Saigon Real Estate Corporation (Resco) on November 5 said that the frozen real estate market has left several projects haft done, making it difficult to determine the value of Resco subsidiaries which are on equitization process.
|A half done project in District 7, HCMC (Illustrative photo: SGGP)|
The company was speaking a meeting with the Economics and Budget Commission of the Ho Chi Minh City People’s Council on its restructuring and equitization in the phase of 2013-1025.
Resco is expected to complete equitization of three member companies by the end of this year and two others by the end of next year.
However the process has been slowed down due to half done projects and difficulties in the real estate market. To deal with this, the company proposed to transfer these projects into the parent company to speed up value determination and equitization.