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THE BULLETINThe Real Estate News & Information Source

www.coldwellbankervn.com

STOCK MARKET

STOCK MARKET FROM 13-22 APRIL 2011

On 9 April, the State Bank of Vietnam (SBV) nally decided to increase the foreign currency reserve requirement by

2% and ceiling dollar deposit rates by 3%. This is the dual solu on to cool down credit growth of foreign currencies whileraising the domes c currency value. In this context, the informa on can be considered good news for the stock market.

A er four long holidays, the market con nued to see gloomy signals. The increased compulsory reserverequirement for foreign currencies last week has neither caused nega ve effect nor brought any hope for investors.

Last week, many locali es in the country announced the consumer price index (CPI) in April, most of whichexceeded 3%. In par cular, Hanoi CPI is 3.28%, 3.16% in Ho Chi Minh City. The Interna onal Monetary Fund (IMF) warnedof ina on in Vietnam and forecasted the ina on in Vietnam in 2011 may reach levels of 13.5%, almost double againstthe target gure of 7%.

Below are some of the informa on and facts in the stock market in the country last week:

13 APRIL: The Ho Chi Minh City market received some support from key stocks such as BVH and MSN; however, demand poweron these stocks gradually declined to levels before the opening. Meanwhile, at the HNX exchange, many large-caps werediscounted or cau ously traded making the HNX-index decline from its opening.

The VN-Index closed the session at 460 points, HNX Index down to 90 points.

The global stock plummeted without brakes. The stock exchanges of Europe and Asia faced the strongest drops, over 1%.

14 APRIL: The market has not received any good news; bad news s ll comes with toweringly high CPI forecast in April.

Huge selling pressure caused the VN-Index to reverse from earlier gains and fall by the end of trading. Liquidity saw signicantrises compared to previous sessions, which indicated that many investors have taken advantage of the market to sell their stocks.

HNX-Index was down 0.39% to 89.07 points; this is its fourth consecu ve nega ve session.

15 APRIL: Movements of the HNX and HOSE were almost horizontal with small uctua ons and low liquidity leading to bleaktransac ons in both exchanges. Trading volume on the HNX and HOSE remained low. HNX-Index closed the session at 88 points,VN-Index rose slightly by 0.07%.

18 APRIL: A er a long me of uctua on around 458 points, the trading session late this morning experienced heavier sellingmaking the VN-Index decrease by 5.5 down to 455.46 points (-1.19%) , its lowest level in 6 weeks.

Strong selling in the last session pushed the VN-Index to drop over 5 points, HNX-Index down 86 points. Demand does notincrease despite great drop in stocks.

The SSI, considered the most effec ve trading company, lost VND102 billion in QI/2011 which shows nega ve signs for stockcompanies in the current gloomy market situa on. The market sees no "waves" for prot gains together with low transac onvolumes leaving brokers at a stands ll.

19 APRIL: The Ho Chi Minh City Sta s cs Office announced the CPI in April has increased 3.16% compared to March, li ing theina on in April up to 8.2%. This is also the highest rate since May 2008. CPI in Hanoi also had very strong growth, at 3.28% overthe previous month.

20 APRIL: The market received the news that CPI in April in Hanoi and Ho Chi Minh City have increased at very high levels, above 3%.

21 APRIL: VN-Index increased on the heels of some major stocks gaining ground, however most listed stocks actually decreased.The market is s ll in a state of wai ng and liquidity may be not improved soon.

22 APRIL: A series of stocks sliding down quickly pulled the VN-Index to below 460. HNX-Index sees no signal of bounce-back.The liquidity value at HOSE experiences the fourth consecu ve session below VND500 billion. In Hanoi, the situa on was evenmore serious: less than VND300 billion.

