Hong Kong group enters real estate joint venture

Ha Noi - LUKS Industrial Group of Hong Kong has decided to join Viet Nam-based Indochine Co Ltd on Monday to establish a real estate joint venture in Viet Nam .
Accordingly, LUKS will pour US$15 million into the joint venture that will focus on housing development. LUKS is one of the largest industrial groups listed on the Hong Kong stock market. The group has already invested in cement production and real estate projects in Viet Nam.

Investors gaze into the crystal ball

Want to know what foreign investors think of Vietnam's investment climate? More than 100 local and foreign bankers, investment fund managers and businesses who attended the Alternative Investments IQ Vietnam 2007 conference in Ho Chi Minh City last week helped provide some answers. Vietnam’s market return potentials is standing head and shoulders above the rest of the Asian pack. Kuwait Asia Holdings Private Equity Division senior manager Waleed Alowaiyesh was one of many of the conference attendees to offer a robust vision of Vietnam’s advantages over its investment rivals.

MANULIFE FINANCIAL EYES VIETNAM'S REAL ESTATE

President and General Director of the Manulife Financial Dominic D'Alessandro praised the potential of Vietnam's real estate market, revealing that this sector will be one of his group's prime areas in the near future. "The strong growth of Vietnam's economy and its real estate market was the reason for Manulife Financial, the world's fourth largest financial investment group, to make its decision," Dominic D' Alessandro told Lao Dong (Labour) daily. According to the group leader, Manulife Financial made its first move by opening its office in Phu My Hung urban area in Ho Chi Minh City and plans to expand to other cities and provinces.

HCM City’s land price up 1% each day

The real estate market in HCM City is changing because prices of land allocated for production projects in districts 2, 7, 9, Nha Be and Binh Chanh are climbing day by day. In the past week, the price for land in An Thinh project in District 2 increased from VND12 million ($750)/sq.m to VND15 million ($930)/sq.m. It was VND14.5 million ($900), an increase by VND4 million ($250) for land and houses in Riverside project in Thu Duc district and up to nearly VND35 million ($2,100)/sq.m in Indo-China project in District 3. In Nha Be district, the land price has risen by 2.5 times within the past one month, from VND80 million ($5,000)/1,000sq.m to VND200 million ($12,500)/1,000sq.m. Land prices in districts 2, 7 and 9 have also increased 10% during this time.

A long-term commitment to Vietnam

Besides, our company’s vision is to be the most professional life insurance company in the world by providing the best financial protection and investment management services, tailored to meet the needs of customers in every market where we do business. By investing in the new headquarters, Manulife can continue to provide excellent service to all our customers and contribute to the development of the local economy for many years to come. We are confident the state-of-the-art Manulife Vietnam headquarters building, right in the heart of this new urban center, will further enhance the visibility and credibility of the Manulife brand.