A house for lease in HCM City. — Photo nld.com.vn Real estate companies will suffer in the short term due to the COVID-19 pandemic, but the overall outlook remains positive, according to a CBRE report. Commercial assets, hotels, housing projects, and industrial real estate have all been affected. In its recent report, CBRE said the pandemic had already impacted Asia-Pacific and the global economy, especially in the past two months. Sales of food outlets and entertainment businesses in Viet Nam have been the hardest hit by the pandemic. Retailers have been reluctant to make investment decisions, causing a significant drop in new lease deals. New shopping centre projects face challenges finding first tenants as many of them have postponed business activities. Tenants at shopping malls are asking landlords to cut rent by 50 per cent or even offer free rent during the “unpredictable” situation. A number of property owners have reduced rent by 20-40 per cent to attract new tenants. In major cities like HCM City and Ha Noi, more businesses are closing or are terminating rent contracts earlier due to the impact of Covid-19. Tourism real estate is also suffering from the outbreak. The number of tourists from China… Read full this story
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