Developers slash property prices With bank loans falling at the end of this year and losses from a gloomy domestic real estate market, many property developers have begun slashing prices of their apartments to boost revenue. On Monday, just three days after PetroVietnam Power Land announced a discount of 34 per cent on it’s apartments, the Sai Gon Mekong Company reduced prices on 500 apartments in the An Tien urban area project in HCM City’s District 7 from VND18 million (US$860) per square metre to VND14.5 million ($690) per square metre. Representative from the company’s leaders Ho Van Tuyen said the move was an attempt to recoup capital for new business opportunities. Late last week, PetroVietnam Power Land Company cut off 34 per cent of the 85 apartments in its PetroVietnam Landmark project in District 2 to VND15.5 million ($738) per square metre from the earlier VND23.8 million ($1,130). The sell-off was aimed at resolving the difficulties of a frozen property market and rising costs, the company said in its filing with the State Securities Commission. Its VND100 billion ($4.75 million) loan from the Lien Viet Post Joint Stock Commercial Bank is due on November 23. In the case of…
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