Business

Real estate companies lose trillions of VND due to COVID-19

The novel coronavirus SARS-CoV-2-caused acute respiratory disease (COVID -19) pandemic has cost many real estate firms trillions of VND from their market capitalisation value.
Real estate companies lose trillions of VND due to COVID-19 ảnh 1The Dat Xanh Group Joint Stock Company's Opal Skyview project in Hanoi. (Photo centralland.com.vn)

Hanoi (VNS/VNA) - The novel coronavirus SARS-CoV-2-caused acute respiratory disease (COVID -19) pandemic has cost many real estate firms trillions of VND from their market capitalisation value.

Dat Xanh Group Joint Stock Company (DXG) is one of those to havesuffered the greatest impacts of the pandemic, leading falling share prices.

The price of DXG droppedstrongly from 14,300 VND per share on January 2, 2020 to 7,770 VND on April 1, costing the group over 3.4 trillion VND (145.2 million USD) in its market capitalisation value.

LDG Joint Stock Company (LDG),has lost 1.13 trillion VND in market capitalisation value due to falling share pricesduring the outbreak. LDG has decreased from 8,850 VND per share on January 2, 2020 to 4,160 VND on April 1.

Meanwhile, An Duong Thao Dien Real Estate Investment and Trading Joint Stock Company (HAR)was at 2,250 VND per share on April 1, down by 1,700 VND compared to the beginning of the year. As a result HAR's marketcapitalisation value has plunged 185 billion VND, reported Tien Phong (Vanguard)newspaper.

Hoang Quan Real Estate Joint Stock Company (HQC) also fell by 80 VND per share to 1,070 VND per share on April 1 against the start of this year, withmarket capitalisation value declining by 38 billion VND.

An Gia Real Estate Investmentand Development Joint Stock Company’s (AGG) shares have also plummeted from 30,400 VND per share on January 9 to 26,500 VND on April 1. AGG has lost nearly 300 billion VND in the last three months.

According to economist Nguyen Minh Hoang, the real estate market this year has been facingmany difficulties due to low supply and the impact of COVID-19. Therefore, realestate stocks were unlikely to resume growth quickly so investors should becautious.

Financial expert Bui Quang Tin from the Banking University of HCM City told Tien Phong thatthe domestic stock market was difficult to forecast for the next few months soinvestors should follow the market closely and avoid sell-offs orbottom-fishing.

“The stock market will haverecovery when the pandemic ends. After this pandemic, enterprises will resumeproduction and stabilise business activities. At that moment, capital in thestock market will increase and of course, share prices will surge,” Ten said. “But that is the prospect for the next 3-6 months.”

Meanwhile, Truong Hien Phuong, brokerage director at KIS Vietnam Securities Corporation’sbranch in HCM City, said if investors were interested in real estate stocks,they should study who owned those shares and wait until the market had madereasonable adjustments to buy them, Phuong said./.
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