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Friday, July 19, 2024

Over 500 realty firms exit market in January-May

By T. Dao

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HCMC – More than 500 real estate businesses had pulled out of the market in the year to May, up 30.4% over the same period last year, data from the Foreign Investment Agency at the Ministry of Planning and Investment showed.

The number of new market entrants also dropped 61.4% compared to the same period last year, at around 1,700.

Difficult access to bank loans, slow corporate bond issues and sluggish goods sales have forced developers to delay their construction and suspend projects.

Rising fuel and construction material prices have driven up input costs, making the situation worse.

Many property companies have changed their business plans and corporate governance, carried out debt and operational restructuring and cut jobs.

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