Many people have collapsed, the debt situation pile up when the fever of real estate 2007 passes, extends to the bottom of crisis 2012-2013.
Involved in the wave of land investment in Binh Duong in 2006-2007, Mr. Khai spent years tasting the bitter taste of the crisis after the fever. In 2006, this investor collected idle money for 2 billion VND to buy 10 plots of land in My Phuoc, Binh Duong because of the potential growth of the market. "Brokerage, Binh Duong is well planned and invested, located near Ho Chi Minh City. Profit in this market averages 15-20% or more, "he recalled.
In early 2007, the investor handed over 10 plots of land, earning a 20% return. Too excited, Mr. Khai mortgaged his house in District 2, HCM City to put five billion in five plots of land located in beautiful new city Binh Duong, much more expensive than in My Phuoc. But, from then until 2012, this investor only made a loss.
In 2008, interest rates went up, from 9-10% soared to 17-18%, the market entered the pre-crisis period. Land prices go down and then go down. Mr Khai, who was holding up to 2009, sold three floors, accepting a cut of the billion dong because of falling prices and double the interest rate on loans. By the year 2011, the remaining two land villas, investors sold off the note because of market developments are increasingly bad, do not know how to "thaw".
In 2012, the Government tightened credit real estate, the market welcomed many negative news: damp, discount, high inventory, the risk of dying on the heap near the property ... "May I have in time Get out to concentrate on running your borrowed funds to redeem your mortgage. If I was hugging, I might have left the street now, living homeless because the bank 'ate; All the capital but also the house, "Khai said.
As a small business but attracted by the heat of real estate, in 2007, Dung from Buon Me Thuot went to Saigon to explore the market. At that time, the market of apartments and houses in HCMC increased sharply, transactions were exciting, investors continuously won big. In 2008, Dung officially joined.
After only a few months of seeing the color pink, this investor has suffered a great shock as the market moved from a feverish to a crisis crisis too quickly. Dung has mortgaged a two-storey house, scooped up the capital, gathered 3.5 billion to buy 7 apartments in the South HCMC project. This investor has spent hundreds of millions to pay the difference for seven apartments, ranging from 110-150 million each. If you add a deposit of 50 million dong each, this amount is up to billions.
After 10 months interest payment, due to maturity of the original loan, the bankruptcy project was just broken up on paper, selling floor, she was suspended by the bank to build a house in the countryside. "Reluctantly I became a white man, I had to leave the country for a debt," she said, "I stand in front of the storm, losing my house and flying the fortune."
As a owner of a small and medium enterprise specializing in car dealership, with good cash flow, realized the potential and strong real estate growth in 2006, in 2007 he decided to move to real estate. However, the peak of 2007 fever quickly passed, leaving behind the long years of crisis, causing America to fall into a row of debt chaos.
Since 2008-2012 apartment prices and housing prices have fallen sharply, freezing transactions, high interest rates, sometimes exceeding the threshold of 20%. Mr. My's apartment project in District 8, HCM City, stagnated for five consecutive years due to lack of funds. The partners are coming and going, selling, merging and transferring projects are unsuccessful because the market is too difficult. For 5 consecutive years he celebrated New Year in the sight of creditors around, by the end of 2013, the company was fasteners. The creditors who put pressure on debt settlement happened to eat rice with him as a torture.
When the earthquake in Ho Chi Minh City explodes in the first months of 2017, a businesswoman shares a series of cautionary beauties with the bubble of real estate being inflated and do not invest in it. Bank loans.
She is not afraid to talk about her bloody investment story in 2007-2008. At that time, she claimed to be drunk with a land fever. At that time she invested with own capital of 50% and bank loans 50%. However, the interest rates are at 9-10%, then overnight, the bank increased to 17-18%, even peak up to 25%.
The businesswoman said that in three years interest rates had devoured 50% to 60% of her capital. Meanwhile, real estate is down depending on the area where the drop is at least 30-60%. "Make simple calculations you are empty handed, but you owe more to the bank, if you only use 50% of the loan," she said.