GOLD MARKETS

ECO PROPERTIES AND RESORTSPART 2: THE FLIP SIDE AND THE RISKS

IN THIS NEWSLETTER:

Eco Properties and Resorts (part 2) Real Estate Market Indexes:

A guide for all market participants

Gold Markets

Stock Markets

Currency Markets

Real Estate Market

April 25th, 2011 Issue 13

MASSIVELY ALLOCATING LAND BUTBUILDING IN DRIBS AND DRABS

According to the 2011 inspec on plan of the Ministry of Planningand Investment, these six locali es will have to examine themanagement and implementa on of eco real estate and resortprojects. This is due to the fact that many projects are eithersignicantly behind schedule or si ng idle for a long me,resul ng in passive and even wasteful land use.

In Thua Thien Hue province, large tracts of land being reservedwith development occurring in dribs and drabs has become anemerging issue. Since 2011, many investors have quickly set upprojects to get land, but un l now they have not started theirprojects. According to the Management Board of Chan May-LangCo., this area has 35 registered projects, but only 9 projects are in

opera on, the rest are stalled. Some typical examples include theGolf Resort-Lap An Lagoon Project, the Saigon-Chan MayIndustrial Park, and Bai Chuoi Resort Project, which all lie quietlyon paper a er being granted permission in 2006-2008.

The delays have been a ributed to a lack of funds and investorsare now postponing development un l further nances are inorder. Adding to the difficulty are the high interest rates forborrowing .

ILLEGAL PURCHASES, SALES ANDTRANSFERS FOR SHELTEREDINVESTMENT PROJECTSThis situa on is quite common in Lam Dong Province, one of thelocali es on the list of inspec on. The authori es in Lam Donghave lately discovered many illegal property trades or transfersdone under the name of investment projects. According to LamDong Peoples Commi ee, in 2006-2010, there were 236 eco andresort projects in Da Lat and the surrounding area, with totalregistered capital of approximately VND46.5 trillion. Of these,142 projects were granted investment cer cates, but only 65projects began construc on, and nally only 19 of these havebeen completed and put into use. Par cularly, the tourist area of Tuyen Lam Lake (Dalat) has 30 registered projects, with totalinvestment over VND7.5 trillion, but only 14 projects areunderway.

To overcome this situa on, Lam Dong Peoples Commi ee hassent documents to other departments to propose refusingpermission for organiza ons and individuals to invest in forestproperty as well as lease lands or forests that have been

contractually assigned for protec on and reforesta on.

VILLA PROJECTS HIDDEN BEHIND GOLF

COURSESIt should be no surprise that Binh Thuan is also present on the listof inspec on. It is a small province with low average income butthere are 12 authorized golf course construc on projects. Forthese projects, there are more than 7,000 hectares of landallocated but only 1,800 hectares actually used to build golf courses, the rest is all for villas. As calculated, these lands cansupply about 2,000 villas adjacent to golf courses.

Recently, golf courses were licensed massively due to the localself-control in approving the licenses, not by the Governmentsapproval as before. This made the number of golf projectsincrease but also increases the need for inspec on to helpreshape the local plans to make them more appropriate.

RISKS OF PROJECTS BEING SUSPENDED

One project in Khanh Hoa Province is an example. In early 2004,Khanh Hoa province approved this "mega project" with a totalare of 2,300 hectares (about VND25 billion/hectare) and morethan 58 investors. But a erwards many investors havewithdrawn, forcing Khanh Hoa Province to revoke 20 delayedprojects in 2007. At this me, Cam Ranh Peninsula NorthernResort Project had only 5 out of 30 projects with construc on

permits.

IMPLICATIONS IN THE MANAGEMENT OFSTATE

Obviously, the fast development of ecological real estate andresort projects has brought about many unfortunateimplica ons. First, this project indiges on will result in awasteful uses of land and labor resources as well as a variety of harmful factors for the environment. In addi on, the availableland fund in Binh Thuan, Khanh Hoa, Da Nang, Quang Ninh andThua Thien Hue are now depleted. Nevertheless, there is nogood effect because of the inability to deploy the project of thosecompanies. Thus, it entails other implica ons in the macromanagement, opera on and the environment.

