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| VinaCapital could set up $350m real estate fund |
| 25/Jun/2009 Intellasia | Thoi Bao Kinh Te Vietnam |
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| 25 Jun, 2009 - 1:21:46 PM |
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VinaCapital, the country's leading asset management firm plans to set up a $350 million real estate fund this September.
The fund named VinaCapital Vietnam Land II would focus on investing and developing urban areas, shopping areas and hotels, said David Blackhall- deputy managing director of VinaCapital real estate.
He said that Vietnam's property market is showing sustainable signals and the housing and urban area investment and development is at high potential because of the sharply decreased prices against 2007. The middle-class in Vietnam can afford to luxury houses while the loan rates slumped from 20 percent of 2008 to 12 percent pa at the moment.
VinaCapital now manages four funds with a total asset of $1.6 billion, including the investment projects of Sofitel and Hilton Hotel in Hanoi.
Operation time of VinaCapital Vietnam Land II is slated for eight years and centralised in Hanoi and HCM City. The fund also could expand investment in Cambodia and Laos.
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