| Commercial banks have been trying to keep real estate firms alive, because if the firms go bankrupt, banks would suffer. This explains why no commercial bank has requested the court to declare the bankruptcy for any real estate firm so far, even though banks cannot collect debts from the clients, while firms have been on the point of death.
A report by the Ministry of Construction showed that 42,230 houses and apartments in 50 localities have been left unsold (26,444 apartments, 15,876 houses). The inventories are worth VND111,963 billion. The figures do not include the apartment projects which are still under construction, the projects which have been half finished due to the lack of capital...............................................Full Article: Source
|