Real Estate Information Portal- CafeF Land

Main Contents
Macro Economy
CPI in 2011 rose 18.58% on year Trade deficit declined sharply thanks to exports State inspected many ministries, departments and large economic groups. Total social capital sources will be restructured 1

Infrastructure News
Construction on overhead ring road No 3

Real Estate Market Report in 2011

Basic completion of National Highway No 32 crossing DienNhon section Thu Thiem tunnel was officially opened to traffic and East-West Boulevard completed Construction on Long Thanh International Airport

News, Highlights
Real estate prices in Hanoi dropped sharply A series of defaults relating to real estate Government approved master plan for Hanoi Rescuing real estate

Market Overview

Housing price in 2011 in Hanoi declined 30%-40% from early 2011, decreased 5-10% in HCM City Compiled by Data Analysis and Editorial Division-CafeF Land
Add: 18th floor, VTC Online Building, 18 Tam Trinh, Hai Ba Trung, Hanoi Tel: 04 39743410. Ext: 295 Fax: 04 39744082 Email: info@cafef.vn

Office rental charge mitigated Markets of office for lease and retail space suffered pressure from the abundant new supply

Outstanding real estate projects Land price table of outstanding projects

10

Updated photos on pace of projects Appendix: Typical real estate projects

Gold Sponsor

15

17

REAL ESTATE MARKET REPORT IN 2011

MACRO ECONOMY
CPI (Consumer price index) in 2011 surged 18.58% State carried out inspections in many ministries, on year departments and large economic group
Electricity price saw two increases and gasoline price increased twice while posting only one slight fall, which caused pressures on CPI, leading to a year on year CPI rise of 18.58% in 2011, higher than the inflation ceiling in early 2011 but ranging around the 18% ratio adjusted by the National Assembly. Ministries of finance and industry and trade were audited, 27 economic groups and corporations and commercial banks were under the list to audit in 2011 such as Vinashin, EVN, TKV, Vinalines States inspections in operations of many large economic groups have gained initial results such as EVNs long term financial investments were up to nearly 50 trillion VND and its accumulated loss as of the end of 2011 was up to over 35 trillion VND; petroleum companies made ineffective noncore investments and auditing agency concluded the auditing result of petroleum price stabilization fund

Trade deficit eased sharply thanks to exports

The countrys export turnover in 2011 was estimated at over $96.3 billion, rising 33.3% year on year. Export turnover structure of commodities in 2011 saw some

changes from 2010: the proportion of heavy industrial Total social capital sources to be restructured products and minerals increased 4% on year whereas the group of light industrial products, agro-forestry and fisheries products and gold and its products saw slight fall y-o-y. The countrys total import spending in 2011 was estimated at over $105.8 billion, up 24.7% on year. The trade gap for the whole year was estimated at more than $9.5 billion. If excluding the price factor, the countrys export turnover increased 11.4% on year and the import value posted a rise of 3.8% over 2010. Thanks to sharply increasing export, Vietnam lessened trade gap significantly in 2011. Decree No 59/2011/N-CP dated on July 8, 2011 on restructuring 100% state-owned enterprises (SOEs) to be joint stocks company has created premise to restructure a series of SOEs. Many equitization plans attracted the attention of local and foreign investors like equitization for 10 firms under Ministry of Industry and Trade; six firms of Vinachem; companies of Vietnam Airlines; six firms of Railway Corp; Urban and Housing Development Group, member companies of Song Da Group; BIDV; VNSteel; CPH Mobifone; PV Oil, Nhon Trach Power...

FDI, ODA declined, disbursement increased

As of December 15, 2011, Vietnam lured $14.7 billion Mineral resources are included in planning newly-pledged and raised FDI (foreign direct investment) Facing the situation of indiscriminate mining and too many capital, down 26% from 2010, of which 76.4% was for crude exports, government has issued mining strategy to industry and construction sectors. Although FDI attraction 2020 and vision till 2030. declined, FDI disbursement quality has been improved significantly with $11 billion in 2011, equaling to the actualized figure in 2010 and contributing 25.9% to the total social investment capital. At CG meeting, pledged ODA capital for Vietnam in 2012 reached $7.386 billion, down slightly against $7.88 billion in 2011. Government discouraged exports of natural resources and definitely did not allow exports of crude minerals. Newlylicensed projects must be strictly controlled and under the plan approved by the prime minister.

