Many opinions say that because the prices of the products for sale have been inflated, they are difficult to liquidate.
Recently, Agribank announced the auction of a house at 19 Hang Chieu, Dong Xuan Ward, Hoan Kiem District (Hanoi). The land plot has an area of 160 m2, is a single-family house, has a long-term use period, and a total floor area of 287 m2.
Hang Chieu Street, Hoan Kiem District ( Hanoi ).
This is the collateral for the loan of Dai Viet Construction Trading Company Limited at Agribank Ha Thanh Branch under the credit contract signed in mid-2018. The starting auction price for this house is 54 billion VND.
The above starting price has been reduced by 50% compared to the first sale in August 2022. Thus, from a starting price of up to nearly 700 million VND/m2, Agribank has "greatly reduced the price" to just over 337 million VND/m2.
Previously, Agribank also announced the auction of collateral assets such as land use rights, house ownership rights and other assets attached to the land located at 110 Hang Buom, Hang Buom Ward, Hoan Kiem District (Hanoi).
Specifically, the land plot has an area of 100.8 m2 with the form of private use, urban residential land. The house on the land has a floor area of 205.2 m2. This is the collateral for the loan of AJMAL Vietnam Company Limited at Agribank Ha Thanh branch.
The starting price for the property is over VND 30.6 billion (excluding VAT), equivalent to about VND 303 million/m2. It is known that this property has been put up for sale by Agribank many times before. In August 2022, the starting price of this property was VND 60.5 billion, equivalent to VND 605 million/m2. Compared to the most recent auction announcement in October, the house price has been adjusted down by VND 34 billion.
Or in Quang Nam , not long before, VietinBank also put up for sale a series of luxury hotels and tourist real estate in Hoi An.
Specifically, this bank is selling a 4-star hotel and land use rights with an area of over 1,000 m2 for 120 billion VND; another real estate with an area of over 1,700 m2 is being sold for up to 240 billion VND to recover debt...
In addition, the bank also offered to sell about 35 mortgaged assets, including land use rights and villas, restaurants, and 3-4 star hotels, worth from tens of billions to hundreds of billions of VND. For example, in Hoi An City, a 3-star villa with an area of 686 square meters was offered for sale at 110 billion VND; many other 3-star hotels, restaurants, and homestays in Hoi An City were also offered for sale at 33-40 billion VND.
According to many experts, one of the reasons why many real estate properties offered for sale by banks have been "sluggish" recently is because the market is in a slump. Along with that, although the price has been deeply reduced many times compared to the first time they were offered for sale, the value of these products is still very large, even up to hundreds of billions of VND, so the number of customers who can own this type of real estate is not large.
This is also a consequence of the fact that the real estate prices in the Old Quarter have been inflated far beyond their real value over the past many years. Accordingly, the value of these properties is believed to have been inflated to mortgage banks during the period of hot market development.
(Source: Tien Phong)
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