Outstanding property loans rise in 2014

Friday, Apr 25, 2014 18:06

Property loans grow nearly 2 per cent early this year. -- Photo cafef.vn

HA NOI (Biz Hub) ― The total outstanding loans for property investment and trading reached nearly VND267 trillion, or US$12.7 billion, at the end of February, up 1.8 per cent from the end of 2013.

Dien doan Doanh nghiep (The Business Forum) reported the figure, citing State Bank of Viet Nam sources.

The loans for the construction of industrial and export processing zones reached VND14.87 trillion, or $708.10 million, a fall of 1.3 per cent; while the loans for urban development hit VND49.3 trillion, or $2.35 billion, an increase of 0.7 per cent.

The loans for serviced-apartment buildings was VND35.15 trillion, or $1.67 billion, a growth of 1 per cent; and the loans for land-use right purchases amounted to VND16.92 trillion, or $805.71 million, a rise of 7.5 per cent.

The other property areas were funded with over VND47 trillion, or $2.24 billion, equivalent to a growth rate of 5.1 per cent.

The bad-debt ratio in the real estate sector was 3.06 per cent at the end of February, slightly down from 3.38 per cent at the end of last year. This was in line with a downward trend of the inventory in the market, according to the central bank. ― VNS

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