Hanoi reveals real estate projects used as collateral

Hanoi's Department of Natural Resources and Environment has made public the names of 92 real estate projects that have been used as collateral.

Hanoi's Department of Natural Resources and Environment has made public the names of 92 real estate projects that have been used as collateral.

 

Hanoi reveals real estate projects used as collateral

According to Hanoi Land Registration Office, as of August 23, about 92 real estate projects had been used as collateral on loans by many investors including major names like Gamuda Land Vietnam, MB Land and Hai Phat.

Gamuda Land Vietnam applied for loans secured by their property and land-use rights for eight blocks of the new urban area project in Hoang Mai District. MB Land used the Golden Field project in Nam Tu Liem District and Hai Phat used the Hai Phat Plaza project and the land-use rights for 59 houses there.

Vinalines Land JSC, Thang Long Company and Vietnam Motors Company are also in the list. Soleil Investment and Hotel Services put up the property and land-use rights at their new project in Tay Ho District. Gelexemco used the land-use rights at new urban area projects on Le Trong Tan Street for loans.

Several projects which are being sold have also been used for mortgage loans.

Previously, HCM City authorities also released information on activities of several real estate investors that have applied for mortgage loans secured by their property and land-use rights.

Customers will face higher risks when buying apartments at these projects. When investors use the borrowed money for other investments, it may lead to stagnant projects and bad debts and the banks could sell the projects to recover the money.