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Apr 06th
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Home English News Property firms hit the wall

Property firms hit the wall

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Nearly 18,000 real estate and construction companies faced losses, went bankrupt or closed last year because of the challenging economic situation in the country. 

Of this number, the Ministry of Construction said that nearly 15,300 companies faced losses. 

The number of companies that stopped operations or went bankrupt totalled more than 2,600, a year-on-year increase of 9.4 per cent. 

This figure included more than 2,100 construction companies and 527 companies trading in real estate. 

The situation was not much better for corporations managed by the ministry, with many of its companies' faring worse in 2012 than in the previous year.
Total production value as well as investment value and turnover were lower than the targets set in 2012 and in the previous year. 

The ministry said the construction sector last year faced many challenges as the market continued to be stagnant, while inventory of property stacked up to a high level. 

Moreover, real estate prices fell in all property segments, leading to company losses and bankruptcies.In Ha Noi, about 1,800 transactions worth VND6.1 trillion were carried out on 94 transaction floors. 

Meanwhile, 129 floors in HCM City reported about 4,000 transactions in 2012, with total value of more than VND11 trillion. 

Inventories totalled nearly 2,400 apartments in Ha Noi and 10,100 apartments in HCM City. 

Experts predict that conditions will remain tough for the market this year, and inventory will remain high. 

(VNS) 

 

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