According to many experts, booming eco projects without theclear development strategy would have bad effect on tourism inpar cular and was ng the natural resources of Vietnam in general.

While the ecological real estate market in the North is thriving, Centraland Southern Regions facing the challenges presented with theseinvestment projects. As a result, six areas will be inspected this yearincluding: Thua Thien Hue, Khanh Hoa, Quang Ninh, Lam Dong, BinhThuan and Da Nang.

GOLD MARKETS from 12-22 April 2011

Most commercial banks have strongly reduced interest rates for gold recently. Several banks have drawn close to0% per annum (0.01% per year at Sacombank, effec ve from 15 April 2011; from 0.5% - 1.1% per year at ACB, etc.).Over the long holiday (April 9 - 12), the domes c gold trading market was gloomy with few transac ons. From 11-16April, due to psychological factors, gold prices increased signicantly compared with the previous week. Transac onssaw more posi ve signs.

Meanwhile, interna onal gold prices experienced strong increases in consecu ve sessions since 15 April, andpar cularly shot up a er Standard & Poor's lowered the long-term prospects of US debt.A er uctua ng from VND36.9-37.3 million, the domes c gold prices suddenly shot up to over VND37.5 million/taelon 20 April. Interna onal gold prices also exceeded USD1,500/ounce.

Signicant events affec ng the gold markets in the past two weeks:

12 APRIL: SPDR Gold Trust has more than four tons of gold, which shows that market par cipants tend to be fewer.In the world market, gold lost 1% in the nightly trading session of 12 April due to trading selling for prots and sharp declines inpetroleum prices to relieve ina on concerns. Domes c gold prices con nued to fall in line with the world price. Transac onswere also bleak.

13 APRIL: The Japanese Government officially lowered the economic forecast for the rst me in the past six months.On the same day Japan faced more a ershocks of measuring up to 5 8 on the Richter scale shaking buildings in Tokyo The

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SEALINKS overview - Mui Ne, Phan Thiet Source: Sealinkscity.com

Real Estate Market Indexes:A GUIDE FOR ALL MARKET PARTICIPANTS

C nn gi tin vo ngn hng?

There has recently been a cri cal issue within Vietnam realestate market, with the lack of accurate and transparent indexesfrom which the market par cipants can faciliate their investmentand management ac vi es. The temperature of the propertymarket are usually measured from the data given by real etstaeagent companies and trading oors. If the are a high number of transac on ac vi ves, real estate price may expericence anupward trend and vice versa. However, this is not a correctmethod for measuring the market situa ons and may result in ahigh level of risk for market par cipants as the reliability of thoseinforma on is hard to be tested. Moreover, informa on issuerscan take advantage over other par cipants.

The Ministry of Construc on has recently imposed CircularNo.20 which authorises the pilot program of building and imple-men ng several real estate indexes at four ci es: Ho Chi Minh,Ha Noi, Da Nang, Can Tho. The Real Estate Market Indexes (REMI)incoporates the price index and the quan ty index in a par cularlocal market. The selected property types are residen al apart-ments, residen al houses, land lots and offices for lease. Data for

index calcula on is collected from notarised contracts, propertyownership right and land use right registra ons, real estate trad-ing oors.

REMI Example:REMI for Mission Viejo, California

This is expected to have those following posi ve infuences on property market members:

REAL ESTATE MARKET AUTHORITIES ANDOTHER SUPERVISION BODIES

At the moment, most of the real estate policies are based on ashort term basis and there has been a shortage of database for

market authori es to impose long-term vision policies. The prop-erty price specula on in Ba Vi in May 2010 is an example of effects caused from the lack of transparent property planningpolicies. As the REMI is a parameter for actual ac vi es of themarket, future trends can be interpreted accordingly. Long-termmacroeconomic policies, therefore, can be easily planned andthis may bring stability to the policy-planning work. As a result,the risk from a changeable investment policy can be signicantlyminimized. The government can also determine an appropriate

me to intervene in the real estate market to s mulate demandor cool down the market. As a result, macroeconomic policiesaiming at the property market may have a higher degree of efficiency on a long term basis.

