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Fearless Forecast“Do not let a good crisis go to waste”January 2012
Presented by:
Marc TownsendManaging DirectorCB Richard Ellis (Vietnam) Co., Ltd.
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 2 Fearless Forcast 2012
HCMC 2011… Changes
Times Square Saigon M&C Tower Eden A
Taken on January 12, 2012
Taken on January 2, 2011
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 3 Fearless Forcast 2012
HCMC 2011… Changes
Vietcombank Tower VietinBank BIDV Tower
Taken on January 12, 2012
Taken on January 2, 2011
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 4 Fearless Forcast 2012
HCMC 2011… Changes
Saigon Centre(phase 2)
Ben Thanh Towers
Taken on January 12, 2012
Taken on January 2, 2011
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 5 Fearless Forcast 2012
2011 MOST Fearless Forecasts
Office Tenants• Multiple choices and softening rents
Hospitality• Ritz Carlton, St. Regis, Mandarin Oriental, Shangri-La and Four
Seasons to enter market within the next 5 years
Retail• Refurbished retail areas appear (Saigon Square #3) –
Shipyards moving towards development
• Growth of mini-malls due to lack of land (< 3,000 sm)
• Larger retail areas coming up outside of traditional areas – District 5 (Tan Da Shopping Center), and Binh Duong (Becamex New City)
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 6 Fearless Forcast 2012
2011 MOST Fearless Forecasts
Investors• Property investment remains dangerous for your health
• Change in asset class as gold dips and people moved in other directions
Developers• Marketing spend TRIPLES as developers search for new ways to sell / lease
their units
• Increased use of technology in property – building management systems, CRM systems
• Local companies seek capital through IPO’s and more sophisticated financial structures
• Some residential developers will convert units for sale to units for lease due to unsold units in completed buildings, or instituting rental pools (guarantees)
• Demand for data centres grows due to the continuing movement online, as our businesses become more immediate with wi-fi, smart phones and iPads. Developers prepared to deliver with the requirements needed to support these trends will profit.
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 7 Fearless Forcast 2012
Source: Historical data by GSO, 1GSO , 2SBV, 3 IMF, 4 SJC, 5 World Bank, 6 Ministry of Investment, 7Oxford Economics
2011 Vietnam Economic Overview2008 2009 2010 2011 e 2012 f
GDP Growth Rate (y-o-y) 6.2% 5.3% 6.8% 5.91 6.3 3
Lending Rate 12%12.75%
Down from 21% in Q3
16%-17.0%(Late 2010) 22% - 25%2 N/A
Inflation (Average, y-o-y) 22.9% 6.9%1 9.2%
(Dec‘10: 11.8%) 18.58%1 12.1% 3
Exports US$62.7 bil US$57.1 bil US$71.6 bil US$96.3 bil US$105.4 5
Imports US$80.7 bil US$69.9 bil US$84.0 bil US$105.8 bil US$113.3 5
Gold Price (per Tael)
VND17.8 mil(Dec. 31, 2008, up
7.2% y-o-y)
VND26.7 mil(Dec. 31, 2009, up 50% y-o-y)
VND36.1 mil(Dec. 31, 2010, up
35.2% y-o-y)
VND41.8mil4(Dec. 30,2011. up
15.8% y-o-y)N/A
US$/VND(Commercial banks)
17,400(Dec. 31, 2008)
18,497(Dec. 31, 2009)
19,500(Dec. 31, 2010)
Devalued by 5.4% vs. Dec. 2009
21,036(Dec.31, 2011)
Devalued by 7.9% vs Dec. 2010)
21,7357
US$/VND(Unofficial market)
17,510(Dec. 31, 2008)
19,470(Dec. 31, 2009)
21,010(Dec. 31, 2010)
21,275(Dec. 31, 2011) N/A
Committed FDI US$71.7 bil US$22.6 bil 1US$18.6 bil
(US$6.8 bil real estate)
US$14.7 bil 1(US$845.6 mil real
estate)US$15 - 16 bil 6
Implemented FDI US$11.7 bil US$10 bil US$11 bil US$11 bil1 N/A
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 8 Fearless Forcast 2012
2011 Regional Economic Comparison
Source: Oxford Economics, Vietnamese General Statistics Office, World Bank, Goldprice.org, goldpricethai.com, pecunix.com
Hong Kong Thailand Singapore China Malaysia Vietnam Indonesia
GDP Growth Rate 4.9% 1.6% 5.0% 9.0% 4.9% 5.9% 6.3%
Consumer Price Index 5.3% 3.9% 5.0% 5.6% 3.2% 18.6% 5.4%
Gold Price( per gram in
US$ equivalent)US$51.80 US$50.50 US$52.18 US$51.88 US$52.17
US$53.002.2% higher
than regional average
US$52.72
Trade Balance -$55.4 bn $27 bn $48.3 bn $111.9 bn $47.1 bn -$9.5 bn $38.2 bn
FDI (net inflow in current US$,
2010)$68.9 bn $6.3 bn $38.6 bn $185.1 bn $9.5 bn
$8.0 bn(Source: World
Bank)$13.3 bn
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 9 Fearless Forcast 2012
A look ahead to 2012
2012 GDP (% y-o-y)
CPI (% y-o-y)
Vietnam 5.8 11.5
Hong Kong 3.5 3.6
Thailand 4.5 2.9
Singapore 3.3 2.8
China 8.1 3.5
Malaysia 4.9 2.8
Indonesia 6.2 5.0Source: Oxford Economics. Note: GDP growth for Vietnam in 2012, The World Bank, IMF and ADB range between 6.1% – 6.5%.
