Five banks sign agreement to guarantee projects of property developer, as required by real estate law.
Hung Thinh Corp. has officially signed an arrangement with five banks to provide guarantees to homebuyers in its projects.
The agreement was necessary under Article 56 of the Law on Real Estate Business on bank guarantees for projects built in the future.
The five banks are VietBank, SCB, Sacombank, Vietinbank, and BIDV, Mr. Nguyen Dinh Trung, Chairman and CEO of Hung Thinh Corp, said.
The agreement not only helps investors ensure the rights of homebuyers but also increases trust among customers and contributes to the sustainable development of the real estate market, he added.
Bank guarantees also express the prestige of the real estate business, as prior to signing such agreements banks carefully judge the capacity of real estate enterprises as well as the liquidity of their projects.
In recent years Hung Thinh has rescued many projects in Ho Chi Minh City where previous investors lacked the financial capacity to continue. With cooperation from Hung Thinh these projects have continued to be built on schedule.