BANKING SYSTEM

There is a strong connec on between the real estate market andthe banking system. According to Deputy Minister of Construc-

on, the propor on of outstanding loans given to propertyindustry over the total oustanding loans to the economy in HoChi Minh city and Ha Noi at the end of 2010 was 47% and 16%repspec vely. In Hong Kong - one of the most developed prop-erty market in the world, property loans accounted for approxi-mately 30% of the overall outstanding loans. The State bank of Vietnam can rely on the REMI to determine relevant monetary

policies targe ng real estate loans. For instance, if the risk of areal estate bubble appears, the Central bank can limit the loansto the property industry.

REAL ESTATE DEVELOPERS ANDCONSTRUCTION FIRMS

Real estate developers can rely on the REMI to obtain an under-standing of the current supply status for different propertymarket segments. From those databases, they can adjust theirproject investment and development plans to meet the actualmarket situa on and avoid concerntra ng on market segmentswhich are in a supply surplus situa on. The residen al apart-ment supply in Ho Chi Minh city is in surplus condi on with thetotal 2011 Q1 supply accumula ng at approximately 19,000units. This can be a result of a concentra on on residen al apart-ment segments with lacking of long-term vision.From the perspec ve of construc on rms, they can base on thecurrent status of the market supply and demand to implementappropriate material stocking plans to reduce me and cost.

MARKET RESEARCH AND CONSULTINGBODIESWith the implementa on of the REIM, the market research andconsul ng bodies will benets from a relibale and consistentinforma on source to create market reports. Market forecas ngwill have a longer term vision and a higher level of accuracy andreliability.

HOME BUYERSBased on the informa on given from the market index andmarket research bodies, home buyers can determine an approri-ate me to purchase when there is a supply surplus and propertyproducts approach their real market value. Therefore, they canavoid par cipa ng in the real etstate market at a me when theproperty supply is stressed. They can also determine whether itis an ideal me to own a home or wait ll a more favourable

me.

Transparent and accurate informa on on property market ac vi-es is obviously essen al for its efficient development. Policies

aiming at the property market can be based on a long term basisand the informa on risk for market par cipants may be loweredaccordingly. Therefore, the introduc on of REMI is expected tobring benets for real estate markert in the future.

Price

(US dollar s )

Jan/2000 100 257,500 90 27Jan/2009 116 415,000 105 61

Feb/2009 152 480,000 87 41

Mar/2009 160 426,000 125 38

Apr/2009 106 420,000 109 72

May/2009 146 485,000 118 61

Jun /2009 162 460,000 150 56

Jul /2009 154 452,000 159 64

Aug /2009 181 480,000 1 38 41

Sep/2009 172 45 3,600 156 49

Oct/2009 190 48 3,000 158 4 3

Nov/2009 185 497,500 124 36

Monthly 2009 REMI values from 19,380 closed escrows

REMIDate Sales Days on market

in Mission Viejo, California (01-2000 = 100)

Source: The Real Estate Finance Journal - Fall 2010

Transparent and accurate information on property market activities is obvi-ously essential for its efficient development. Policies aiming at the propertymarket can be based on a long term basis and the information risk formarket participants may be lowered accordingly. Therefore, the introductionof REMI is expected to bring benefits for real estate markert in the future.

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Newsletter Issue 13

REAL ESTATE MARKET SUMMARYHanoi

PROJECTS

Construction of Bright City Complex begins with an investment of VND1.8 trillion, located on Road 32,extended toward the west of My Dinh by 5km. The project consists of four 35-story buildings on area of

15,493sqm by the investor Thang Long Co., Ltd.

