Real estate firms issue more high-yield bonds as capital shortage bites

A capital shortage following tightening of bank credit is pushing Vietnamese real estate firms to issue more high-yield bonds.
The Phat Dat Real Estate Development JSC has announced that it will issue 1,500 bonds worth VND150 billion ($6.41 million) for the second and third quarter this year. Previously, the company had already issued bonds three times worth a total of nearly VND850 billion ($36.35 million). All four issues have interest rates ranging from 10.5 percent to 14.5 percent.

Many other real estate firms have also issued bonds in the first half of this year. The Nova Group issued VND400 billion ($17.1 million) worth of corporate bonds in two waves with an interest rate of 11 percent, while the firm Van Phu-Invest issued bonds worth VND800 billion ($34.21 million) with an interest rate of around 12 percent.

The firms are pushed to do this after banks tightened lending to the real estate sector, increasing interest rates and imposing stringent conditions for disbursement.

According to a recent draft circular prepared by the State Bank, loans for buying houses worth more than VND3 billion (more than $128,200) will apply risk coefficient of 150 percent, three times higher than the current ratio.

Growth of credit for the real estate sector was reported to slow to 8.56 percent in 2018 from 12.86 percent in 2016.

Nguyen Tran Nam, chairman of the Real Estate Association, said banks have been the main source of capital for Vietnam’s real estate industry. If the State Bank tightens credit further, enterprises will have to look to other channels like shares and bonds to attract capital. There are only 65 out of over 10,000 real estate enterprises listed in the stock market.

According to a recent report by MB Securities Joint Stock Company (MBS), since the beginning of the year, there have been over VND60 trillion (nearly $2.57 billion) of corporate bonds issued.

Real estate, construction and infrastructure sectors ranked second in terms of bonds issued in the country, accounting for 27 percent at VND16.23 trillion ($694 million).

Foreigners have to know about property ownership law in Vietnam from July 2015

Section 159. The object owns house and housing ownership forms of foreign individual and organization in Vietnam.

1. Foreign individuals and organization having properties ownership in Vietnam including:
a) Foreign individuals and organization invest in constructing house under project form following this law and related legislation terms.
b) Enterprise with foreign capital investment, sections, office of foreign enterprise, foreign funds and foreign bank section operating in Vietnam (call shortly foreign organization)
c) Individuals have right to enter Vietnam territory
2. Foreign organization and individuals having a properties ownership in Vietnam under following forms:
a) Investment in construction house in project in Vietnam follow this Law and related legislation terms.
b) Buy, rent-buy, dedication, inherit commercial house including apartment and single house in project of constructing house investment, excluding national defense and security region as stipulated by Vietnamese Government.

Section 160. Criteria when foreign individual and organization having properties ownership in Vietnam:
1. Towards organizations and individuals specified in point a, paragraph 1, section 159 of this Law must have the certificate of investment or housing construction in project in accordance with the provisions of this Law and related legislation terms.
2. Towards foreign organization specified in point b, paragraph, section 159 b of this law, there must have investment certificates or documents relating to the permitted activities in Vietnam (hereinafter referred to as the investment Certificate) issued by the competent officers of Vietnam Government.
3. Towards foreign individuals specified in point c, paragraph 1, Section 159 of this Law must be allowed to enter Vietnam territory and not entitled to the privileges, immunities of diplomatic, consular prescribed by law.
4. Government regulate certificate in detailed proof of the object, condition of foreign organizations, individuals are entitled to properties ownership in Vietnam.