GOLD SPONSOR

Page 1

Real estate market report in 2011

INFRASTRUCTURE NEWS

Hanoi
Overhead ring road No 3 to be built: project has total length of 8.5km, from Mai Dich to North Linh Dam. Project is now under construction. Basic completion for National Highway No 32 crossing Dien Nhon section: So far, project has been completed basically to traffic and expected to fully complete prior to Lunar New Year. Overhead urban railway to be built: Nhon Hanoi Railway Station, Cat Linh Ha Dong

HCM City
Thu Thiem tunnel was officially opened to traffic and East-West Boulevard was completed: Thu Thiem tunnel was fully completed. Extended section to Trung Luong highway was started construction. Eastern ring road was completed: connecting Phu My Bridge to Hanoi highway and promoting projects in district 2 & 9. Provincial road No 25B was completed: connecting Hanoi highway to Cat Lai Port in district 2. Long Thanh international airport to be built: 5,000 ha with maximum transport capacity of 100 million passengers and five million tones of cargos per year.

GOLD SPONSOR

Page 2

Real estate market report in 2011

NEWS, HIGHLIGHTS Market News

Hanoi real estate price dropped sharply: the biggest impact from the tightening credit policy in real estate sector was the collapse spiral when liquidity declined, both supply and demand decreased while bad debts increased. Within only two months from April to June 2011, land plot price in 70% of new urban zones in outskirts of Hanoi declined. Notably, projects in the west saw decline of up to 2030% in price such as Kim Chung Di Trach, Gelexinco Le Trong Tan, Van Phu and Van Canh So far, with policy to bring property loan ratio down to 16%, banks are tightening debts. A round of selloff of real estate made prices go down. The wave of sell-off started from the discount of up to 35% of PetroVietnam Power Land JSC (PVL) and then in Hanoi, Private Construction Company No 1 also decided to reduce 5-7 million VND/m2 for apartments at VP3 Linh Dam project and CT6 Xa La under Bemes Buou Bridge housing area. A series of defaults relating to real estate: 2011 witnessed a series of defaults of giant landlords. Some noticeable defaults were Nguyen Thi Cuc (Phu Xuyen, Hanoi) with over 250 billion VND (interest payment was up to 10 billion VND/month), couples Bui Thi Quyen and Ta Viet Quang (Phung town, Dan Phuong, Hanoi), borrowing 200 billion VND at the excessively high interest rate of up to 2,500 VND/1 million VND/day to invest in real estate, debtor Nguyen Thi Dau also caused uproar in Ha Dong district, Hanoi when borrowing 150 billion VND with the interest of up to four billion VND/month to relend to Nguyen Duc Thang (Quang Trung, Ha Dong) for investments in real estate. Famous realty giant in Bac Ninh also fell into insolvency namely couples of Nguyen Thi Minh Tam and Nguyen Chi Viet, director of Hai Ha Real Estate Co. Tam admitted borrowing nearly 130 billion VND also at excessively high interest rate to buy villas in Bac Ninh and outskirts of Hanoi, total at nearly 50 villas. FDI in real estate in 2011 declined seriously: 2011 saw a serious fall of FDI capital in real estate sector, marking the lowest figure in the past five years. Particularly, in 2008, FDI capital in real estate sector reached about $23.6 billion, in 2009 at $7.6 billion, in 2010 at $6.8 billion while till the end of November 2011, the figure was only $464 million, marking the record low level over previous years. "Unmarketable" low income houses: realty investors are tired of housing projects for low-income earners while buyers do not have enough money. Presently, Hanoi has some low income house projects under process of receiving house purchase dossier such as Dang Xa, Dai Mo and Sai Dong. However, there were not many buyers. The reason was due to the price of low income houses still remained high (about 13 million VND/m2), together with intense payment schedule and complicated purchase procedures with many conditions and complicated requirements on ownership, transfer time and approval time... M&A wave: In the context of difficult economic situation, mergers and acquisitions (M&A) wave for real estate projects will be an inevitable trend. Many big deals occurred such as Singapore-based Dacin Holdings acquired 80% stake of Tan Tao A project from Khang An, JSM Indochina transferred Peninsula project for Sao Sang Saigon Co, CapitaValue Homes Limited acquired 65% stake of Quoc Cuong Saigon Ltd Co, Tama Global Investment Pte.Ltd.., bought into 20% stake of Cotecland, Many experts said that this trend will develop strongly in the future.

