Numerous "big guys" in the real estate industry struggle to repay bank loans and bond debt.

DNHN - Credit restrictions, high anchoring interest rates, and maturing bond debt are causing many real estate titans to accumulate problems. due to tight credit and high anchoring interest rates, we are falling into a "dilemma".

According to many businesses, currently, due to tight credit and high anchoring interest rates, we are falling into a "dilemma". To restructure debts, in the past 6 months, many companies have had to knock on doors everywhere to sell off projects, but so far there is still a traffic jam. Partly because the price is too cheap, partly because the buyer gives too difficult conditions.

In fact, for more than a year, it is not uncommon for real estate businesses to be forced to sell off properties to turn money. The results of a survey of more than 30 companies with real estate projects in Dong Nai, Long An, Binh Duong, and Ho Chi Minh City, show that many units are accepting external loans with interest rates of 18-25%. /year, term 6 - 9 months, because of inaccessibility to bank loans.

A recent VARS report also shows that the mid-2023 period is a difficult "debt settlement season" for real estate businesses, many units face the option of selling off projects and cheap assets.

Sharing this issue, the Chairman of Phat Dat Real Estate Joint Stock Company - Mr. Nguyen Van Dat, said that in the past time, he had to sell many properties and suffered a lot of damage to help the company overcome the crisis. peak debt repayment maturity.

"A property of VND 3,000 billion, I accept to sell VND 2,000 billion. I also sell or mortgage my family and personal assets to have money to help the company overcome difficulties," said Mr. Dat.

At the annual general meeting of shareholders, held in the last week of June 2023, the General Director of Quoc Cuong Gia Lai Joint Stock Company, Ms. Nguyen Thi Nhu Loan, opened her heart to investors about the fact that the company will have to stretch itself. handle trillions of cash flow to repay partners in 2023.

To settle the debts, QCG plans to sell the IaGrai 1 hydropower project in Gia Lai, an area that is "making money" for the company. The choice to sell hydroelectricity instead of the project is because "selling the project must reduce 50% while selling hydroelectricity does not make a loss".

Before that, real estate investors must not have forgotten the case that Egroup of "shark" Thuy announced "debt" of 75 land lots in Thanh Hoa at the end of March, each lot has an area of 100 - 194m2, for sale. The same price is 300 million VND/base. It is known that this number of land lots is for creditors with outstanding loans of less than 1 billion VND at Egroup and related companies. Investors are allowed to write off the debt of 100-200 million VND, the rest must pay in cash.

Not only the pressure from debt, real estate businesses also face a huge amount of debt from maturing bonds. Figures from the Ministry of Construction have just announced that real estate credit outstanding by the end of June is nearly 860,000 billion dong.

Real estate is also the industry group that accounts for the largest proportion of bond issuance with more than 37% of the total maturity value of individual bonds in 2023, equivalent to more than VND 100,000 billion, up 76% compared to the first 6 months of the year. 2022.

In the last 3 months, the leading names such as Hung Thinh Land, Novaland, Hung Phat, Dat Xanh Southern, and Hung Thinh Investment ... respectively announced late payment of bond interest. In addition, a series of enterprises such as Kita Invest, and Phat Dat... announced the extension of the bond term.

According to statistics, the pressure of bond maturity in the second half of 2023 is huge. In July, August, and September alone, the amount of matured corporate bonds was VND 26,564 billion, VND 33,746 billion, and nearly VND 41 trillion, respectively… Of which, the amount of maturing real estate bonds reached nearly 82,000 billion copper.

Meanwhile, data from the Ministry of Finance shows that in 2023 and 2024, the volume of bonds due will skyrocket, to VND 271,400 billion and VND 329,500 billion, respectively. Particularly, the volume of due real estate bonds is 207,800 billion dong, and bonds of credit institutions are 207,500 billion dong.

Amid a lot of pressure, it is good news that the Ministry of Finance will officially open and operate a corporate bond trading floor in July. The State Securities Commission assessed that putting into operation the secondary market for privately issued corporate bonds creates a basis for bondholders to implement liquidity in the most favorable market. Thereby, gradually regaining the confidence of investors.

This is expected to be a driving force to help the bond market increase liquidity in the last two quarters of the year. At the same time, it helps to make information transparent, protect investors' interests, create an effective capital mobilization channel for the economy, and aim for sustainable development.

Actual developments show that the health of real estate businesses is seriously low. Experts expect that by the end of 2023 or the beginning of 2024, policies to remove legal difficulties will be easier and borrowing will be easier, lending interest rates will drop to around 10%, and enterprises' debts will be higher. will drop, and recovery will begin.

Nghe Nhan (Synthesis)