Bemes Kien Hung Apartment (Thanh Tri District) was offered at the price of VND21 million/sqm,including 500 apartments in block CT4A with areas from 61-110sqm/unit.

Soc Son District would stop implementing six projects with total investment of more than VND48billion, including the construction of the road toward East-West Street.

Hanoi People's Committee approved investment of Thanh Lam Dai Thinh 2 Urban Area - With HUD asthe investor, the project has a total investment of VND1.846 trillion on an area over 55ha, located in ThanhLam and Dai Thinh Commune, Me Linh District, Hanoi City.

Hanoi People's Committee approved the construction of Apartment Building project for staffs andsoldiers from the Institution of Strategy and Public Security Science (Ministry of Public Security) as well asfor staff of some other agencies of the City.

FTP transferred 89 Lang Ha building project, specific transferred value has not been disclosed. According to FPT representative, if FPT continues to invest in this project, they will have to input an addi-tional VND600 billion into the project while the usability value is not high.

Topping Out Ceremony of Indochina Plaza Hanoi - This is the multi-functional complex of office,5-story commercial center and apartments. Total number of apartments is 390 units.

Implementation of 11 projects of social housing on total area 21ha, with nearly 12,000 apartments.

Construction of Sunny Garden City Urban Area (24.4ha) next to Thang Long Boulevard, 14km fromNational Conference Centre. The project consists of 330 garden villas and each lot has areas from 180-530sqm and 300 apartments with areas from 90-156sqm. The owner is CEO Investment Joint Stock Com-pany (CEO Group).

Project New Urban Thanh Lam-Dai Thinh 2 continues to be implemented - 6 plots for constructing1,456 high-rise apartments with areas from 45-60sqm/unit to serve the needs of low-income people. Thedeveloper is Housing and Urban Development Group and the project is expected for completion in Q2/2015.

Adjustment of the detailed planning of Bac Co Nhue-Chem into high-rise residential lands of socialhousing and houses for staff of National Political Publishing House.

Approved planning 1/500 of housing area of High Command of Hanoi Capital - The land area is over6ha, located in Yen Nghia Ward, Ha Dong District. The owner of project is Housing and Urban Investmentand Development Co., Ltd - Ministry of National Defense.

Approved partial adjustment Land Use Planning at plot B3-4/CN5 in Sai Dong, Viet Hung Ward, LongBien District. Approximately 9,725 sqm of land changed functions in order to construct the apartment com-plex for sale combined with Sai Dong commercial services and social infrastructure sector. The rest of thearea (about 90,749sqm) is reserved for industrial and storage land.

Revenue of the hotel market in Q1 reduced by the inflation and the devaluation of Dong, as well asfluctuations in interest rates impacting market demand.

Villas priced at VND130million/sqm - Tu Liem, Tay Ho and Cau Giay Districts led the secondary offer-

ing at an average price above VND130 million/sqm (USD6,400/sqm). Me Linh and Quoc Oai Districts havethe lowest offered prices from USD800-1,200/sqm.

Invested capital of The South of Dai Co Viet Street project increased to VND1 trillion - Completiontime is adjusted to Q2/2015. The owner is Housing Renovation and Development JSC, and the projectincludes residential condominiums, public works services and state offices.

Ho Chi Minh City

Bac Ninh

PROJECTS

INFRASTRUCTURE

Le Trong Tan Street will open to traffic in July, hand over plan for the developer (Geleximco) wouldbe completed on 21st April at the latest.

Construction of Ring Road 2 and 5 crossing Nhue River to Ring Road 4 with length approximately7,300m is expected for construction from Q1/2012 to Q2/2016.

Investment of more than VND 1.1 trillion to build transportation roads in Thanh Tri to connect tworoads around Chu Van An monument, with total length over 3.6km.

Completion of National Highway 32 project (Cau Dien-Nhon) set for July, which is the announce-ment of the Hanoi People's Committee to the Department of Transportation. Accordingly, the constructionunits must quickly execute the progress and cleanup for the entire traffic route in June.

