Over 400 real estate projects fail to take off in HCMC

According to the Ho Chi Minh City Real Estate Association, 405 out of the total of 1,220 real estate projects have been unable to break ground in the city.

An abandoned real estate project in HCMC (Photo: SGGP)

Investors have started to deploy 325 projects, of these 97 have been temporarily halted.
 
Chairman of the association Le Hoang Chau said that the failure of many projects were due to site clearance difficulties.
  
Data from the HCMC real estate market development project in 2016-2020 by the Department of Construction shows that 40 percent of the 1,220 projects have been built, 8 percent halted, 33 percent have been applying for investment procedures and 19 percent under construction.

The department specified that complicated and time consuming administrative procedures have resulted in the unsuccessful implementation of many projects.
 
In 2013, 85 projects were revoked because of sluggish progress. The number increased to 162 in the following year and 189 as of August this year.

By Nhung Nguyen – Translated by Hai Mien

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