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2000
Q1
2001
Q1
2002
Q1
2003
Q1
2004
Q1
2005
Q1
2006
Q1
2007
Q1
2008
Q1
2009
Q1
2010
Q1
2011
Q1
2012
Q1
2013
Q1
World Western Europe Asia-Pacific United States
With demand from the eurozone and US expected to remain weak for some time, emerging East Asia should continue to work toward increasing intraregional trade and financial integration, and expanding links with other emerging economies.
- ADB, Asia Economic Monitor, December 2011 -
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 10 Fearless Forcast 2012
Implemented FDI
2011 Economic Overview – FDI
36.8%
27.3%
9.3%
1.7%
24.9%
COMMITTED FDI, 2010
Real estate
Processing Manufacturing Industry
Construction
Hotels and restaurants
Others
5.8%
48.5%
8.5%
2.9%
34.3%
COMMITTED FDI, 2011
Real estate
Processing Manufacturing Industry
Construction
Hotels and restaurants
Others
Source: Ministry of Planning & Investment
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 11 Fearless Forcast 2012
2011 Vietnam Stock Market
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
300
350
400
450
500
550
4-Jan 1-Feb 1-Mar 29-Mar 26-Apr 24-May 21-Jun 19-Jul 16-Aug 13-Sep 11-Oct 8-Nov 6-Dec
Tradin
g Valu
e (Bil
lions
VND
)
Inde
x
Trading value VNIndex
Source: FPT Securities
At the beginning of 2011, some expected a rise. Going into 2012,some are wondering where the bottom is.VN Index drops 27.5%, real estate companies fell by approx. 45%Little support from those holding gold.
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 12 Fearless Forcast 2012
2011 International Arrivals
2011: 6 million international arrivals to Vietnam (19.1% y-o-y) and 3.5 million to HCMC (13% y-o-y)
Source: General Statistics Offices; bistrochic.net
Tourism arrivals by country 2011China 1,416,804 South Korea 536,408 Japan 481,519 US 439,872 Cambodia 423,440 Taiwan 361,051 Australia 289,762 Malaysia 233,132 France 211,444 Thailand 181,820 Others 1,438,779
0
1
2
3
4
5
6
7
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Mill
ions
Vietnam HCMC
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 13 Fearless Forcast 2012
Car Sales
Nguyen Van Linh – the automobile hub, further growth expected;Kia New Morning VND357,000,000 (US$17,000);Entry Level Mercedes VND1,500,000,000 (US$70,000);
Car Sales by Manufacturer in Vietnam
79% 82%
7%2%
34% 34%
22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mekong (Fiat, Ssangyong, PMC)
VMC (BMW, Mazda, Kia)
GM Daewoo VinaStar (Mitsubishi)
Mercedes-Benz Vietnam
Visuco (Suzuki) Toyota
$.0
$20000.0
$40000.0
$60000.0
$80000.0
$100000.0
$120000.0
2007 2008 2009 2010 11M/2011
Car S
ales (
unit)
CAR SALES IN VIETNAM
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 14 Fearless Forcast 2012
2011 Government Decrees
New in 2011:
• Pricing in Dong–
Decree 95/2011/ND-CP states that VND must be used for quotation or advertising of goods and services, etc.
