Realty firms hunt for foreign buyers Many real estate investors in HCM City have been boosting their cooperation with foreign partners to better lure overseas customers. Phuc Khang Corporation has inked a contract with Singapore's Genesis Global Capital so that it can promote its projects to foreign customers, aiming at business people, investors and experts in Vietnam. Genesis Global Capital will pump a total of USD300 million into Phuc Khang's projects over six years. Under a contract signed in late July this year, Japan's Creed Group will buy USD200 million worth of An Gia shares and advance loans to the firm to buy housing projects with the aim of building Japanese-quality housing in HCM City. And Savills Vietnam has set up an office in HCM City to seek foreign buyers, targeting experts working in Vietnam. In Hanoi, Tan Hoang Minh Group plans to promote its projects to regional countries, including Malaysia, Singapore and Hong Kong. It has carried out a marketing campaign in Germany. The group has set up a website in five foreign languages. A representative from Hoang Minh Group said foreigners account for 10% of its customers. Le Hoang Chau, Chairman of the HCM City Real Estate Association, said many Vietnamese property companies are seeking to cooperate with foreign partners so that they can get access to foreign customers as Vietnam eases policies to sell houses for foreigners. To buy an apartment or a detached house in Vietnam, foreigners must prove lawful residence in Vietnam, not an easy thing to do, and have financial resources to buy property. Foreigners are only allowed to buy apartments or detached houses at new residential areas, not those which have long established; so, they should seek contact property consulting firms for advices. Under the current laws, foreigners are entitled to own no more than 30% of the number of apartments in a condominium project. For detached house projects, the rate is no more than 10%. Currently, the foreign ownership is valid for 50 years, but the Ministry of Construction has proposed an extension of a further 50 years. But foreigners point out the only property available is in unattractive developments in areas locals don't want to buy, that it is virtually impossible for a foreigner to gain residence status in Vietnam, even if they marry a local, and even then it entails costly and often contradictory and ineffective legal paperwork. Work permits are extremely hard to obtain and expensive, leaving most living long-term in Vietnam to constantly renew visas at high prices, forcing them to find a trustworthy local business partner to buy property for them, with no legal redress should the deal go sour. Lao Dong