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Vietnam real estate, Real estate market opens widely, but foreigners may not enter The Ministry of Construction’s idea of allowing foreigners to buy houses in Vietnam may not help warm up the frozen real estate market, because foreigners may not intend to buy houses once they are too expensive.

Chris Brown, CEO of Cushman & Wakefield Vietnam, thinks that the land price, which determines the profitability of real estate projects, is the decisive factor to which foreigners would refer when considering whether to buy houses in Vietnam. Meanwhile, the prices in Vietnam are still overly high.

Duong Thuy Dung, a senior executive of CBRE Vietnam, a real estate service provider, said Vietnam should not put a high hope on the demand from foreigners as a solution which can help ease the oversupply easily and quickly.

Since the day the Resolution No. 19/2008 on allowing foreigners to buy houses in Vietnam was implemented in a pilot program, only 89 people out of 80,000 foreigners, not including Viet Kieu (overseas Vietnamese), who live and work in Vietnam, have bought houses in the country.

Also according to Dung, most of them got married with Vietnamese citizens. Meanwhile, only 25 foreign businesses have bought apartments in Vietnam.

“The houses have always been very expensive, while the State has set up too many requirements on foreign buyers,” Dung explained.

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She went on to say that since the houses prices are much higher than the house rents, most of the foreign institutions would rather lease than buying apartments.

Chris Brown of Cushman & Wakefield agreed, saying that this is one of the biggest obstacles to hinder foreigners to join the market.

Meanwhile, Tran Nhu Trung from Savills Vietnam, also a real estate service provider, pointed out

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the currently applied administrative procedures remain too complicated, which would discourage foreign buyers.

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Trung also said that foreigners may be reluctant to buy houses, once they are not allowed to sell the houses within 12 months since the day they get the land use right certificates. They would also not be allowed to lease to the third parties, use the houses as offices or for other purposes.

In the latest move, the Ministry of Construction has proposed to extend the duration foreigners can lease houses or apartments, loosen the leasing conditions, and extend the list of foreign subjects to be eligible for buying houses in Vietnam. Foreign investment funds, commercial banks, branches and representative offices of operational foreign invested enterprises would also be able to buy houses in Vietnam.

Regarding the ownership duration, two options have been suggested. With the first option, foreign individuals can possess houses for 50 years and have one 50-year extension. With the second option, they can own the houses for 70 years with no extension.

It’s still unclear how many houses foreigners can possess. The Ministry of Construction is considering either setting no limitation on the number of houses or allowing every foreign individual to have no more than 2 houses.

The investors from the Asian countries which make investments in Vietnam prove to have the biggest interests in the Vietnamese market, because they have deep knowledge about the market. They include Japan, Taiwan, Singapore and South Korea.

Cushman & Wakefield has also noted the high interest from the firms in the Middle East and Russia, but they mostly are interested in the Hanoi and HCM City markets.

The mysterious disappearance of the real estate giants

Unable to arrange capital to implement real estate projects, losing money in risky investment deals, a lot of big guys in the real estate sector have gone missing to escape the public punishment.

In late July 2013, the General Director of Minh Viet Investment JSC -- Edward Chi, was reported as “missing.” Hundreds of people, who bought the apartments at Tricon Tower,

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by Minh Viet, have been on tenterhooks. They are at the risk of losing hundreds of billions of dong.

A buyer said he and other clients came to the company’s head office to get back the money they paid before as the deposit for the apartments as per the appointment with the general director.

However, the head office was deserted with only one female worker. Local people said the office has stopped the operation for the last month, while the furniture

been emptied.

Under the contracts signed between Minh Viet and the customers, Minh Viet has to deliver apartments to buyers on December 31, 2011, and no sooner than June 30, 2012. However, the promise has been broken by Minh Viet. To date, only the foundation of the apartment bloc and two floors have been completed. Vietnam real estate In June 2013, the clients, who bought apartments at the Linh Nam and Hesco Van Quan also got harassed as they could not contact Nguyen Hoang Long, President of Vina Megastar, the developer of the projects, though they tried to ring his mobile phone and the company’s head office many times.

Several days later, the HCM City Police informed that Long was arrested on May 17 to serve the investigation on the man’s cheating to appropriate SeABank’s assets, worth VND29.5 billion.

In early 2013, Nam Thi Real Estate Company Ltd, the developer of Labonita project, also quietly left the head office to escape the clients. The company promised to pay money back to clients because it could not deliver apartments on schedule. However, the investor later decided to escape the money payment by leaving the head office.

In September 2012, General Director of the Hong Ha Building Material and Import-Export Company, the developer of the project on the ancient streets’ population relocation reportedly ran away with VND200 billion.

On September 26, 2012, the Hanoi Police informed the general director that Tran Ung Thanh was arrested in HCM City.

In August 2012, the real estate market vibrated on the news that the developer of the Hanoi Time Tower project disappeared. Due to the slow implementation of the projects, the clients who registered to buy the apartments, decided to claim their money back. However, the developer tried to stay in the background to evade the responsibility.

Thousands of buyers have suffered as the project developers cannot fulfill the projects as promised due to the lack of capital, even though the buyers have paid parts of money in advance.

Hung, 39, said he registered to buy an apartment four years ago, but he still cannot live in the house he dreams of. The developer now doesn’t have money to continue the projects. Meanwhile,