• Relating to Apartment Service Fees–
Decision No. 4520/QĐ-UBND provides that the statutory Apartment Service Fee Rates shall be applied only when the parties has not yet agreed on the Apartment Service Fee in advance
• Non-Agricultural Use Tax–
Decree No. 53/2011/ND-CP
–
Pilot program for NALU Tax, Prior to enforcement of Decree No. 53 on January 01, 2012, The Ministry of Finance is unrolling a pilot program to collect non-agricultural land-use tax in certain local areas of Hà
Nội, Cần Thơ
cities and the Bắc
Ninh province.
–
The pilot stage will focus on identifying taxation areas as well as connecting and exploiting the
databases of local agencies on tax and natural resources.
• Requirement for Environmental Impact Statement–
Decree No. 29/2011/ ND-CP dated April 18, 2011 is the first guidance on the assessment on environmental impact
–
Proscribes many requirements and procedures to that are required
for specific development projects
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 15 Fearless Forcast 2012
The Original Golden Sites
Of the 20 Golden sites:• 2 completed• 2 under development• 16 sites awaiting action
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 16 Fearless Forcast 2012
Infrastructure 2011 Milestones
Roadways• T3 – Thu Thiem Tunnel• The ten year Nhieu Loc - Thi Nghe Canal Road
widening project is completed• On August 24, the first Bus Rapid Transport (BRT)
route in the city opened from Ben Thanh Market, to Mien Tay Bus Station.
Metro lines• The expected cost of Metro Line 1 has almost doubled,
with progress in compensation.• Tramway Line No. 1 is being restructured into a Bus
Rapid Transit (BRT) system at reduced cost.
Air• Da Nang’s new airport terminal opens!• Prime Minister Dung officially approved Long Thanh
International Airport’s master plan.• The airport has an area of 5,000 hectares with
investment capital of US$6.7 billion for the first phase.• Vietjet Air, a new private airline, started operation. (1
Airbus, 2 on order).
Nhieu Loc - Thi Nghe Canal RoadSource: www.info.vn
Da Nang New TerminalSource: Tuoi Tre
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 17 Fearless Forcast 2012
2012 Infrastructure
Roads:• Construction of the four main roads in the Thu
Thiem new urban area will start in July, 2012 Completion is expected 2015.
Bridge: • Saigon Bridge No. 2, with four lanes, will start
constructed in April, 2012, and will take 22 months to be completed.
Bus system:• In 2012, the city will focus on improving the bus
system and services, implementing solutions to improve the backbone of the city’s transportation.
East – West Highway
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 18 Fearless Forcast 2012
All Future Projects HCMC Hanoi Da Nang Can Tho Nha Trang (Khanh Hoa)
Vung Tau
Hai Phong
Office 267 245 43 22 16 35 13
Retail 86 33 18 7 4 11 5
Hospitality and SA 44 53 28 12 37 19 6
Residential 311 268 134 10 22 32 9
Projects Under Construction HCMC Hanoi Da Nang Can Tho Nha Trang
(Khanh Hoa)Vung Tau
Hai Phong
Office 166 88 15 15 6 19 7
Retail 42 24 6 6 3 1 3
Hospitality and SA 25 32 17 5 10 8 2
Resi 142 104 19 3 5 14 5
According to BCI Asia…
Source: www.bciasia.com; CBRE Vietnam
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 19 Fearless Forcast 2012
Office - Rents
$20
$30
$40
$50
$60
2009 2010 2011
$10
$15
$20
$25
$30
2009 2010 2011
$10
$15
$20
$25
$30
2009 2010 2011
Grade A Rents (US$ psm)
Grade B Rents (US$ psm)
Grade C Rents (US$ psm)
Rents 3 y ear 1 y ear 1 quarte r G rade A -55.0% -8.3% -5.8%Grade B -44.0% -7.5% -1.5%Grade C -41.5% -8.5% -3.0%
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 20 Fearless Forcast 2012
Office - Vacancy
0%
10%
20%
30%
40%
2009 2010 2011
0%
5%
10%
15%
20%
2009 2010 2011
0%
5%
10%
15%
20%
2009 2010 2011
Grade C Vacancy
Grade B Vacancy
Grade A VacancyVacancy 3 y ear 1 y ear 1 quarte r G rade A 23.4 pt -14.6 pt -6.1 ptG rade B 14.4 pt 3.3 pt -0.7 ptG rade C -2.6 pt -1.9 pt -0.1 pt
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 21 Fearless Forcast 2012
$900
$930
$960
$990
$1,020
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
$650
$670
$690
$710
$730
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Secondary Asking Price (US$/sm)
$0
$2,000
$4,000
$6,000
2007 2008 2009 2010 2011
Luxury High-endMid-end Affordable
3 Year Residential Price Movement
$4,000
$4,100
$4,200
$4,300
$4,400
$4,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Luxury Condominium (US$ psm)
$1,800
$1,830
$1,860
$1,890
$1,920
$1,950
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
High-end Condominium (US$ psm)
Mid-end Condominium (US$ psm) Affordable Condominium (US$ psm)
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 22 Fearless Forcast 2012
Take-up vs. Hangover
Unsold Units Accumulated (Units)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Tota
l Uns
old U
nits
Unso
ld Un
its by
Seg
ment
Luxury High-end Mid-end Affordable Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011
Luxury High-end Mid-end Affordable
Take-Up Rate (%)
Some are waking up with their head in their hands
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 23 Fearless Forcast 2012
The Residential Nightmare
Q15,078 launches
2,229 sales
Q24,926 launches
1,390 sales
864 launches1,867 sales
Q31,096 launches
846 sales
Q4
Resolution 11Resolution 11Dong Devaluation
(9.3%)
Dong Devaluation (9.3%)
US$6,000/unit in Binh DuongUS$6,000/unit in Binh Duong
2012Death,
Discount or Opportunity
?