GOLD SPONSOR

Page 3

Real estate market report in 2011

Policy News
Resolution No11 on real estate credit crunch: facing pressure to control inflation and stabilize macro economy, on February 24, 2011, government issued Resolution No11 and on March 1, 2011, the State Bank of Vietnam (SBV)s governor issued Directive No01. Accordingly, banks will tight credit and reduce loans for non-production sectors, especially real estate sector, in comparison with 2010 (the non-production loan ratio in total loans at maximum 16% as of December 31, 2011). This measure has great impacts on the realty market, leading to big gap between supply and demand, strong decline of realty prices while buyers are waiting for further falls in prices. Government approved master plan for Hanoi: on July 26, 2011, prime minister approved the master plan to build Hanoi to 203 and vision till 2050. Accordingly, national political and administrative centre will be still located in Ba Dinh. However, some ministries and departments will move headquarters to My Dinh area and the west of West Lake. Governmental institutions will not be located in Ba Vi. As planned, Hanoi will have central urban zone from ring road IV inwards namely the countrys high quality centre of politics, culture, service, health and education. In addition, the plan will build five satellite urban zones of Hoa Lac, Son Tay, Xuan Mai, Phu Xuyen-Phu Minh and Soc Son and ecology urban zones. Especially, Hanoi will have green corridor area between downtown and satellite urban zones. As calculated, the total investment for the master plan would be up to $300 billion, even up to $400 billion. As estimated, 20 years for Hanoi will be equal to countrys GDP in four years. Excluding four real estate groups from nonproduction credit: In November, the central bank issued a Document No 8844/NHNN-CSTT excluding four real estate groups from the non-manufacturing credit, including house repairing and purchase for living using salaries to pay for bank loans, building houses to sell and lease for low income earners and workers; building accommodation for workers in industrial zones and housing development projects to be handed over in 2012.
GOLD SPONSOR

Business News
Vincom transferred Tower B Vincom Centre Hanoi for Techcombank: Vincom sold entire office area from the seventh floor upwards, lobby area on the first floor, partly area on first and second floors of trade centre and some areas and other assets at No191 Ba Trieu, Hanoi for Techcombank. The transfer is estimated to finished on March 1, 2012. Vinaconex will merge subsidiaries in real estate sector: Vinaconex planned to set up a core company in real estate sector, including investments in urban zones, housing areas, residential areas, entertainment areas, real estate management and realty services. CBRE acquired real estate investment management division of ING Group: CBRE has acquired real estate investment management division (ING REIM) of ING Group NV in Asia, and merged operations with counterpart department of CBRE. The payment is part cash and part of loans under guaranteed credit line, including $800 million of bank loan raised in March 2011. Vinpearl merged into Vincom: on October 4, director board of Vinpearl JSC and Vincom JSC adopted resolution to merge Vinpearl JSC into Vincom JSC, at the same time changed name to Vietnam Investment Group JSC (hereinafter referred to as Vingroup). VPL share will be swapped to VIC share at the ratio of 1: 0.77. Saigon Xanh Real Estate Co merged into Quoc Cuong Gia Lai: Quoc Cuong Gia Lai JSC has submitted document to offer 2,926,997 shares to merge into Saigon Xanh Real Estate Development and Investment JSC (SaiGonXanh - SGX). The swap ratio was 1.5:1. SaiGonXanh has 295 billion VND equity, of which QCG holds 85.16% stake. Therefore, it is necessary to issue additional only 15% for shareholders outside QCG for the merger.

