Many real estate companies in HCM City have been switching to other temporary businesses to overcome the financial difficulties and prepare for a brighter future.

Several real estate firms have switched to trading in farm produce

Despite being renowned in the real estate market, Thu Duc Housing Development JSC (Thuduc House) is struggling to overcome their current difficulties by doing several sideline businesses including trading in Thu Duc farm produce wholesale market.

Previously, Thuduc House only built markets for lease, now it is involved in direct trading by collecting farm produce from farmers for delivery at the wholesale market or for export. The firm planned to co-operate with some private companies that specialise in farm produce exports in the Asian region.

Thuduc House’s CEO Le Chi Hieu said, “Since 2012, we’ve made plans to develop in new directions. Apart from real estate, we’ll do some other businesses including farm produce trading and construction projects in order to increase our revenues and ensure staff payment.”

Vinaland, one of leading real estate firms in HCM City, has been compelled to switch to new businesses.

It has had to halt its main operations in the construction of apartment and high-rise building and move to building markets for lease. One of these projects is Phuoc Long Market, which was built in an area of 10,000 square metres in District 7’s Phu My Ward with around 700 stalls.

Tran Minh Hoang, Chairman of Vinaland’s Board of Directors, said the new strategy has brought efficiency and long-term prospects.

Phuc Duc, one of leading real estate firms specialising in project development in HCM City, has temporarily switched to trading in ornamental trees.

Company chairman Lam Van Chuc said that they had invested in ornamental apricot trees in Long An Province and gained big profits.

While many real estate companies were compelled to file for bankruptcy, several others have opted to trade in clothing or beverages.