Many property developers in HCM City are moving to neighbouring provinces and cities and even as far away as the central region as city authorities are issuing fewer licences and legal procedures elsewhere are simpler.
Many have begun developing in provinces like Long An, Binh Duong, Dong Nai, Ba Ria-Vung Tau and Binh Phuoc. The chairman of a company based in District 5 said he would focus on six projects this year, 85 per cent of them far from the city.
Huynh Phuoc Nghia of the University of Economics HCM City said the trend of moving out of HCM City would accelerate this year and become widespread. The city’s property sector would witness huge changes this year as city authorities limit approvals for new projects and scrupulously ensure the legality of old ones, he said.
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