Page 4

Real estate market report in 2011

MARKET OVERVIEW
In 2011, Vietnams economy entered into an extremely difficult period, GDP growth rate declined while inflation accelerated, input basic raw materials prices for productions surged and labour costs also soared, Therefore, in a bid to tame inflation and stabilise the macro economy, government issued a Resolution No11/NQ-CP by late February 2011 and the central bank issued Directive No01/CTNHNN in early March 2011. This has had a strong impact on the entire economy, including finance, stock market and real estate sector. Limited money supply have caused considerable difficulties for realty firms in capital mobilisation while this field always requires a huge amount of medium and long term capital. Hence, a series of real estate projects had to halt deployment, market remained stagnant, supply was scarce and many companies faced risk of bankruptcy. Preliminary statistics showed that in 2011, there were up to 48,000 enterprises going bankrupt, including many real estate companies. For real estate market, the central banks Directive No01/CT-NHNN ruled commercial banks to reduce non-production loan ratio (mainly in real estate and stock market) to 16% of total loans as of December 31, 2011. This measure has caused great impact on the real estate market, leading to more gloomy situation of real estate market, decreasing supply, low liquidity and decline of real estate prices. Housing prices (including apartments, adjacent houses and villas) in 2011 tended to go down by averagely 30%-40% from early 2011 in Hanoi and 5-10% in HCM City.

GOLD SPONSOR

Page 5

Real estate market report in 2011

Viewpoints from state management agencies

Mr. Nguyen Tran Nam Deputy minister of construction If tight credit policy continues to prolong for long time and property loans keep falling like currently, the real estate market will continue to freeze, products will be hard to be completed and sold below costs and enterprises may fall into insolvency for bank loans.

Mr. Cao Sy Kiem former governor of State Bank of Vietnam (SBV)

2012 is said to continue a difficult year, not only for real estate market. The unsolved capital problem and economic restructuring effort, including banking system, will cause great impacts on the market.

Viewpoint from project developers

Mr. Tran Minh Hoang Chairman of Vinaland In 2012, market thrives or freezes depending on credit. If interest rates decrease, the market will be more exciting, but price may not increase due to oversupply pressure, however, certainly transactions will be more exciting. Mr. Nguyen Van Duc deputy director of Dat Lanh Co In 2012, market is forecasted to see extremely fierce competition. Credit for real estate will be more difficult. As for me, 2012 will be a very difficult year and market may witness many companies to go bankrupt.

Viewpoints from real estate consulting companies and investment funds

Mr. Pham Thanh Hung deputy general director of CEN Group
Investors will be forced to sell at loss due to confidence in the market declined as mainly they no longer see profit. Real estate price may see further falls to be at more suitable level with the real demand of customers. Mr. Marc Townsend general director of CBRE Vietnam Real estate market in 2012 in all segments will still continue to be stagnant. In the near future, the discount move in high-class apartment projects may continues.

GOLD SPONSOR

Page 6

Real estate market report in 2011

Cn h chung c trong giai onApartment market gim gi

In Hanoi Within one year from early 2009 to early 2010, apartment price had increased rapidly by 40%, then stood at high level in 2010. Till the end of 2011, apartment price decreased 1030% from early 2011, but falling slightly over early 2010. Currently, apartment average price in Ha Dong district is ranging around 17 22 million VND/m2, in Tu Liem district (My Dinh) ranging 25 32 million VND/m2, in Dong Da at 30 -40 million VND/m2, Hai Ba Trung (Minh Khai) at 24 33 million VND/m2,

In HCM City There were no strong discounts and sells-off in the past time but the market is still witnessing downward tendency, discounts and payment reschedules. These forms aimed at supporting customers to stipulate the real demands. In addition, businesses are accelerating the recovery of cash flows and sale of outstanding projects. In December, there were three typical projects for this trend namely Petro Land Tower apartment project in district 7, An Tien (Gold House) apartment project and V-Citi Light apartment project.
Source: Apartment price in Hanoi in Q4/2011 (CBRE Vietnam)

Source: Apartment price in HCM City in Q4/2011 (CBRE Vietnam)

Project land market

Land price from early 2009 to early 2010 in Hanoi surged sharply 70 80%, even some projects saw double increase. Till the end of 2011, project land price declined by 30 40% from early 2011 but remained unchanged from January 2010. Presently, land price in Gia Lam district is averagely at 45-65 million VND/m2; Ha Dong distrct at 45-50 million VND/m2, even up to 80 100 million VND/m2, Hoai Duc at 24-35 million VND/m2, Me Linh at 12-18 million VND/m2,...

