Vietnam real estate startups drop more than 53 – Asia News

The number of real estate start-ups in Vietnam stood at 3,066 in the first eight months of this year, down 53.4% ​​from the same period last year, according to the General Bureau of Statistics (OGE). , under the Ministry of Planning and Investment.

For its part, the number of dissolved real estate companies was 855, 10.8% more than the previous year.

A total of 1,721 real estate companies resumed their activity at the end of August, representing a year-on-year increase of 102%. However, the number of start-up companies in this field decreased considerably.

Nguyen Tho Tuyen, Chairman of the BHS Group, attributed the decline in property start-ups to the fact that some developers and estate agents have had to idly do nothing or resort to temporary closure due to “cash bottlenecks”.

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Up to 70% of runners have changed professions, he continued.

For its part, the number of dissolved real estate companies was 855, 10.8% more than the previous year.

A study by the BHS R&D office on the real estate brokerage sector in Hanoi and Ho Chi Minh City showed that the number of real estate parks that were dissolved or temporarily ceased activity reached almost 50%.

Nguyen Van Dinh, President of the Vietnam Association of Realtors (VARS), stated that up to 20% of brokerage firms face the risk of dissolution or bankruptcy and 40% of brokerage firms have difficulty maintaining their operations.

According to VARS, if the difficult situation in the housing market does not improve, the number of companies at risk of bankruptcy will continue to increase.

Article republished from the Vietnamese state media VNA in the framework of an agreement between both parties to share content. Link to the original article: https://en.vietnamplus.vn/newly-established-property-businesses-drop-by-over-53/267253.vnp