[yrc]-chung khoan hoa cac khoan cho vay the chap, giai phap moi cho ttbds vn

7/31/2019 [YRC]-Chung Khoan Hoa Cac Khoan Cho Vay the Chap, Giai Phap Moi Cho TTBDS VN

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http://svnckh.com.vn 1

DANH MC NHNG T VIT TT TRONG TI

T vit tt Tn ting Anh Tn ting vit

ABS Asset-Backed SecurityChng khon bo m bng ti

snti chnh

MBS Mortgage- Backed SecurityChng khon c th chp m

bo bng ti sn

SPV/SPESpecial Purpose

Vehicle/Entity - SPV/SPE Php nhn c bit

CMOCollateralised Mortgage

Obligations

Chng khon ti th chp

MBB Mortgage - Backed Bond Tri phiu th chp

CDS Credit default swap Hon i ri ro tn dng

CDOCollateralized Debt

Obligation Ngha v n c th chp

LIBORLondon Interbank Offered

RateLi sut LIBOR

OECD

Organisation for Economic

Co-operation and

Development

T chc Hptc v Pht trin

Kinh t
http://saga.vn/dictview.aspx?id=2405http://saga.vn/dictview.aspx?id=2405http://saga.vn/dictview.aspx?id=2405http://www.google.com.vn/url?sa=t&source=web&ct=res&cd=3&url=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcdo.asp&ei=0ihdSsyWHs6fkQWl6cjkDA&usg=AFQjCNFjkHhHrdeq0FZJHGVWAjmfQO1lMA&sig2=6q78I7DeWnfV_80nCyBbeQhttp://www.google.com.vn/url?sa=t&source=web&ct=res&cd=3&url=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcdo.asp&ei=0ihdSsyWHs6fkQWl6cjkDA&usg=AFQjCNFjkHhHrdeq0FZJHGVWAjmfQO1lMA&sig2=6q78I7DeWnfV_80nCyBbeQhttp://saga.vn/dictview.aspx?id=9477http://saga.vn/dictview.aspx?id=9477http://saga.vn/dictview.aspx?id=9477http://saga.vn/dictview.aspx?id=9477http://saga.vn/dictview.aspx?id=9477http://saga.vn/dictview.aspx?id=9477http://saga.vn/dictview.aspx?id=9477http://www.google.com.vn/url?sa=t&source=web&ct=res&cd=3&url=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcdo.asp&ei=0ihdSsyWHs6fkQWl6cjkDA&usg=AFQjCNFjkHhHrdeq0FZJHGVWAjmfQO1lMA&sig2=6q78I7DeWnfV_80nCyBbeQhttp://www.google.com.vn/url?sa=t&source=web&ct=res&cd=3&url=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcdo.asp&ei=0ihdSsyWHs6fkQWl6cjkDA&usg=AFQjCNFjkHhHrdeq0FZJHGVWAjmfQO1lMA&sig2=6q78I7DeWnfV_80nCyBbeQhttp://saga.vn/dictview.aspx?id=2405http://saga.vn/dictview.aspx?id=2405


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LI NI U

Vi s pht trin ca nn kinh t, qu trnh th hodin ra mnh m

khin nhu cu nh , vn phng, t thng mi tng cao trong khi ngun

cung hn ch. Bn cnh , vn u t cho cc d n bt ngsn l rt ln v

c ti tr ch yu t h thng ngn hng (chim n 70-80% gi tr cng

trnh). Tuy nhin, nhu cu vn ca cc doanh nghip bt ng sn phn ln l

cc ngun trung v di hn nhngngun huy ng ca cc ngn hnglil vn

ngn hn v th rt d gy ra ri ro cho cc ngn hng. Do cc ngn hng

cng ch c th cn i mt phn tn dng ca mnh cho cc d nbt ng sn.

Trong khi lng tin nhn ri trong nhn dnrt ln nhng vic thu ht u tvo th trng bt ng sn vncn hn ch l bi sn phm bt ng sn c gi

tr ln trong khi vn nhn ri thng l vn nh l nn kh c th tham gia vo

c. gii quyt nhng bt cp trn th trng bt ng sn, chng ta cn c

nhng hng gii quyt mi v trong ti ca mnh, nhm nghin cu gii

thiu n cng c chng khon ho.

Chng khon ho cckhon cho vay bt ng sn s gii quyt vng

mc trn khi n s chia d n thnh nhiu chng ch c mnh gi ph hp

ngi dn, cc nh u t c th tham gia vo th trng. Hn na, th trng

cc chng ch c chng khon ho s l knh u t hp dn i vi nhiu

qu u t x hi, bo him, cng ty ti chnh, chng khon v ngn hng to s

lin thng gia th trng vn tin t -bt ng sn.