VND70 trillion to build No. 4 Belt Road - According to oriented research, No. 4 Belt Road has a totallength of about 98km, stretching across 16 districts of four provinces.

Inspection of building works - City leaders asked to select experienced and well-qualified survey con-sultants and designers with legal status for the project implementation. At the same time, these responsiblepeople are required to inspect and monitor the quality of surveys and construction designs. If investorscannot monitor the project, they must hire other qualified consultants.

Antique Villa at 33 Tran Phu is banned from selling - This decision based on The Villa Fund Manage-ment Project by Hanoi People's Committee issued on 21/01/2009. According to the official letter, it cantreplace the villa by a high-rise building or a building with a larger density than these villas.

Inspection of issuance of land use rights certificate (LURC) before 15th June - Hanoi People's Com-mittee has released their decision on the administrative inspection and the observance of the legal provi-sions on the issuance of land use right certificates and home ownership certificates for districts and towns.Eighteen districts and towns must hold inspections of LURC and home ownership certificate before 15 June2011.

Expanding the range of entities that are entitled to rent social houses - these will now include peoplewho contract with administrative organizations and state authorities.

Continued sale of state-owned houses - On 13 April, Hanoi Construction Department chaired themeeting on the sale of state-owned houses under Decree 61. Accordingly, the People's Committees of districts should urgently issue certificates for the self-managed housing fund (currently about 32,000 units).

Bids for the first land lots in Thu Thiem Urban Area, District 2 aim to find potential investors for officebuilding projects in the future. As planned, this area spans approximately 23,000sqm and will be developedas commercial buildings with multi-functional services with maximum heights of 12 stories.

Xi Riverview Palace offers apartments, located in Thao Dien, District 2, for three apartment buildingswith prices ranging from USD2,300-2,600/sqm.

Apartments offered in 4th stage of Lotus Garden Tan Phu Project - Apartments have areas from 52-86sqm, priced at VND15.5-19million/sqm with expected handover in late Q1/2012.

Developer to be designated for the 11,000sqm quadrilateral project at Nguyen Hue - Ho Tung Mau -Huynh Thuc Khang - Ngo Duc Ke Street. This land has drawn investment since 2007, yet construction hasnot been executed so far.

Land dispute at 112 Nguyen Thi Minh Khai Street: Pending to wait for leaders solution - Vice Chair-man of HCMC Peoples Committee (PC) has directed to suspend construction of Viettinbank headquarterswhich is in dispute with the Le Quy Don High School and the Vice Chairman will report this to MunicipalParty Committee and the PC Chairman for instruction.

Apartments offered at Investco Babylon project: 250 units with areas of 68-185sqm, located in TanThanh Ward, Tan Phu District. The owner is Investco, with construction beginning in Q3/2010 and expectedhandover in Q4/2012.

POLICIES

People can only select resettlement housing in the solution content of construction by Ho Chi MinhCity People's Committee plans to renovate and rebuild the old houses that are damaged and degraded inHo Chi Minh City for the period of 2011-2015. Accordingly, people involved in this project only have thechoice of resettlement instead of compensation as a commercial housing project (can choose one of theseoptions as monetary compensation, resettlement or temporary housing awaiting arrangements for resettle-ment).

Ho Chi Minh City People's Committee has official letter related to land interchange of plot 112 NguyenThi Minh Khai, District 3 for Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank). Accordingly, the consistent policy is finding for Vietinbank another location whose planning and area aresuitable with the current one. The land located at 112 Nguyen Thi Minh Khai, District 3 is recovered for LeQuy Don High School expansion subject to approved plan.

Declaration for the land compensation unit price for three projects in District 9 and Cu Chi District on13 April. The highest price is VND9.2 million/sqm on Nguyen Xien Street.

Plans in place to demolish of 30 old apartments according to renovation and reconstruction draft of downgraded old houses in 2011-2015. The project has been consulted with relevant departments by theConstruction Department.