Section 161. Properties Ownership rights of foreign organizations and individuals
1. Foreign organizations and individuals specified in point a, paragraph 1, section 159 of this Law are having the rights of properties ownership in accordance with the provisions of section 10 of this Law; In case building on leased land, foreign organizations individuals only have rights to lease.
2. Foreign organizations and individuals specified in point b and point c, paragraph 1, section 159 of this Law having all the right of properties ownership as much as Vietnam citizen but must comply with the following provisions:
a) Have rights to buy, to lease, donation, inheritance and ownership not exceed 30% number of the apartments in a building; for the single houses including villas, ranging houses, foreign organizations and individuals have rights to buy, rent, donation, inheritance not exceed number of 250 properties within a region equivalent of a ward-level administrative units.
In some region with a population equivalent of a ward-level administrative unit that has many condominiums, single houses on one street, the Government shall specify the number of apartments, number of single houses that the foreign organizations and individuals have rights to buy, lease, donate, inherit and own;
b) In case, organizations and individuals are dedicated, donated out of provisions of point b, paragraph 2, section 159 of this law or exceed the number of properties specified at this paragraph a shall only own the value of this properties;
c) Foreign individuals own properties as agreement in the contract of sale, rent, donate, inherit transaction not exceeding 50 years from the issued date of certificate and can be extended under the provisions of the Government if required; properties ownership period must be specified in the certificate.
In case a foreign individual gets married to a Vietnamese citizen or get married to a Vietnamese living abroad, have ownership rights in stable, long-term and the rights of properties ownership right as Vietnamese citizen;
d) To foreign organization own the properties following the contract of sale, rent, dedicate, inherit transactions not exceeding the time limit stated in the certificate of investment of that organization, including extended period of time; properties ownership period is calculated from the date of the certificate and stated in this certificate;
đ) Before the expiration date of properties ownership in accordance with the provisions of this Law, the owner can donate or sell this properties for the subjects able to own properties in Vietnam; If exceeding the deadline of ownership and the owner does not sell or donate, this properties will be owned by the state.
Section 162. Obligations of the property owner who are foreign organizations, individuals.
1. Foreign organizations and individuals specified in paragraph 1 of Section159 of this Law shall have the obligations of properties owners in accordance with the provisions of Section 11 of this Law.
2. Foreign organizations and individuals specified in points b and c, paragraph 1 of Section 159 of this Law shall have the obligations of properties owner like Vietnamese citizen but comply with the following provisions:
a) Foreign owners have rights to lease properties to use for purposes not prohibited by law, but prior to rental properties, the owner must provide written notice of the rental to administrative authorities in the district where properties in, under the guidance of the Ministry of Construction and pay all the tax accordance with the provisions of this law.
In case foreign individual gets married to Vietnamese citizen or Vietnamese living abroad have obligations as well as Vietnamese citizens;
b) For owners are foreign organizations use properties to arrange place for people working in that organization only, not use for rental housing, office or on other purposes;
c) Conduct payment for the selling, renting properties through credit institutions operating in Vietnam;

L’introduction en bourse de VINHOMES est sur le point d’être la plus grande jamais realisée

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Immobilier – Vietnam: 14 mai 2018 Par: J.K. Hobson
La filiale de Vingroup, Vinhomes JSC, le promoteur immobilier le plus important et le plus prospère du Vietnam, a choisi quatre banques étrangères pour l’aider à rendre publique sa liste de 1 milliard de dollars d’actifs immobiliers résidentiels, selon Reuters. Bloomberg rapporte qu’il pourrait s’agir de la plus grande première vente d’actions jamais réalisée.

Vingroup s’est tourné vers Citigroup, Deutsche Bank, Morgan Stanley et Credit Suisse pour l’introduction en bourse proposée de Vinhomes.

Un communiqué de presse de Vingroup déclare que la transaction proposée « marque une étape stratégique pour Vingroup, car elle continue d’étendre sa portée et de diversifier sa base d’actionnaires à un plus large éventail d’investisseurs. »

Succès passé
La nouvelle introduction en bourse fait suite à la cotation de Vincom Retail Joint Stock Company l’an dernier, le plus grand opérateur de centres commerciaux du Vietnam, qui est également une filiale de Vingroup et a levé environ 700 millions de dollars américains.

Vinhomes JSC gère actuellement 10 projets, qui comprennent près de 18 000 appartements, villas et shophouses, selon le récent rapport annuel de Vingroup. Inclus dans ces propriétés sont Vinhomes Royal City à Hanoi, et Vinhomes Dong Khoi à Ho Chi Minh-Ville. Les actions de Vingroup ont augmenté de plus de 83% au cours de la dernière année, ce qui porte la valeur de marché globale de l’entreprise à 9,1 milliards de dollars américains.