Doc. 8844 /NHNN-CSTT: Remove 4 real estate groups out of the non-
productive outtsatnding loan category
Doc. 8844 /NHNN-CSTT: Remove 4 real estate groups out of the non-
productive outtsatnding loan category
Goldora Villa sold to ICC
Goldora Villa sold to ICC
Discount HeadlinesDiscount Headlines
Property sector, the most attractive investment channel, but more cautious to invest in 1-3 years
(survey by Grant Thornton Vietnam)
Property sector, the most attractive investment channel, but more cautious to invest in 1-3 years
(survey by Grant Thornton Vietnam)
More incentives to stimulate sales
More incentives to stimulate sales
More strictly control on dolarisation price list in
VND
More strictly control on dolarisation price list in
VND
The Ascott signed
Diamond Island (D.2)
The Ascott signed
Diamond Island (D.2)
Int’l banks stoppedmortgage lending
Int’l banks stoppedmortgage lending
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 24 Fearless Forcast 2012
Retail
The past 18 months has seen shopping centre rentals create a buzz;2012, we expect department store rentals to come back to the forefront:• Lack of quality space in the CBD;• Still a softening on rents2012, shopping centre rentals in the CBD to remain soft;• Saigon Centre phase 2, the CBD retail hub on the
horizon;• First new supply in CBD with department store;
Department Store vs. Shopping Centre
1st quality shopping centre outside the CBD –Crescent Mall;However, rentals still softening as retailers have multiple options and established SHOPHOUSE location remain popular;
Non-CBD Asking Rents (US$/sm/month)
Source: CBRE Vietnam
$0
$20
$40
$60
$80
$100
2008 2009 2010 2011
Department Store Shopping Centre
CBD Asking Rents (US$/sm/month)
Source: CBRE Vietnam
$0
$20
$40
$60
$80
$100
$120
$140
2008 2009 2010 2011
Department Store Shopping Centre
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 25 Fearless Forcast 2012
Hotels 2012Occupancy and RevPAR both showing signs of growth in 2011.
Coastal markets such as Phu Quoc,Nha Trang and Da Nang showed a higher
RevPAR growth rate than HCMC:
20
25
30
35
40
45
50
55
60
2009 2010 2011F
RevPAR (US$/room/night)
HCMC Da Nang Phu Quoc Nha Trang
Phu Quoc continues to lead the coastal market with 20% y-o-y increase in
RevPAR, expected to be an attractive destination for investors in 2012.
The operation of new Da Nang International Airport terminal in December,2011 facilitates more direct international flights to Da Nang from locations such as Seoul and Kuala Lumpur.
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 26 Fearless Forcast 2012
Da Nang Hotels/Resorts/2nd Home 20122011 y-o-y increase in visitors was 34%, of which international visitors increased 44% y-o-y
The Hyatt Regency came online in Q4 with 200 five-star rooms, 2012 expects InterContinental, Le Meridien, Melia and Pullman to enter DN
In 2012, the DN hospitality market will target Russian tourists with direct Russia – Da Nang flights in consideration
Da Nang market continues to perform with 60% of the 40 villas launched at The Point sold within three months
No construction expected in 2012 without pre-sales
Projects away from the coast see action too – WTC leasing (anchors already signed) and Azura to complete Q2
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 27 Fearless Forcast 2012
Serviced Apartments 2011
Demand derived from 3 sources:• Professional expatriates – main source
– Both from Asia and the West– Hanoi: employees in the Embassies
• Returning Overseas Vietnamese• Wealthy Vietnamese ← a new and growing trend
“Vietnam will be the 11th most common destination of companies sending staff on international assignments up to 2013. Therefore, this is likely to ensure that the demand for accommodation from companies sending staff into Vietnam is likely to remain strong in the next three years”.
