VN real estate developers run into difficulties in
foreign markets
Vietnamese investors still
cannot reap fruits from real estate projects in foreign markets.
HAGL Group's hotel in Myanmar
Vietnamese outward investment reached its peak in
2008-2009, when banks rushed to open foreign branches overseas and Hoang Anh
Gia Lai group began developing hydropower, agriculture and real estate
projects in Laos and Cambodia.
At that time, Saigontourist, a travel firm, nurtured
the plan to buy a 5-star hotel in San Francisco, while HUD, a housing and
urban area development firm, announced the plan to build a 36-hole golf
course, tourism site, houses and 5-star hotel with 800 rooms in Cuba.
In 2009, Thuduc House teamed up with two US partners to
set up Thuduc House Property Ventures LLC, aiming to build high-end houses
for sale and lease. Thuduc House was the first Vietnamese company which asked
for permission to trade properties in the US.
After registering hydropower, agriculture and real
estate projects in Laos, Hoang Anh Gia Lai Group in late 2015 began
exploiting the Myanmar market when putting the first phase of the HAGL
Myanmar Center, capitalized at $440 million, into operation.
The complex comprises a shopping mall and two A-class
27-story office buildings, covering the total area of 192,000 square
meters.
Later, in July 2016, Hoang Anh Gia Lai opened Melia
Yangon, a 5-star hotel with 400 rooms.
By February 2016, more than 90 percent of the shopping
mall area, and 60 percent of office area had been occupied. Meanwhile, over
30 percent of apartments to be built in the second phase of the project had
been booked.
Analysts commented that Vietnamese real estate
developers were still taking cautious steps in foreign markets, preferring
not to take a risk of pumping capital into many different projects at the
same time.
Sources said Saigontourist has canceled the plan to buy
the 5-star hotel in the US because of complicated procedures on investment
and capital transfer abroad, while the price negotiations don’t bring desired
results.
Similarly, there has been no further information about
HUD’s investment plan in Cuba.
Tin Nghia Corporation, before launching an IPO in May
2016, decided to divest from a series of ineffective investment projects, one
of which was a hotel in Champasak in Laos.
The 2015 financial report of Thuduc House showed that
the company had invested $3 million in the US and gained an average
profitability rate of 4 percent.
To date, six out of 10 houses have been sold, while
$1.2 million had been transferred to Vietnam by the end of 2015.
Thuduc House plans to sell the other four houses and
transfer the profits home. However, the expenses for house sales in the US
are high.
Kim Chi,
VNN
|
Thứ Sáu, 14 tháng 10, 2016
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