Real
estate investment funds are allowed to invest at least 65% and maximum 100% of
their Net Asset Value (NAV) in realty projects, the Saigon Economic Times
reported, citing the draft guidance circular on forming and managing securities
investment funds.
Property investment funds are also permitted
to invest maximum 35% of their NAV in money and money-equivalent instruments,
valuable papers, transfer instruments according to laws on banking, listed
securities, registered stocks, government bonds or government-guaranteed bonds.
Under the draft circular, these funds are
disallowed to lend or underwrite any loan, or borrow more than 5% of their
total assets at the borrowing time.
In addition, properties must be held in at
least 2 years from the purchase time, except the cases that properties are
forced to be sold in line with legislative requirements or decisions of
investors’ meeting or representative boards of funds.
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