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TN, Agencies - Real estate exchanges off to brisk start   2008-11-04 - TBKTSG Online

Real estate exchanges off to brisk start
Many developers and agents are rushing to set up real estate exchanges in a move that is expected to improve transparency in the sector.



Since the Ministry of Construction issued elaborate regulations on the operations of the real estate exchanges in May, more than 20 companies have had their applications approved.

Saigon Land, Sacomreal, and Homecare are among companies whose real estate exchanges have come into operation.

Viglacera Corporation, Vincom Company, and VP Bank plan to put their exchanges into operation in the coming months.

Under the May 21 Construction Ministry circular, information about properties for sale or rent on the exchange must be posted at the exchanges for at least seven days, publicized in a newspaper at least three times and aired at least once on a television channel.

Ho Dac Hung, chairman of the property consultant firm Vinaland, said low transparency in the market was one of the reasons leading to the property price fever last year, and these exchanges would help improve the situation.

Hung said as property sellers conducting transactions through exchanges had to publicize the number and prices of their properties, the possibilities of speculators and dealers misleading potential buyers would be limited.

Truong Thai Son, deputy general director of Hoang Quan Real Estate Company, said the competition in the fledgling service would be a great challenge.

The exchanges would need to update full information about the properties and offer support services such as consulting, appraising, and auctioning so that the trading volumes can be high, he said.

He also said that the staff would have to receive additional training to meet real estate exchange standards.

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