Release funds faster: developers

Property developers called for quick disbursement of the Government's VND30 trillion (US$1.43 billion) stimulus package so that home buyers can pay in time at a meeting with Minister of Construction Trinh Dinh Dung in HCM City on Monday.

"The disbursements of loans [to home buyers] from the VND30 trillion package has been tardy," Truong Anh Tuan, the chairman of Hoang Quan real estate company, said.


His company is building HQC Plaza for low-income residents on Nguyen Van Linh Street in HCM City's Binh Chanh District.

Hoang Quan wants loans to home buyers to be speeded up to ensure timely payment and enable builders of low-cost apartments to accelerate construction.

HQC Plaza was the first development in HCM City to be allowed by the Government to convert from a commercial project (with 1,060 houses for sale) into low-cost apartments (1,735 apartments for low-income residents).

It will have four buildings of 23 or 24 storeys and apartments of 59-69sq.m, and cost VND1.5 trillion ($71.1 million).

Hoang Quan has got a VND186 billion loan from another Government stimulus package, this one worth VND540 billion ($25.6 million).

"We have asked for further financial support from the VND30 trillion package," Tuan said.

The city Department of Construction has allowed developers to sell apartments once they complete the foundation of the tower.