As condo hotel, or ‘condotel,’ construction surges in coastal Vietnamese localities, authorities are sounding a call for legislation that would help regulate and monitor contractors’ fundraising schemes for new projects. Condotels are currently regulated under the same laws that govern condominiums, though they operate quite differently, often much more similarly to luxury hotels in major cities and resorts that offer short-term rentals and maintain front desks. Essentially, they are hotels that offer buyers the opportunity to own full-service condominium units which, by leveraging the hotel’s marketing and management, can be offered as short-term rentals when not in use. The developers behind these projects typically promise investors quarterly dividends of 8-15 percent of a portion of the whole building’s total profit, depending on the size of the unit, according to Vo Van Cuong, vice-chairman of the Property Association of Da Nang – a central Vietnamese city that has seen a wave of condotel development in recent years. For investors, the dividend is seen as a way of earning a passive income or significantly cutting vacation costs while developers say the cost of paying dividends is significantly less than the exorbitant interest rates they would owe if they secured their funding through… Read full this story
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Disillusioned investors wake up to grim reality of condotel fundraising schemes in Vietnam have 282 words, post on tuoitrenews.vn at November 28, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.