Land price in Hanoi in Q4/2011

GOLD SPONSOR

Page 7

Real estate market report in 2011

Office for lease market and retail space Office

Office market in HCM City still saw difference between old and new buildings. New projects such as Bitexco and Vincom still posted high vacancy ratio while old buildings in the central area reached the fulfillment of over 90%. Regarding the office rental price, this is the third year, office rental charges have continued to fall and posted the strongest decline in the fourth quarter of 2011. According to CBRE, average rental price for Grade A is currently at $32, Grade B at $18 and Grade C at $14. New supply is constantly increasing. In Hanoi, after three quarters of relative stability, the rental price tended to increase slightly and market performance was quite good. In the fourth quarter of 2011, office market saw clear downtrend. New supply continued to increase at approximately 40% from Q4 previous year (figures from Savills). Average rental price decreased by over 2% from the previous quarter and 3-4% over the same period of previous year. The rental rate is also decreasing, the statistics of Savills showed in Q4 the rental rate reached 75%, marking the lowest level in the year. Market is still under pressure from abundant new supply from newly-completed large projects such as Keangnam, Indochina Plaza,

Source: Office rental price in HCM City in Q4/2011CBRE Vietnam

Source: Office rental price in Hanoi in Q4/2011Savills Vietnam

Retail market
Retail market by the end of the year saw many high-class projects in operations such as Vincom Centre Long Bien, Savico Mall Long Bien and Parkson Landmark Keangnam,... It is easy to see that the supply is constantly increasing and it is estimated to welcome 1.5 million m2 of new floor area in the next three years, of which in 2014 Thanh Xuan district is forecasted to provide the biggest area with about 50% of the total supply. This will create competitive pressure in rental price in the following years.

Difficulties for retail segment, supply on the rise

GOLD SPONSOR

Page 8

Real estate market report in 2011

OUTSTANDING PROJECT
Vincom Village ecology urban zone located on a total area of more than 183ha is the most modern, luxurious and high-end urban zone in Vietnam. With the idea of an urban zone development of not only beauty, modern and high-class special standards in facilities but also a perfect habitat, Vincom Village is organized and planned on inward basis, focusing on green walking garden, curving lake with large area. Designed in the neoclassical style by a team of talented architects, each villa at Vincom Village is a work of architecture that is the luxury, elegance, sophistication and class claims of the employer. Villas at Vincom Village are the convergence of quintessence with French architectural style as we see in tourism areas such as Da Lat, Tam Dao, Sapa or centre of Hanoi streets Vincom Village project, despite being commenced in the middle of May 2011 on a huge area, the whole items of project in phase 1 would be completed by the end of 2011, including trade centre, schools, villas, infrastrutures and landscapes. Accordingly, from now till the end of December, whole villas will be handed over to customers and in 2012, first 300 families will officially become residents of Vincom Village. The investor said: Currently, all items of project are being deployed by over 20,000 workers of contractors. In addition, hundreds of officials and technical experts are also regularly examining and available for inspection to monitor the progress and quality of construction. All are for ensuring for the operation with the best quality.

Overall perspective of project Project: Investor: and Investment JSC Location: Scale: Volume: On sale: Current price:

Vincom Village
Sai Dong Urban Development Long Bien, HN 183.6 ha More than 1,000 villas On May 28, 2011 60 - 70 million VND/m2

