Blockchain is the secure ledger system behind the Bitcoin cryptocurrency and it is the technology that has been credited with the power to reinvent the property sector. Blockchain technology is notoriously complicated. In simplest terms, it is a shared record of transactions. Anyone can hold a copy of the ledger and anyone can read it. Changes ripple through all versions of the blockchain held worldwide. A locking method is employed to prevent any tampering by one party — making it secure. Troy Griffiths, deputy managing director, Savills Vietnam, believes “blockchain has the capacity to revolutionise land transfers”. If the technology were to be implemented for land-registry purposes, it would have several possible benefits. The automatic processing of contracts would mean that costs are reduced. There would be increased security as identity records are tamperproof and deal times are reduced, as a deal can be an entirely digital experience. Blockchain puts real estate on a new footing. If it has the potential to increase liquidity and reduce costs, some significant barriers for investors are removed. If unitisation of direct property holdings can be achieved and/or if income streams derived from direct property holding can be split, it also decreases the ‘lumpiness’ of real-estate investment; the barriers between real-world holdings and synthetic derivatives start to break down, making investment liquid, transparent and instantly tradeable. However, it may be some time before this can be achieved, as further safeguards would need to be in place. Griffiths noted in his recent regional review during… [Read full story]
The Hanoitimes - Despite the fact that Vietnam is now a middle -income nation, its real estate prices are among the highest in the world. In response to a recent press enquiry as to why many million-dollar villas and houses are standing empty in Hanoi, Prime Minister Nguyen Tan Dung asked the Hanoi Municipal People’s Committee to look into the matter and report to the Government by February 15. While some people are very wealthy, most employees cannot afford an apartment on their salaries. It has been estimated that an employee with an income of VND4-5 million per month would…... [read more]
VietNamNet Bridge - As newcomers in the real estate market, they are known as ‘upstarts’ thanks to their rapid increase in capital and implementation of huge projects. Sunshine Group, HD Mon Holdings, Phuc Son and Novaland are called ‘rookies’ in the market compared with well known names such as Sungroup or Vingroup. However, they are powerful. Within a short time, the real estate developers have developed huge projects through merger & acquisitions (M&A) and capital contribution. Sunshine Group was established in April 2016 with modest charter capital of VND300 billion. However, it raised capital to VND3 trillion within a short…... [read more]
The Hanoitimes - While many experts believe that the real estate market will be gloomy this year due to the State Bank’s policy on tightening monetary policies, others believe that it is this policy that will make the property market hot. Contradictory viewpoin In principle, after any other Tet holiday the real estate market would be bustling because people usually jumpstart their new businesses. However, the situation is quite different in 2011. Until now, people still do not know how the property market will perform. Even experienced investors say they are confused with contradictory information. Some real estate trading floors…... [read more]
Upbeat signs have been seen in the market index, he said, stressing that property inventories have fallen sharply due to growing housing demand while the flow of foreign direct and indirect investment into the sector has soared.Besides making substantial contributions to the country’s sustainable economic and social security development, the property market’s recovery has provided an impetus for the financial-securities market and other related industrial sectors such as construction and building materials, Nam added.At the forum, Minister of Construction Pham Hong Ha emphasised the importance of the real estate market in the market-oriented economy, noting that his ministry is working…... [read more]
The Hanoitimes - The year 2011 witnesses the dark days in the history of the real estate market. Real estate developers cannot borrow capital to develop projects, while the real estate prices have been decreasing dramatically. 1. The “land fever” in Soc Son, Dong Anh districts in HanoiThe fever attack occurred in early 2011. The story began when the Ministry of Education and Training released a dispatch saying that 12 schools had to relocate to the suburbs, including the 7 satellite areas such as Gia Lam (250 hectares), Soc Son (600 hectares) and Son Tay (300 hectares). The information prompted…... [read more]
