HCMC – The HCMC People’s Committee has allowed five property businesses to raise funds for 50% of their off-plan properties, equal to 5,432 apartments following many meetings to help the sector tackle its woes.
The HCMC Real Estate Association (HoREA) said on April 18 that the five projects entitled to mobilize capital for off-plan condos had achieved preliminary positive results.
The HCMC authorities allowed the investors of the five property projects, including one foreign company, to raise funds for 50% of the total number of to-be-built homes.
According to HoREA, if radical solutions are applied, around 5,000 apartments will be made available for the market, improving business cash flows.
HCMC now has 156 property projects facing regulatory bottlenecks, which have been delayed for years due to its complexities, said HoREA.
Most of the projects’ outstanding issues are related to the land use fee calculations, revised planning and responsibilities of commercial housing project investors.
Earlier, the chairman of the HCMC People’s Committee set a target to resolve regulatory issues for 50 real estate projects by the end of this year.