Kick-off construction: May 12, 2011 Handover: In December 2011

GOLD SPONSOR

Page 9

Real estate market report in 2011

LAND PRICE TABLE OF TYPICAL PROJECTS Project land price table in Hanoi December 2011
Project Road >10m Adjacent Villa
Ha Dong Thanh Ha (A, B) Duong Noi Zone D Tay Do Villas Van Phu Van Khe An Hung Park City 46-63 90-120 63-70 92-93 Thang Long Boulevard Le Trong Tan Geleximco (A, B, C, D) Bac An Khanh Nam An Khanh 25-30 National Highway 32 North National Highway 32 New Tay Do Phoenix Garden Kim Chung Di Trach Van Canh HUD 32-35 36-40 38-43 23-35 30 33-35 41-43 40-45 50-55 53-55 38-40 50-55 60 A:45-47 C:45-47 D:39-43 A:52-53 C: 40-45 63-76 70 40-43 90-100 100-115 31-35 40-45 55-60 65-70 52-57 60-70 28-29 70-80 70-95 30

Road >17m Adjacent Villa

Road >30m Adjacent Villa

Northeast Area Viet Hung Hanoi Garden City Minh Giang Dam Va Vincom Village AIC Me Linh Tung Phuong Cienco 5 Me Linh 15.5 14-16 53-60 65 14-19 58-70 12-15 14-15 10-11 18-20 12-14 24-25 17-22 45-55

Note: Price table for reference only (Unit: Million VND/m2)

GOLD SPONSOR

Page 10

Real estate market report in 2011

LAND PRICE TABLE OF TYPICAL PROJECTS Condominium price table in Hanoi December 2011
Location Cau Giay Project/Zone Discovery Complex Indochina Plaza Madarin Garden Dolphin Plaza No5 - Vinaconex
Dong Da

Area (m2) 119.16 112 130.1 112 146 125 112 79-146 96.1 -120 77-84 78 75-108 86 78 125.59 182 91-117 109 76-110 70-110 101 118 133 70.9 83.3

Reference price 52.5-45.5 57.2-62.7 45-47.5 45-55 42-44.6 36-37.5 57-58 22.5 -26 17.8 20-27 18-20 14-18 29.8-34.2 24,1 -27 20-22 21-24 24-26 46.5-51 27-28.5 42.2-45 32-35 25,5 - 27 27-27,5 15 57-60 17,8-18 39-42 19.44-23.67 18.9-22.68 19.62-4.12

170 De La Thanh Sky city Tower Usilk City Van Phu Victoria Xala Mekong Plaza Sails Tower

Ha Dong

Hai Ba Trung Hoang Mai Long Bien Tay Ho Thanh Xuan

TimesCity Hoa Binh Green City Megastar 409 Linh Dam 282 Linh Nam CT10 Viet Hung Ciputra SaKuRa Royal City Hapulico

Tu Liem

C14 Ministry of Police

C37 An Bnh Tower Keangnam Dream Tower Viglacera Tower Hung Yen Ecopark

91.8 Note: Price table for reference only (Million VND/m2)

GOLD SPONSOR

Page 11

Real estate market report in 2011

Reference land price table in end-2011

Project/Zone Internal Road > 10.5m Internal Road >17.5m

Main Road >30m

+/%

HCM City

S<120 120<S<240 S>240 S<120 120<S<240 S>240 S<120 120<S<240 S>240 m2 m2 m2 m2 m2 m2 m2 m2 m2

District 2

21st Century Him LamLuong Dinh Cua Thanh My Loi - Phu Nhuan Thu Duc House

35.8 46.5 49.8

37.2 61.3

45.449.8 65.8

1.8>4.6 -1.8>1.2 1.6>4.9 52.2 -19>-8

30.8 34.5

43.6-47.5

38.7 - 43.3
District 7

51.4

Phu MyVan Phat Hung

Sadeco Riverside Him Lam Kenh Te Hung GiaHung Phuoc

31 - 33 31 33.2 46.5 48 67 70 31 - 33 84 -86

38 40.5

-1.5>0 0>3.3 0 0

34 36 70 80

38 40.5

Phu MyVan Phat Hung

District 8

-1.5>0

Phu LoiHai Thanh

10.5 12
District 9

15 17.2

North Rach Chiec

15.7 17 12.8 14.2 11.5 12.6 12.2 14.516.5 17.3 Note: Price table for reference only (Million VND/m2)

18.7 19.2 15.5 - 16 14 20 - 24

0>0.3 0>0.6 0 0

Gia Hoa Hung Phu Nam Long

GOLD SPONSOR

Page 12

Real estate market report in 2011

Reference land price table in end-2011

Project/Zone HCM City Internal Road > 10.5m Internal Road >17.5m Main Road >30m +/%

