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Tony Milton MRICS

BSc (Hons) Est Man
MRICS
APREA (CREIF)

State Bank requires stricter control of property loans - September 2005
Monday, 05 September 2005
The State Bank of Viet Nam (SBV) has called for commercial banks to in­crease control over loans for property investment, in a bid to control the amount of outstanding loans for real estate. Stricter The State Bank of Viet Nam (SBV) has called for commercial banks to in\-crease control over loans for property investment, in a bid to control the amount of outstanding loans for real estate. Stricter management of the capital demands for real estate investment is one of the credit measures that should be carried out in the country's commercial bank\-ing sector in the last four months of the year, said the SBV. The SBV's requirement has attracted attention from property investors and bank\-ers due to the current situa\-tion that sees a frozen assets market. The sluggish property market in the two largest cit\-ies of Ha Noi and HCM City over the past months has re sulted in capital stagnancy, and to warm up the market will require fund mobilisation. If banks are not lending money, developers will find themselves in a difficult situ\-ation to mobilise funds, thus leading to a further drop in market activity. In a previous banking meeting in HCM City, bank\-ing officials reminded the city's banks to be cautious in providing loans for prop\-erty investment, particularly for purchasing apartments or investing in apartment con\-struction. The stagnant property market and the fact that most investments are long term have caused difficulties for bankers in getting a return from their loans. In HCM City, the out\-standing loans for the real estate projects have reached VND25 trillion (US$1.6 billion), accounting for 13.7 per cent of banks' total outstanding loans. Figures for Ha Noi are estimated at VND9 trillion, representing 10 per cent of the ban ks' total outstanding loans. VNN
 
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