The road to the billion-dollar Saigon Pennisula project is seriously dilapidated High initial expectations The Mui Den Do theme park and modern urban development complex called Saigon Peninsula in Phu Nhuan taking up 117ha in Ho Chi Minh City’s District 7 and worth $6 billion in total investment value, evoked great hopes among city residents at its ground-breaking ceremony. According to the developer Saigon Peninsula Group JSC and the broker, Saigon Peninsula will ensure harmony between urban space and natural setting, and acting as the “green lung” of Ho Chi Minh City. Simultaneously, it will function as a multi-purpose urban development and provide ideal space to meet every need for housing, commercial office area, as well as modern and upscale entertainment in Ho Chi Minh City’s southern part. Besides, the complex also features a 600m international marina with an estimated scale reaching 4.6ha. Once completed and put into use, the marina could receive … [Read more...] about Billion dollar projects sitting idle in Saigon south
Billion dollars house
Thousands protest proposed artificial islands for Hong Kong housing
Thousands took to the streets in Hong Kong Sunday (Oct 14) to protest a government plan to build new housing on artificial islands, claiming the "white elephant" project will damage the environment and line the pockets of developers. A protester holds a sign with an image of Hong Kong Chief Executive Carrie Lam during an anti-reclamation demonstration in Hong Kong. (Elaine YU/AFP) The government's proposal to reclaim 1,700 hectares of land around Hong Kong's largest outlying island, Lantau, has been touted as a solution to the pressing housing shortage in the city - notorious for being one of the least affordable markets on the planet. City leader Carrie Lam said new residential units on the proposed artificial islands could accommodate 1.1 million people in the coming years, and pledged to reserve 70 per cent of them for public housing. But critics say the massive projects are too costly and will also destroy the environment - especially marine life - with many also … [Read more...] about Thousands protest proposed artificial islands for Hong Kong housing
Opportunity for billion dollar Vung Tau Paradise complex still open
One year after the province of Ba Ria-Vung Tau published criteria to choose a new investor for the large-scale Paradise tourism complex in the coastal city of Vung Tau, no investor subscribed for the shares, even though many have shown interest. According to Le Hoang Hai, director of the Ba Ria-Vung Tau Department of Planning and Investment, many domestic and international investors have come in search for an opportunity to invest in the Vung Tau Paradise project. The province's strict requirements make it difficult for Vung Tau Paradise to find investors Just last week, Korea Infrastructure Co., Ltd. met with the provincial People’s Committee to display its plan to invest a sum of $3.2 billion into the Paradise complex and Bau Trung New Urban Area. “Paradise has become a magnet attracting foreign and domestic investors ever since its former investor—Paradise Development and Investment from Taiwan—was forced to withdraw after its 25-year licence … [Read more...] about Opportunity for billion dollar Vung Tau Paradise complex still open
Vietnamese spend billions of US dollars to buy properties overseas
VietNamNet Bridge - A Vietnamese corporation has reportedly spent $14 million at an auction to buy a shopping mall in the suburbs of Marrickville in Sydney, Australia, taking the first step in its plan to penetrate overseas markets. Vietnamese spend more money to buy properties overseas Some months before, another business acquired an apartment project on Racecourse street in Kensington in Melbourne in a deal worth $6 million. Vietnamese businesses and individuals began looking for properties overseas some years ago. That has recently increased as the real estate price in Australia has fallen as a result of the Australian government’s moves to cool the market. European countries are also destinations that many Vietnamese investors are interested in, especially individuals who seek opportunities to get permanent residential cards. Vietnamese businesses and individuals began looking for properties overseas some years ago. That has recently increased as the real estate … [Read more...] about Vietnamese spend billions of US dollars to buy properties overseas
White House slams ‘weak’ Chinese tariff threat, ‘lousy’ economy
Top White House economic advisor Larry Kudlow on Friday ridiculed China's threat of $60 billion of retaliatory tariffs as "weak" and said the world's second-largest economy was in significant "trouble." After China threatened to impose new retaliatory tariffs on a variety of American goods -- everything from beef to condoms -- the war of words between Washington and Beijing escalated yet further. Warning that China had "better take President (Donald) Trump seriously," Kudlow insisted the Asian giant "is in trouble right now -- their economy is lousy, investors are walking out, the currency is falling." "Foreign investors don't want to be in China. I noticed today that Japan's stock market is now worth more than China's -- I love that," he told journalists at the White House. Beijing's latest salvo came after the Trump administration upped the ante in its plans for additional tariffs on Chinese goods worth $200 billion, suggesting the rate could be increased to 25 percent. "I might … [Read more...] about White House slams ‘weak’ Chinese tariff threat, ‘lousy’ economy