S<120 120<S<240 S>240 S<120 120<S<240 S>240 S<120 120<S<240 S>240 m2 m2 m2 m2 m2 m2 m2 m2 m2 Binh Chanh District

Trung Son Dai Phuc Intresco 6B Cienco 5 13A 13B 13C

40 51 13.5 14.5 12.5 6-7 9.8 12 17.9 19.4 16.5 17.6 Binh Tan District 14 15 11.5 13 9.5 11 15 16 18 7-8

52 56.5 27 - 30 26.5 29

0 0 0 0

14.5 15

15.7 19.5 21 1920.5

-4.8>2.5 -8.2>6.9 -2.6>6.4 0

Ho Hoc Lam Ao Sen- Ten Lua Phu XuanVan Phat Hung Cotec Phu Xuan Thai Son 1

36 Nha Be District 12

39

13.5

8 14 16

8.5

10 16 19

0 6.8>11.8

GOLD SPONSOR

Page 13

Real estate market report in 2011

Reference land price table of condominium in end -2011

Location District 2 Project/Zone Thinh Vuong An Phu An Khanh An Hoa An Cu Binh Minh Cantavil Thu Thiem Xanh Thao Dien River View Xi RiverView Palace District 7 Phu My Hoang Anh Gia Lai 1 Hoang Anh Gia Lai 2 Nam Khang An Vien District 8 District 9 Phu Loi Richland Hill Pho Dong Hoa Sen Binh Chanh District Hong Linh Plaza A View Conic Dinh Khiem (Block A, B) The Mansion Binh Tan District An Lac Le Thanh Vinh Tuong Tay SG Nha Be District Phu Hoang Anh Hoang Anh Gia Lai 3 Area (m2) 76-183 141.6 75-95-100 98 105 95 108 98 140 60 120 105 - 120 145 - 202 77 - 177 77 - 114 118 187.6 120 - 121 73 - 76 74 100 - 120 55 - 94 65 - 97 83 - 110 55 74 83 - 101 80 - 105 50 - 68 90 - 120 87 - 129 99 - 126 Reference price/m2 19.8-23.2 24.5-25.6 19- 21 24.3 25.6 19 22.3 31.1 36.9 15.2 16.5 29-31.2 29.1 31.2 20 23.5 19 - 20 16 19.5 32 - 34 19.5 - 21 9.5 10.6 22 22.5 13 13.5 19.6 24.4 12.5- 14.2 12 13.5 11 13.5 9.5 - 12 11 11.2 10.5 13.5 20 - 30 19 - 21 +/- % 2.5 -> 4.8 2.1->2.4 0.5 -> 4 1.35 -> 1.6 0 -> 4.2 -1.3 ->0.27 0 2.4 -> 2.63 -5 -> -3 -9 -> 0 0 0 0 0 0 0 0 -7.5 -> -5.4 -7.2 -> -6.6 -6.5 -> -3.6 -13.4 -> -4.9 0 0 0 0 0

Note: Price table for reference only Unit: Million VND/m2

GOLD SPONSOR

Page 14

Real estate market report in 2011

UPDATED PHOTO GALLERY ON PACE OF PROJECTS IN HANOI

Hapulico Complex completed crude construction Van Phu Victoria under constructioin for eighth floor

B41 Building-Head Department V

28-storey condominium in Thang Long international village

GOLD SPONSOR

Page 15

Real estate market report in 2011

Splendora condominium under completion

AZ Lam Vien Complex under crude construction for second floor

Geleximco urban zone under completion for adjacent houses

Hong River Parkview

Cannal Park condominium under completion

Hoa Binh Green City under construction for foundation

GOLD SPONSOR

Page 16

Appendix: Typical Real Estate Projects

No

Project Name Times City

Investor

Total Investment 5.8 trillion VND

Area

Location

Progress

Description

Vingroup

364.500 m2

458 Minh Khai Hai Ba Trung Hanoi

Under construction for infrastructure and crude work for some buildings Preparation to hand over villas

Project includes 9 land plots, including 7 land plots to build house for living and ancillary works and 2 remaining land plots to build Vinmedicare international general hospital. These buildings are planed to have 22 - 35 floors.

