Bank slashes prices by half for Hanoi Old Quarter shophouses

A unit of the state-owned lender is auctioning a shophouse on 110 Hang Buom Street, Hoan Kiem District is at the starting price of VND30.6 billion ($1.26 million), down half from August last year.

This is the eighth time the 101-square-meter house has been put up for auction.

Hanoi’s Old Quarter is in the heart of the city and is valued for its history and proximity to key municipal and government buildings as well as key tourist destinations.

Shophouses in this area are often sold between VND500 million to VND1 billion per square meter.

But Agribank has been struggling to sell its collateral in the area.

In September, the bank invited buyers to an auction of a 160-square-meter shophouse on 19 Hang Chieu Street in Hoan Kiem District at VND64.3 billion, down 40% from August last year.