In 2022, real estate enterprises bought back about 219,000 billion VND of bonds. In the first 10 months of this year, enterprises bought back about 153,800 billion VND, while the total value of bonds maturing in the real estate group in the last 2 months of 2023 and 2024 reached 15,600 billion VND and 121,100 billion VND, respectively.
The list of enterprises that are late in paying their bond debt obligations increases every day, especially in the real estate group. According to the Hanoi Stock Exchange (HNX), as of October 3, there were about 69 enterprises on the list of late in paying interest or principal on bonds with a total outstanding debt of about VND176,100 billion, accounting for about 17.8% of the total bond debt in the market.
Faced with the pressure of bond maturity, in order to have time to restructure cash flow and improve debt repayment ability, negotiating to extend the time is the first choice of real estate enterprises in the context of difficulty in accessing credit capital, the real estate market has not fully recovered. However, difficulties still lie ahead, extending the debt repayment time only helps enterprises have time to stabilize production, business and restructure debt to recover. Basically, it is just transferring debt from one time to another.
Therefore, in order to avoid the risk of bankruptcy, VARS believes that businesses need to take advantage of this time to restructure their debts. At the same time, consider selling off assets, even accepting break-even or losses to have cash flow to pay off debts and complete projects that can be liquidated immediately upon being launched on the market. This is also a "quiet period" that gives investors time to pause to review and examine conditions, thereby having a more sustainable and effective direction for participation.
Source: https://nld.com.vn/bat-dong-san/doanh-nghiep-bat-dong-san-nen-can-nhac-viec-ban-tai-san-tra-no-20231120212034676.htm
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