Poor countries face $168 billion interest bill due to climate change
People sit under a house damaged by landslide and floods in Ha Giang Province, Vietnam, June 26, 2018. A U.N. study suggests that nations relying on agriculture are likely to suffer as global temperatures rise, bringing more storms, floods and droughts. Photo by Reuters Poor countries could have to pay up to $168 billion more in interest over the next decade as extreme weather events brought on by climate change affect their credit ratings, a study said on Monday. Nations that rely heavily on agriculture are likely to suffer as global temperatures rise, bringing more storms, floods and droughts that can destroy crops and curb production, according to research commissioned by the United Nations. Rice plantations in Vietnam are vulnerable to rising sea levels, while Guatemala’s maize output could be hit by drought and tropical storms are a threat to the Barbados tourism industry, the paper said. Such risks push borrowing costs up as lenders charge more, one of the … [Read more...] about Poor countries face $168 billion interest bill due to climate change
Nam Long issues VND660 billion of bonds
Nam Long issues VND660 billion of bondsBy Hung Le HCMC - Nam Long Investment Corporation (Nam Long), a leading real estate developer focused in the affordable housing segment, has successfully issued its VND660 billion fixed rate bonds, underwritten by GuarantCo Ltd (GuarantCo), an arm of the Private Infrastructure Development Group (PIDG). PIDG is a multi-donor organization grouping members from seven countries and the World Bank Group, while GuarantCo is rated AA– by Fitch Ratings and A1 by Moody’s. GuarantCo provides local currency guarantees for infrastructure financing in sub-Saharan Africa and south and south-east Asia and dollar-dominated guarantees in fragile and conflict-affected states. The landmark issuance was the first local currency bond issuance guaranteed by GuarantCo in Vietnam, and was privately placed to investors by Standard Chartered Bank (Vietnam) Limited (SCB Vietnam). The transaction was closed on an accelerated execution timeline, leveraging on … [Read more...] about Nam Long issues VND660 billion of bonds
China agrees to import more from US, no sign of $200 billion figure
China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier. Beijing and Washington agreed they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to close the $335 billion annual U.S. goods and services trade deficit with China. A joint statement issued at the conclusion of intensive trade talks in Washington did not indicate whether the two countries would delay or drop their tariff threats on billions of dollars worth of each country’s goods, which has sparked fears of a wider trade war and roiled financial markets. “There was a consensus on taking effective measures to substantially reduce the United States’ trade deficit in goods with China,” the joint statement said. “To meet the growing consumption needs of the Chinese people and the … [Read more...] about China agrees to import more from US, no sign of $200 billion figure
China agrees to import more from U.S., no sign of $200 billion figure
China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier. Beijing and Washington agreed they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to close the $335 billion annual U.S. goods and services trade deficit with China. A joint statement issued at the conclusion of intensive trade talks in Washington did not indicate whether the two countries would delay or drop their tariff threats on billions of dollars worth of each country’s goods, which has sparked fears of a wider trade war and roiled financial markets. “There was a consensus on taking effective measures to substantially reduce the United States’ trade deficit in goods with China,” the joint statement said. “To meet the growing consumption needs of the Chinese people and the … [Read more...] about China agrees to import more from U.S., no sign of $200 billion figure
Greater efforts needed to develop affordable housing
* More steps needed to develop low-cost housing: PM This fact shows that the potential of this segment still remains vast, especially in Hanoi and Ho Chi Minh City. However, the affordable housing market has been showing signs of slowing down recently, making many people’s dreams of a stable life seem distant from reality. A few years ago, the Government issued a VND30 trillion (US$1.32 billion) housing credit package, creating favorable conditions for the development of the affordable housing segment and contributing to meeting the housing demand for the majority of the people and gradually stabilising the property market. But since the expiry of this support package, the affordable housing segment has also “sunk” as a result. The implementation of the next support funding sources is taking place quite slowly, making the supply of affordable housing even scarcer. Over the past year, there have been only a few newly launched affordable housing projects, especially … [Read more...] about Greater efforts needed to develop affordable housing