HCMC needs over US$3 bln for housing development

The People’s Committee of Ho Chi Minh City has just reported to the Ministry of Construction on implementing the housing policy and real estate market in 2022.
HCMC needs over US$3 bln for housing development ảnh 1
Accordingly, the city set massive targets for housing development, including a demand of at least 6.7 million square meters of housing and an average housing floor area per person reaching at least 21.2 square meters, extending 194.6 hectares of land for commercial housing projects and 52.1 hectares for social housing projects.
Regarding capital sources, the city will need around VND72,578 billion (US$3.1 billion), including VND28,435 billion (US$1.2 billion) for commercial housing projects, VND43,456 billion (US$1.9 billion) for individual houses and VND698 billion (US$30 million) for social housing projects.

Besides, the city is also reviewing the land fund of 20 percent for social housing construction at commercial housing projects and new urban areas in the locality.

In addition, Ho Chi Minh City also proposed the State Bank to monitor and direct the commercial banks on strictly controlling the loans in the real estate sector, money transfer from real estate to overseas, flexible credit extension implementation for those having demand for housing, limitation on credit extension for luxury, resort real estate and real estate speculation.

By Duc Trung- Translated by Huyen Huong

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