Recently LDG Investment Joint Stock Company decided to sell two projects, Bai But - Son Tra beach resort in the central Da Nang City and C1 apartment complex in the southern Binh Duong Province.
The 29-hectare, VND4.6-trillion (US$191.7 million) beach resort in a prime location was once considered by LDG as one of its strategic projects.
The management earlier had to use their personal assets to bail the company out.
Hai Phat Investment Joint Stock Company is selling its entire stake in the Con Tan Lap residential project in a prime location in the central Nha Trang City. It involves building three 40-story towers each with three commercial, 10 hotel and 27 apartment floors.
Though HAGL has not been in the property industry for a long time, at the end of September it announced the sale of its hotel in a prime location in the Central Highlands city of Pleiku to redeem a bond issuance.
According to Pham Duc Toan, who has 20 years of experience in real estate brokerage, investment consultation and development, many businesses have had virtually no revenues since the beginning of this year and so are forced to sell property projects.
But selling them at this juncture would not be easy amid the market slump and unsolved legal issues some face, he said.
The director of a real estate firm in Hanoi said it would be difficult to sell projects quickly because M&A deals usually take six to 12 months.
VnDirect Securities Company estimated VND65.9 trillion worth of bonds would mature for property developers in the second half of this year, and VND124 trillion next year, and so they are under huge financial pressure.
According to a report by the Ministry of Construction, the number of real estate businesses being dissolved in the first eight months of this year increased by 30% year-on-year.
Earlier this month the ministry had said the market still faces threats like an economic recession.