Construction of 6ha for 300 conjoined villas, located in An Binh Commune, Thuan Thanh District. PhuTruong An Trading JSC is the project investor and developer.

Hai Phong Vinaconex ITC offering 210 villas of Cat Ba Amatia - The complete villas have a price range from VND2.8-3

billion per unit, depending on location. Cat Ba Amatia has an area of more than 172ha with an investmentof USD1 billion.

Vinh PhucDai Lai Paradise Resort by Nhat Hang Company found their distributor. The project has 250 plots of ecologi-cal villas with areas from 200-500sqm and four zones: Bich Son (for foreigners), Phu Thanh (for the intelli-gentsia), Hong Phat (for businessman), and Van Thuan (for politicians).

Ha NamScaling up Minh Hai Urban Area from 76ha to 86ha located on Duy Minh and Duy Hai Communes, Duy TienDistrict. Ha Nam Provincial People's Committee has agreed to the 1/500detailed plan for construction byDetech Land Real Estate JSC.

Nghe AnUpcoming offer for sale of villas in Cua Lo Golf Resort project. The project includes an 18-hole golf course,golf club, restaurants and other services for golf, Wonder beach amusement park, 3-5 star hotel with 500-seat conference room and seven villa resorts with 300 units. The project is invested by Cua Lo Golf Corpora-tion with a total capital of VND1.5 trillion

Quang NgaiConstruction of 115ha golf course in Dung Quat Economic Zone in Van Tuong Urban, including 18-hole golf course occupying an area of about 76ha. HUD is the investor.

Khanh Hoa Sales opened at Nha Trang Star City condominium hotel in Nha Trang with prices from VND1 billion -StarCity is 4-star hotel with an area of 2,400sqm providing more than 280 rooms, including 66 condotels(apartment combined with luxury hotel).

Approved residential planning located in Ngoc Thao islet, Ngoc Hiep Ward, Nha Trang City, with 60hafor 3,800 people (estimated population in 2020).

Ninh Thuan Approval for investment in Thap Cham 1 Residential with 23,400sqm in area and investment of VND35billion, including more than 1,800sqm for schools, 20,600sqm for apartment buildings and green parks withthe remaining area for public works.

Dong Nai VinaLiving launched Dai Phuoc Lotus show flat of Sen Phuong Nam Villas project - is deploying in southernarea of Dong Nai Province. The project has 332 villas with areas from 210-350sqm.

Binh DuongLand plots H26 in My Phuoc 3 Urban Area offered, with 150sqm areas priced from VND250 million.

Binh PhuocCommencement of 7ha residential area in Tien Thanh Commune, Dong Xoai Town, including housing,flower gardens, transportation, kindergarten and public infrastructure in which transportation accounts for38.5%. The project is invested by Thien Phuc Loi Real Estate Company Binh Phuoc branch.

Long An Comprehensive inspection of land use management - Long An has deployed 14 inspections for plan-ning, planning and land use management in 14 districts throughout the province, now surveying data from2001-2010. The inspections are expected to finish in September 2011.

Allocation of 7.5ha land for Phuc Long residential resettlement construction located in Phuc Long

Industrial Park, Long Hiep Commune, Ben Luc District. The work is planned on an area of 7.5ha, includingresidential construction and public utilities such as kindergarten, post office, supermarket, commercialfinancial services and parks.

Ba Ria - Vung Tau"Billion USD" projects delayed because of site-clearance - the three projects with large foreign direct invest-ment (FDI) delayed in Ba Ria - Vung Tau are Saigon Atlantic Hotel, The Magic World Parks and SkybridgeDragon Sea.

Can Tho Approval of 1/2000 plan for urban area and Mekong Delta University, with total area of 320ha, located inCai Rang and Phong Dien Districts, Can Tho City. The project covers 163ha of Can Tho Urban Area, MekongDelta University at 102ha and two 55ha resettlement areas.

