandates, can impede the Economic Recovery.
He said that a number of property companies were struggling to access bank credit, issue bonds, and mobilize funds from customers, and were even resorting to selling their assets or products at significant discounts or seeking risky loans at high-interest rates.
Real estate companies were struggling to access bank credit
In addition, Some people had cut the payroll is also deducted by 50%.
“There is an oversupply of premium housing and lack of affordable commercial and social housing, and so more policies to increase the supply of the latter are urgently needed,” he said.
His association called for enabling affordable housing developers and buyers to access credit more easily, especially trustworthy businesses among the former.
It also called on the Government and the National Assembly Standing Committee to consider subsidizing loans given by the four Government-owned banks, BIDV, Vietcombank, Vietinbank, and Agribank, to buy or rent social housing.
It urged the Government and the State Bank of Viet Nam to increase banks’ credit quota by 2 percent, thus increasing the amount of credit available by VND200 trillion (US$8 billion), to strengthen the economy during the end of the year.
Chau also called for amendments to the 2013 Law on Land and related laws to foster the market. — VNS
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