Ministry’s statistics on real estate inventories incorrect: HoREA
Ministry’s statistics on real estate inventories incorrect: HoREA
The Ministry of Construction's statistics on the total real estate inventory value is incorrect as the inventories of many property enterprises are not fully taken into account, according to the HCMC Real Estate Association (HoREA).
The ministry reported the total property inventory value at more than VND22.8 trillion (US$976.2 million) as of December 20, 2018, falling by over VND105.7 trillion (82.24%) against the first quarter of 2013, which are disputed by HoREA.
HoREA Chairman Le Hoang Chau said that in 2012, the association conducted a survey on 45 out of over 1,200 real estate projects in the city, but it managed to collect data on 36 projects only, while data from the remaining nine were not available. Therefore, the statistics of the Ministry of Construction did not reflect the reality as it was based on available data only.
Chau cited the State Security Commission of Vietnam’s data to say that last year, the total value of property inventories of 65 real estate firms listed on the stock market reached over VND201.9 trillion, far higher than the numbers reported by the construction ministry.
Meanwhile, some large property firms such as Him Lam, Hung Thinh and Van Thinh Phat have yet to list on stock exchanges, so their inventories have yet to be taken into account.
Thanks to the Government's VND30-trillion home loan package, the local property market has returned to its high growth rate, helping reducing inventories, according to HoREA.
