FDI boon for City property

Friday, Sep 04, 2015 08:00

A model of Empire City. — File Photo

HCM CITY (Biz Hub) — The HCM City property sector has attracted more than US$1.42 billion worth of foreign direct investment this year, the city's Statistics Office has reported.

The amount accounts for almost 62 per cent of total FDI in the period.

The city has granted licences for 327 projects with total registered capital of more than $2.31 billion.

The city continued to overwhelmingly top the country in terms of FDI in property, accounting for nearly 78.5 per cent of the total investment of $1.82 billion in 18 new projects and seven existing ones that are expanding.

They include a $1.2 billion joint venture in HCM City between several local firms and Denver Power Ltd of the UK.

Experts forecast a torrent of FDI in the property sector by year-end thanks to the changes to the Law on Housing and Real Estate Business that allow foreigners and Viet kieu (overseas Vietnamese) to buy houses in Viet Nam. — VNS

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