Ministry of Construction's statistics on the bottom of the real estate crisis 2007-2012, as of December 31, 2012, the number of business units incurred losses of 17,000 enterprises, an increase of more than 2,000 compared with 2011. Total The number of enterprises suspended or dissolved is 2,637, of which 2,110 are construction enterprises and 527 are real estate enterprises. Compared with 2011, the percentage of construction firms stopped operating, dissolved increased by 6.2%, real estate business increased by 24.1%.
In early 2007, the investor handed over 10 plots of land, earning a 20% return. Too excited, Mr. Khai mortgaged his house in District 2, HCM City to put five billion in five plots of land located in beautiful new city Binh Duong, much more expensive than in My Phuoc. But, from then until 2012, this investor only made a loss.
In 2008, interest rates went up, from 9-10% soared to 17-18%, the market entered the pre-crisis period. Land prices go down and then go down. Mr Khai, who was holding up to 2009, sold three floors, accepting a cut of the billion dong because of falling prices and double the interest rate on loans. By the year 2011, the remaining two land villas, investors sold off the note because of market developments are increasingly bad, do not know how to "thaw".
In 2012, the Government tightened credit real estate, the market welcomed many negative news: damp, discount, high inventory, the risk of dying on the heap near the property ... "May I have in time Get out to concentrate on running your borrowed funds to redeem your mortgage. If I was hugging, I might have left the street now, living homeless because the bank 'ate; All the capital but also the house, "Khai said.
As a small business but attracted by the heat of real estate, in 2007, Dung from Buon Me Thuot went to Saigon to explore the market. At that time, the market of apartments and houses in HCMC increased sharply, transactions were exciting, investors continuously won big. In 2008, Dung officially joined.
After only a few months of seeing the color pink, this investor has suffered a great shock as the market moved from a feverish to a crisis crisis too quickly. Dung has mortgaged a two-storey house, scooped up the capital, gathered 3.5 billion to buy 7 apartments in the South HCMC project. This investor has spent hundreds of millions to pay the difference for seven apartments, ranging from 110-150 million each. If you add a deposit of 50 million dong each, this amount is up to billions.
After 10 months interest payment, due to maturity of the original loan, the bankruptcy project was just broken up on paper, selling floor, she was suspended by the bank to build a house in the countryside. "Reluctantly I became a white man, I had to leave the country for a debt," she said, "I stand in front of the storm, losing my house and flying the fortune."
As a owner of a small and medium enterprise specializing in car dealership, with good cash flow, realized the potential and strong real estate growth in 2006, in 2007 he decided to move to real estate. However, the peak of 2007 fever quickly passed, leaving behind the long years of crisis, causing America to fall into a row of debt chaos.
Since 2008-2012 apartment prices and housing prices have fallen sharply, freezing transactions, high interest rates, sometimes exceeding the threshold of 20%. Mr. My's apartment project in District 8, HCM City, stagnated for five consecutive years due to lack of funds. The partners are coming and going, selling, merging and transferring projects are unsuccessful because the market is too difficult. For 5 consecutive years he celebrated New Year in the sight of creditors around, by the end of 2013, the company was fasteners. The creditors who put pressure on debt settlement happened to eat rice with him as a torture.
When the earthquake in Ho Chi Minh City explodes in the first months of 2017, a businesswoman shares a series of cautionary beauties with the bubble of real estate being inflated and do not invest in it. Bank loans.
She is not afraid to talk about her bloody investment story in 2007-2008. At that time, she claimed to be drunk with a land fever. At that time she invested with own capital of 50% and bank loans 50%. However, the interest rates are at 9-10%, then overnight, the bank increased to 17-18%, even peak up to 25%.
The businesswoman said that in three years interest rates had devoured 50% to 60% of her capital. Meanwhile, real estate is down depending on the area where the drop is at least 30-60%. "Make simple calculations you are empty handed, but you owe more to the bank, if you only use 50% of the loan," she said.
Ministry of Construction's statistics on the bottom of the real estate crisis 2007-2012, as of December 31, 2012, the number of business units incurred losses of 17,000 enterprises, an increase of more than 2,000 compared with 2011. Total The number of enterprises suspended or dissolved is 2,637, of which 2,110 are construction enterprises and 527 are real estate enterprises. Compared with 2011, the percentage of construction firms stopped operating, dissolved increased by 6.2%, real estate business increased by 24.1%.
Vu Le - According to vnexpress.net