Property Bond – efficiently supplementary channel
According to Dr. Tran Kim Chung, Central Institute for Economic Management, in the world, the development of property market has to go through five levels: the early phase, centralization phase, currency phase, finance phase and the highest is mature phase. Vietnam property market has been at the level of currency, began shifting to finance one. On the overall market, both the supply and demand of capital, with the current policies, fund resource has gone to critical point. Therefore, some potential resources of capital and some new channels such as capital mobilizing channel through the bond market, real estate certificates, savings accounts, re-mortgage market should be exploited. It is considered as additional channels for optimal capital in the property market.

The capital mobilization by bond is the new one which is applied by Real Estate businesses. The pioneer is Sai Gon Thuong Tin Real Estate JSC. (Sacomreal). They issued VND 100 million for bond, and each bond price is VND 500 million alongside the preferred right to buy house is 5% each commission and interest rate is 8.8% per year. After Sacomreal, some enterprises such as Song Da Finance JSC, Song Da- Thang Long Co., Enterprise Finance and Development JSC, HUD…simultaneously issue bond and consider it as optimal channel in order to invest property projects. Mr. Dang Quoc Hung, Director of TKV Real Estate Company, said that property bond is one of good channel for capital mobilization which is applied by some enterprises. Today, Law has not had the clear regulations for the channel. Although the risk has not happened, it can do to both investor and issuer because of lack of benefit protection by Law to the 2 parties. The nature of real estate bond investment is property investment. Hence, when deciding to buy the bond, investor need to consider the interest rate, maturity, payment and right to buy property enclosed. Today, real estate bond is issued separately, not broadly, which is not familiar to many people. 

PhD Tran Kim Chung (CIEM) proposed that the solution today which need to implement is to release currency phase phenomenon. Instead, the solution to change to finance phase. One of the solution to financial instrument which raises capital for property is to form Law and develop real estate bond and fund.
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