Vai tr huy ng vn v to s lin thng trn th trng ti chnh l

khng th ph nhn, nhng bn cht ca n th hin vic tch bch cnhu cu u t v nhu cu s hu. Chng ta c th hiu chng khon bt ng

sn l mt loi chng khon c bit kt hp gia hai hnh thc u t chng

khon v u t bt ng sn, c m bo bng gi tr bt ng sn m n i

din, ng thi cho php cc nh u t kim li trn bin ng gi tr ca bt

ng sn ny nhng khng nm gi quyn s hu trc tip mt phn hay t on

b bt ng sn trong qu trnh s hu chng khon. Cc chng khon bt

ng sn ny s c giao dch v chuyn nhng t do trn cc sn giao dch


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CHNG I: TNG QUAN V CHNG KHON HO CC KHON

CHO VAY BT NG SN

I. Cho vay th chp bng ti sn

1. Th no l cho vay th chp

Cho vay c th chp bng ti sn l mt khon vay c ti sn m bo

vic hon tr. Cc khon cho vay c th chp l cc khonn di hn, vic

thanh ton nh k ca khon n c tnh ton da trn cng thc gi tr tin t

theo thi gian. Ngi vay s phi tr mt khon tin li c nh hng thng

trong thi gian t 10 n 20 nm, ty vo iu kin c th. Trong khong thigian ny, tin gc ca khon vay s c tr dn.

Trn th gii hin nay, c rt nhiu loi hnh th chp c s dng, v c

bn cc loi hnh ny u c chung mt s c tnh nht nh v chu s chi phi

ca php lut mi nc. Li sut i vi khon cho vay ny c th l c nh

hoc c iu chnh li ti cc mc thi gian nh trc gia cc bn.

Ngi i vay c th tr n dn quan cc k v do ko di thi gian vay n.

S tin thanh ton ca mi k c th l nh nhau hoc tng hoc gim dn ty

theo tha thun ca cc bn. Tuy nhin, mt s ngn hng v cng ty ti chnh

c th s yu cu ngi vay thanh ton ton b s n vo mt ngy xcnh.

2. Tc dng ca cho vay th chp

Trong hot ng tn dng, ngi cho vay thng gp phi rt nhiu ri ro:

ri ro v mt li sut, ri ro v ti chnh v thanh ton chm ca khch hng.

Vi nhng khon cho vay c ti sn th chp, nu ngi vay khng thanh tonc n, ngi cho vay s thanh l ti sn th chp, thu li mt phn hoc ton

b tin gc, do lm gim bt ri ro khi cho vay.

Khon vay th chp bng bt ng sn (ting anh l Mortagage) l mt

sn (to nh, cn h,) m bo thanh ton. Nu ch s hu ca ngi nh

(ngi vay th chp, c th l cc c nhn hay cc hng pht trin nh) khng

tr c n th ngi cho vay (ngi nhn th chp) c quyn thu hi khon vay

v tch thu ti sn m bo khon vay c hon tr. Khi ngi cho vay thc


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hin vic cho vay da trn s tn nhim i vi ngi vay v trn ti sn th 1

chp cho mn vay, th khon vay c gi l mt khon vay th chp bt ng

sn thng thng. Ngi cho vay c th i hi ngi vay phi c bo him

khoncho vay th chp bng bt ng sn ny phng khi ngi vay khng tr

c n. Bt ng sn c s dng trong hot ng cho vay th chp c th l

nh cc loi v cc loi bt ng sn thng mi hay nng tri.

II. Chng khon ho cc khon cho vay th chp bng ti sn mua

1. Gii thiu v chng khon ho

Chng khon ha xut hin u tin Hoa K vo nm 1970. Fannie Maev Freddie Mac1 - hai cng ty c chnh ph M bo tr - l nhng cng ty

u tin v cho n nay vn lun l nhng cng ty tch cc nht trong hot ng

chng khon ha. Hi thp nin 1970, hai cng ty ny pht minh ra chng

khon m bo bng ti sn th chp (hay MBS). Sau , cc loi chng khon

m bo bng ti sn khc ra i, nh giy n m bo bng ti sn (hay CDO)

