$45 bln needed to finish Hanoi real estate projects: official

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Property investors in Hanoi will need a total of US$45 billion to finish all of the real estate projects they are committed to, the Ministry of Construction has announced.

According to the Ministry, the apartment inventory in the capital city stands at 520,000 units, accounting for 70 percent of all apartments existing units, news website Vnexpress reported Friday.

Hanoi now has around 3 million people, yet it still lacks schools and hospitals.

The ministry said that demand for apartments was low.

As of late October last year, property sector debts had reached VND207.6 trillion, up 3.6 % compared to 2011. 6.5 of the debts are bad debts, according to a report by the central bank.

In order to boost the property market, the Ministry said it would halt all projects which are on its way of clearing site but deemed "inappropriate with the development of the city."

Projects that have completed the site clearance project will be allowed to continue.

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