Hau Giang Adjustment of the master plan of Vi Thanh Urban general planning to 2030 for 18,400sqm of land for edu-cation is adjusted to residential land with medium density. According to the approved master plan, the totalarea for urban development is approximately 1,500-2,000ha, of which about 1,100-1,250ha is civil land.

Da Nang 360 low-income apartments are offered at VND5.2 million/sqm (about VND300-500 million per unit,depending on area). The project includes eight 7-story blocks with 805 apartments.

Ecorio project has launched on a total area of 59.5ha. The project has been developed on an area of 18ha with 147 houses and villas with ecological functions of a luxury resort.

The Summit coastal resort offered for sale on 16 April - located on Ngo Quyen Street, Son Tra Dis-trict, the project has 356 apartments with areas of 50-100sqm (1-3 bedrooms). Apartments with one to twobedrooms are priced from VND900 million to VND1.2 billion.

USD1.6 billion investment in Golden Hills project with an area of 400ha in Lien Chieu District. The pro- ject is expected to be completed in 2014.

Relocation of nearly 1,700 households for resettlement in 2011, in which 1,460 households will hand

over their site in 2010 and 230 households will hand over in 2011.

Hoa Binh Approval 1/500 detailed planning for the 8.5ha Royal Park Residential, located in between of Lang-Hoa Lac Road and National Highway 21. The project is located on the hillside and villas have areas from400-2,000sqm. The total investment is over VND31 billion with Linh Phuong Investment JSC as the investor.

On 10 April, Melody Sky Villas were offered for sale in Hoa Binh with a price of VND1.2 billion per unitwith areas from 300-400sqm. The entire infrastructure, landscape and public areas are expected to be com-pleted in Q3/2012.

Quang Ninh Inspections for resort real estate projects were set for the afternoon of 14 April. According to the Min-istry of Planning and Investment program, the Department of Planning and Investment is responsible forcoordinating with the provincial People's Committee Office to complete reports about the state manage-ment and implementation of investments in real estate, tourism and resorts in Quang Ninh.

Completion of site clearance for Metro in Ha Long Bay within April - The 2.5ha retail center project inHa Tu Ward, Ha Long City is expected to be launched and opened in 2011. The project owner, Metro Cash& Carry Group, has been handed over 2.28ha for the project. One household still does not cooperate in thesite clearance.

Two foreign banks invested in Mao Khe thermal power plant - The plant was started on 8 July 2009.Expected to put into operation in late 2012, the plant will provide approximately 2.6 billion kWh for thenational grid per year.

(NATIONAL) POLICIES

Low-income housing will take 30 days for evaluation, according to documents issued by the Ministryof Construction. Within 30 days from the date of submission, the Provincial People's Committee shallappraise and send documents to investors.

Upcoming Domestic real estate investment fund is subject to the draft just launched by State Securi-ties Commission of Vietnam. Particularly, this is the first time that guideline regulations of the fund estab-lishment have been provided.

Before putting into service, the apartment must have a safety bearing certificate - Circular03/2011/TT-BXD issued by Ministry of Construction on 6 April 2011 is applied to local and internationalorganizations or individuals whose operations require them to be surveyed, appraised and to get certificatesof bearing safety eligibility and quality construction work conformity across Vietnam.

Ministry of Finance has issued Circular No. 39/2011/TT-BTC on guidance for some regulationsreleased by the Prime Minister about state-owned real estate arrangement and settlement. The circularcomes into effect from 10 May 2011.

POLICIES

The informa on and comments provided in this newsle er are based on an assessment of the writer at the date of the newsle er. This newsle er is not for investment purposes but only for reference to assist investors withmore complete informa on in making decisions and can change at any me without prior no ce. The informa on in this newsle er is based on the available informa on gathered from various sources which are believed tobe reliable and accurate, therefore perfec on cannot be guaranteed. COLDWELL BANKER Vietnam is not responsible for the investment decisions made when using the informa on contained in this newsle er.