>> More low-income housing in Hanoi

>> Hanoi’s low income housing “lucky draw” answers hopes of 226 families

The Chinese Development Bank will finance low income housing in Vietnam under a memorandum of understanding signed in Hanoi this morning (April 22).

The MoU will offer loans to Vietnamese realty firms who are in dire need of capital for low-income housing projects

The Ministry of Construction said, 37 low-income housing projects are currently underway with a total investment of VND3.6 trillion (USD172.24 million), which would provide accommodation for 64,000.

To date, construction on 1,653 of these homes have been completed. 400 of these have already been sold in Danang, while the rest are awaiting the selection of qualified buyers or lessees.

In Hanoi, nine projects are underway, which will add 3,832 apartments to the low-income housing market in the capital. These projects are expected to house around 15,000 people. Three have already been completed, including Ngo Thi Nham apartment building in Ha Dong District, and two urban areas in Long Bien District.

There are also six projects in Ho Chi Minh City that have already been started, totaling in 7,659 apartments.

A representative from the Ministry of Construction said the MoU will offer loans to Vietnamese realty firms who are in dire need of capital for low-income housing projects.

According to Vietnamese news website Vnexpress, the Vietnamese Ministry of Construction has not yet disclosed any information about lending conditions and interest rates. However, a news source from the Chinese side said that the Chinese bank will provide USD1.5 billion for Vietnam’s low-cost housing.