Nous avons parlé à un représentant de Vingroup qui a choisi de ne pas être nommé au sujet de son récent succès. « Le cours de l’action de Vingroup a triplé au cours des 12 derniers mois » à 132 000 VND par action. Le représentant a écrit que le titre « a pris la couronne de Vinamilk comme la plus grande capitalisation boursière [appartenant à n’importe quelle] société au Vietnam.

« Vingroup a aussi un très bon historique d’introduction en bourse réussie avec VRE [Vincom Retail Joint Stock Company] en novembre 2017 qui attirera évidemment beaucoup d’attention. »

Le plus récent «IPO devrait même surpasser le record de VRE, car le marché des actions et des propriétés du Vietnam se portent tous deux très bien cette année, propulsés par une forte croissance économique et des réformes commerciales».

Opportunités émergentes
Qu’est-ce que tout cela signifie pour les gens ordinaires du Vietnam? Notre source chez Vingroup dit qu’elle rend au moins deux choses claires. « Un: le Vietnam est une destination attrayante pour les affaires et les investissements. Les opportunités sont là pour les entrepreneurs et les investisseurs.  »

« Deux: Nous pourrions avoir l’espoir que Vingroup continuera à développer un environnement de vie de haute qualité pour le peuple vietnamien, (ciblant peut-être … des gens à revenu moyen comme les projets VinCity) … [et] aidant à l’urbanisation du Vietnam les plus grandes villes.  »

Interrogée sur les défis au développement de l’introduction en bourse, notre source a expliqué que selon la réglementation actuelle, la propriété étrangère d’une société est limitée à 49%, mais que l’introduction en bourse actuelle ne s’applique qu’à une fraction des actions en circulation.

En novembre dernier, Vingroup a acquis Vincom Retail (VRE) – le plus grand centre commercial au Vietnam – coté à la Ho Chi Minh City Stock Exchange (HoSE). À la suite de cet événement, l’action de Vingroups a fortement progressé au second semestre 2017, ce qui en fait le principal gagnant sur le marché.

Les ventes d’actions de Vinhomes JSC ne sont qu’une partie de la croissance économique globale du Vietnam. Le magazine Forbes a annoncé que l’économie vietnamienne devrait croître de 6,7%, tandis que la banque asiatique de développement prévoit une croissance de 6,5%. Même la Banque mondiale prudente et prudente estime que la croissance de cette année dépassera celle de l’année dernière.

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Bannière Source de l’image: cafef.vcmedia.vn

De belles perspectives pour le marché immobilier national en 2018

16/01/2018 23:32

Le marché immobilier du Vietnam a obtenu des résultats remarquables en 2017, avec une croissance dans de nombreux segments.
>>L’immobilier représente 8,5% du total des IDE enregistrés
>>Le marché immobilier retrouve des couleurs

Grâce à son intégration internationale active, à ses réformes de fond et à sa bonne croissance économique ces dernières années, le Vietnam n’a cessé d’attirer davantage d’investissements étrangers. C’est ce qu’a souligné devant la presse vietnamienne Neil MacGregor, directeur exécutif de Savills Vietnam.

L’immobilier figure toujours parmi les secteurs attirant le plus d’IDE.

La situation macroéconomique vietnamienne devrait rester stable en 2018, ce qui soutiendra le développement du marché immobilier. Les facteurs que sont l’urbanisation, la croissance rapide de la classe moyenne et l’élargissement du crédit hypothécaire stimuleront aussi la demande en logements.

Selon le ministère du Plan et de l’Investissement, l’immobilier figure toujours parmi les secteurs attirant le plus d’IDE (investissement direct étranger).

Avec le soutien en matière de politiques, le cadre juridique plus clair et un avantage compétitif, l’immobilier vietnamien a attiré des flux de capitaux venus d’entreprises domestiques comme étrangères notamment de Corée du Sud, du Japon, de Singapour, de Taïwan et de Hongkong (Chine).

L’économie vietnamienne prospère alors que l’économie régionale montre des signes de ralentissement. Les investisseurs étrangers continueront donc à montrer leur intérêt dans tous les segments de l’immobilier national, notamment immeubles de bureaux et hôtels, en raison de l’augmentation croissante de l’IDE et du fort développement du tourisme, a souligné Neil MacGregor.
CPV/VNA/CVN