--- Trends in Managing Mobility Survey 2010, ECA International
H1/2011 work permits issued to foreigners in HCMC:• Achieved 85.1% of entire 2009• Down 16.5% against H1/2010
$0 -$1200 $1200 - $2500 $2500 - $3500 $3500+
Q4/2010 10.0% 40.0% 40.0% 10.0%
Q1/2011 17.9% 41.5% 29.2% 11.3%
Q2/2011 20.5% 48.2% 24.1% 7.2%
Q3/2011 11.7% 52.1% 26.6% 9.6%
Source: CBRE Residential Leasing
Proportion of Housing Budget (US$/month)
Proportion of Requested Area (sm)
Source: CBRE Residential Leasing
0%
20%
40%
60%
80%
100%
Q1/2011 Q2/2011 Q3/2011 Q4/2011
0 - 60 60 - 100 100 - 160 160+
TOP DEMAND!
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 28 Fearless Forcast 2012
• Logistics component becomes a must in industrial park zoning.
• Logistics to grow as Asian regional trade buoys economy through Eurozone crisis and slower US growth.
• Japanese investment KEY. Both from Japan directly, and from Japanese companies relocating out of Thailand.
• Potential growth areas:• Food & Beverage for South Vietnam • Electronics for North Vietnam.
• Ready Built Factory rental rates come down as more supply than ever before.
• With the increasing profile of industrial in Vietnam, more investors seek wholesale purchases of operating IPs.
ILS 2012 Forecast
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 29 Fearless Forcast 2012
The Rise of Investment - The Institutional DealAnd a notable variance in yield
At least three more
institutional deals to come
in 2012
At least three more
institutional deals to come
in 2012
Pacific Place, HanoiQ4 2010 – Reported 12%
CentrePoint, HCMCQ2 2011 – Reported 10.6 – 11.3%
Saigon Tower, HCMCQ4 2011 – Reported 8.5%
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 30 Fearless Forcast 2012
CBRE’s 10 Most Fearless Forecasts
1. Nguyen Trai still the retail king!
2. Square office buildings back in fashion! The best tenant deals will have happened in the first half of 2012.
3. Any residential project that hasn’t broken ground will gravitate to the affordable (new middle class, less than 21,000,000VND psm) segment.
4. Luxury residential in the CBD WILL sell.
5. Golf – Boom or Bust?!?
6. Revenue from cleared sites skyrockets as they are converted into drive-in movie theatres and Circle K.
7. Burger King opens at Da Nang airport and Sushi Bar opens in Phu Quoc as overseas visitors increase a further 20%.
8. In the short-term the new Pudong is not Thu Thiem, it is District 4.
9. Gold price declines with new supply from Vietnam’s two gold medals at the London Olympics 2012.
10. Registered FDI into real estate triples in 2012 as Vietnam sees 20 new foreign investors.
11. Jack Dorsey to spend Christmas 2012 in Vietnam, @Townsend_Marc to have 50,000 followers
On December 31, 2012…
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 31 Fearless Forcast 2012Source: vov.vn; giadinh.net.vn; tuoitre.vn ; 1star1objet.fr
2012: Gold Supply in Vietnam Increases
The magic from Trinh Duc’s performance in the Rugby World Cup is overshadowed by:• Quy Phuc is expected to win the gold in 100 m
freestyle• Anh Tuan is expected to win the gold in <56 kg
weightlifting• Ha Thanh is expected to win the gold in the floor
exercise
CBRE VietnamCBRE VietnamCBRE Vietnam | Page 32 Fearless Forcast 2012
The most insightful real estate publication in Vietnam!
Plan your future with two quarter and eight quarter forward looking analysis.
CBRE Vietnam - HCMC & Hanoi Quarterly Reports
© 2012 CB Richard Ellis (Vietnam) Co., Ltd. This report has been prepared in good faith and with due care by CB Richard Ellis (Vietnam) Co., Ltd. We obtained some of the
information above from sources we believe to be reliable. However, we have not verified the accuracy of the information which we obtained from other sources and make no
guarantee, warranty or representation about it. We include projections, opinions, assumptions or estimates which are made with careful consideration of factors known to us for example only, and they may not represent current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis.
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