Vincom Village

Vingroup

10 trillion VND

183.5 ha

Phuc Loi, Phuc Dong, Viet Hung, Gia Thuy, Long Bien, HN Southeast Tran Duy Hung, Hanoi

Project consists of about 1,000 villas ranging an area of 38.2ha, traffic road 50ha, green area and water surface 60ha, Vincom Centre trade centre 45,000m2, 01 Vinmec hospital and 2 office and condominium areas

Mandarin Garden

Golden Gain Vietnam

25,886 m2

Under Project comprises 4 condominium buildings of from 25-29 construction for floors, and scale of 1,008 high-class apartments and trade seventh floor centre Project includes trade complex, office, housing area at 52.31 ha, or 2.53%. Living land area: 341.66 ha, or 16.51 %. Green area: 1092.54 ha, or 52.97%, Under Construction land area accounts for 56.5ha, including single construction for villas, adjacent houses and condos. Land area for public infrastructure works at 9.89 ha, land area for traffic at 29.2 ha, green park

Dream City

Viet Han

5.8 trillion VND

2.069,28 ha

Tam Nong, Phu Tho

Suoi Son

Long Dien Real EstateJS Co

4.575 trillion VND

117 ha

Hoa Binh hamlet, Giang Dien commune, Trang

GOLD SPONSOR

Page 17

Real estate market report in 2011

Bom, Dong Nai 6 The Empire Thanh Do Group 10 trillion VND 51,5 ha Truong Sa street, Hoa Hai ward, Ngu Hanh Son district, Da Nang City Under construction for infrastructure. Fully completion is expected in 2018

and sport area 15.22 ha and river and lake at 6.19 ha. Project is divided into two zones, zone Q1 is adjacent Truong Sa street with 30 ha area, including sea view villas, hotel and apartments, zone Q2 with 21.5 h, villas and hotel, Project was kicked off construction on July 24, 2011. As expected, in Q2 2013 project will complete walking streets, townhouses and infrastructure of zone Q2. In Q2 2014, project will complete villas of zone 1 and complete basically for villas of zone Q2. In Q4 2016 project will complete hotel and building complex areas. Project is located on two main axises of new city of Nhon Trach. Urban zone project has the front of road No 1 of 53m, near administrative centre area, about 25km from HCM City on road 25C. Housing area is 66ha, including 512 single villas, 836 duplex villas and over 1,000 adjacent villas. Construction density is 44%. Project includes 300 townhouses with structure of one ground floor and two floors and terrace. Land area of each townhouse is from 125m2 to 145m2, construction floor area is from 381.5m2 each. Traffic system at Golden Hills accounts for 25.5% including internal road, inter-district road, main road private road of ecology villa area with width of 7.5m; 11.5m; 13.5m; 15.5m; 30m; 33mCurrently Trung Nam is gearing up construction

Phuoc An urban zone

HUD Group

6 trillion VND

150 ha

Nhon Trach, Dong Nai

Under construction

IJC Commercial Town

Becamex IJC

450 billion VND

43,923 m2

New City of Binh Duong

Under deployment

Golden Hills

Trung Nam Group

$1.67 billion

400ha

Hoa Hiep Nam commune; Hoa Hiep Bac; Hoa Lien, Hoa Vang, Lien Chieu

Under construction for traffic infrastructure

GOLD SPONSOR

Page 18

Real estate market report in 2011

district, Da Nang

of internal road in Zone A.

10

UNI Town

Becamex -TDC

1.3 trillion VND

54,503 m2

Central of Binh Duog new city

Under construction

Project comprises 285 townhouses ranging various areas of 105, 108, 110, 131 and 148m2, price is about 4.8 billion VND/unit.

Disclaimer: The information included herein is compiled and edited by CafeF Land Editorial Division on the basis of public sources believed to be reliable and proved to be valuable for investors. However, we accept no responsibility for any risks or losses of investors when using information in this report.

GOLD SPONSOR

Page 19