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Saturday, June 22, 2024

Real estate market not out of the woods

By Tue Nhien

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Being a significant magnet for capital inflows within the economy, the real estate market does not just impact industry players; its repercussions extend to various sectors, especially the banking system. Ongoing woes and escalating risks Several domestic real estate companies listed on the stock market have recently disclosed their second-quarter 2023 business results. These figures depict a steep decline or a shift from profit to loss, showcasing the enduring challenges faced by the housing market in recent years. A few exceptions show profit growth, primarily due to exceptional income from financial activities stemming from project transfers or capital divestment from subsidiaries. For instance, Tu Liem Urban Development Joint Stock Company (HOSE: NTL) witnessed a staggering 99% drop in Q2 net profit compared to the same period last year. Similarly, Saigon Thuong Tin Real Estate Joint Stock Company (HOSE: SCR) and HUD1 Investment and Construction Joint Stock Company (HOSE: HU1) experienced year-on-year declines of 96% and 95% respectively. Investment and Trading of Real Estate Joint Stock Company (HOSE: ITC) and Ha Do Group Joint Stock Company (HOSE: HDG) each recorded a downturn of 88%. Development Investment Construction Joint Stock Corporation (HOSE: DIG) reported a reduction of 87%. The financial standing of […]
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