Business

Newly-established property businesses drop by over 53%

The number of newly-established real estate businesses stood at 3,066 in the first eight months of this year, a decline of 53.4% over the same period last year, according to the General Statistics Office (GSO) under the Ministry of Planning and Investment.
Newly-established property businesses drop by over 53% ảnh 1The number of newly-established real estate businesses in the first eight months of this year declines by 53.4% over the same period last year. (Photo: VNA)

Hanoi (VNA) – The number of newly-establishedreal estate businesses stood at 3,066 in the first eight months of this year, adecline of 53.4% over the same period last year, according to the GeneralStatistics Office (GSO) under the Ministry of Planning and Investment.

Meanwhile, the number of dissolved property firms was 855,up 10.8% year-on-year.

A total of 1,721 realty businesses resumed operationsby the end of August, a year-on-year increase of 102%. However, the number ofnewly-established businesses in this field still decreased sharply.

Nguyen Tho Tuyen, chairman of the  BHSGroup, attributed the drop in new realty businesses to the fact that some realestate developers and brokers have had to operate idly or resort to temporaryclosure due to "stuck cash flows".

Up to 70% of brokers have switched professions, he continued.

A  study by the BHS R&D office on the real estate brokerageindustry in  Hanoi and Ho Chi Minh Cityshowed that the number of real estate trading floors that dissolved ortemporarily ceased operation reached nearly 50%.

Nguyen Van Dinh, chairman of the Vietnam Association of Realtors (VARS), said that up to 20% of trading floors face the risk ofdissolution or bankruptcy and 40% of trading floors are struggling to maintainoperations.

According to VARS, if the difficult situation in the real estatemarket doesn’t improve, the number of businesses at risk of bankruptcy willcontinue to increase./.

VNA
#real eastate businesses #General Statistics Office #Vietnam Plus #Vietnam News Agency #operations #developers #dissolution
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