v cc th tng t CDO. Nu nh MBS ng gi cc ti sn th chp thc th

khc nhau li, th CDO, xuthin t nm 1987 v ch thc s ph bin t cui

thp nin 1990, thm ch li cn ng gi MBS v mt s ti sn khc. Nghin

cu caMason and Rosner (2007)cho bit vo nm 2005, c n 81% ti sn

m bo cho CDO l t MBS, tc l vo khong 200 t dollar M. Do c

quan im cho rng CDO l sn phm ti chng khon ha cc loi chng

khon khc. Th giy n m bo bng ti sn ny c th c nhiu loi l sn

1l cccng ty i chng, cct chc ti chnhca Hoa Kchuyn mua vchng khon hacc khon
http://vi.wikipedia.org/wiki/C%C3%B4ng_ty_%C4%91%E1%BA%A1i_ch%C3%BAnghttp://vi.wikipedia.org/wiki/C%C3%B4ng_ty_%C4%91%E1%BA%A1i_ch%C3%BAnghttp://vi.wikipedia.org/wiki/C%C3%B4ng_ty_%C4%91%E1%BA%A1i_ch%C3%BAnghttp://vi.wikipedia.org/w/index.php?title=T%E1%BB%95_ch%E1%BB%A9c_t%C3%A0i_ch%C3%ADnh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=T%E1%BB%95_ch%E1%BB%A9c_t%C3%A0i_ch%C3%ADnh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=T%E1%BB%95_ch%E1%BB%A9c_t%C3%A0i_ch%C3%ADnh&action=edit&redlink=1http://vi.wikipedia.org/wiki/Hoa_K%E1%BB%B3http://vi.wikipedia.org/wiki/Hoa_K%E1%BB%B3http://vi.wikipedia.org/wiki/Ch%E1%BB%A9ng_kho%C3%A1n_h%C3%B3ahttp://vi.wikipedia.org/wiki/Ch%E1%BB%A9ng_kho%C3%A1n_h%C3%B3ahttp://vi.wikipedia.org/wiki/Ch%E1%BB%A9ng_kho%C3%A1n_h%C3%B3ahttp://vi.wikipedia.org/wiki/Ch%E1%BB%A9ng_kho%C3%A1n_h%C3%B3ahttp://vi.wikipedia.org/wiki/Hoa_K%E1%BB%B3http://vi.wikipedia.org/w/index.php?title=T%E1%BB%95_ch%E1%BB%A9c_t%C3%A0i_ch%C3%ADnh&action=edit&redlink=1http://vi.wikipedia.org/wiki/C%C3%B4ng_ty_%C4%91%E1%BA%A1i_ch%C3%BAng


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phm chng khon ha ca vic ng gi cc loi ti sn c mc ri ro khc

nhau, v hngti cc i tng nh u t khc nhau. Loi CDO t ti sn c

mc ri ro thp nht c th c cc t chc nh gi tn nhim xp hng

cao nht. Cng vi s ra i v pht trin ca CDO l s xut hin ca nhng t

chc cung cp dch v bo him cho nh u t CDO v ca nhng t chc lin

kt cung cp hp ng hon i tn tht tn dng (hay CDS).

2. Cc ch th tham gia vo qu trnh chng khon ho

Ch ti sn ban u (Originator): L bn bn ti sn cho Php nhn c

bit (chuyn tt c cc quyn lin quan n ti sn). Ch ti sn ban u thng

tip tc lm dch v qun l ti sn cho Php nhn c bit hng ph qun

l.

Php nhn c bit (Special Purpose Entity / Vehicle): c thit lp

thc hin chc nng chuyn ha cc ti sn c tnh thanh khon km thnh cc

chng khon c th mua bn, chuyn nhng t do trn th trng. Nh nghip

v tch ring cc ti sn v ti cu trc cc lung tin, php nhn c bit c th

pht hnh nhiu loi chng khon chuyn ha khc nhau p ng nhu cu a

dng ca ngi u t v thi gian o hn, t sut sinh li v mc ri ro.Trong qu trnh to tnh thanh khon cho cc ti sn, php nhn c bit c th

nhn c s h tr t bn ngoi thng qua c ch tng cng tn nhim v h

tr tng tnh thanh khon.

Php nhn c bit c th c thnh lp di dng mt qu y thc hoc

cng ty c phn, trong bn qun l qu hoc hi ng qun tr ca cng ty c

phn l i din chu trch nhim bo v quyn li cho ngi u t. Php nhn

c bit dng ngun thu t pht hnh chng khon mua li ti sn t ch

ti sn ban u. Ti sn sau khi c mua vn do ch ti sn iu phi theo hp

ng qun l ti sn gia php nhn c bit v ch ti sn ban u, ton b thu

nhp c c t ti sn s c chyn cho php nhn c bit cn i chi

tr li tc cho ngi u t.

th chpnhm m bo v ti chnh cho t chc ti chnh cho ngi dn vay tin mua nh .
http://vi.wikipedia.org/w/index.php?title=Th%E1%BA%BF_ch%E1%BA%A5p&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=Th%E1%BA%BF_ch%E1%BA%A5p&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=Th%E1%BA%BF_ch%E1%BA%A5p&action=edit&redlink=1


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III. hng thc chng khon ho 2

1. Phng thc chng khon ho thng qua trung gian: The mortgage

Backed Security (MBS):

Phng thc to chngkhon ho thng qua trung gian l phng thc khi

ngi vay tin ngn hng c ti sn th chp l cc a c (gi l ti sn th

chp) hon tr gc v li tin vay cho ngi nm gi chng khon thng qua t

chc trung gian (gi l ngi c u thc thay cng ty tn thc). Hay ni cch

khc, c trng ca cc lung tin trong phng thc chng khon ho thngqua trung gian phn nh cc lung tin ca khon vay c th chp.

Hnh 1: Quy trnh to chng khon MBS

2. Phng thc to chng khon c ti sn cm c bng cc chng khon

ti th chp: Collateralised Mortgage Obligations (CMO):

2Qun tr ri ro trong ngn hng thng mi PGS.TS Nguyn Vn Tin

1.

3.


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CMO c s dng nhm mc ch to ra s hp dn hn i vi cc nh

u t chngkhon ti sn ngn hng. to c s hp dn hn, cc chng

khon CMO uc pht hnh thnh nhiu hng khc nhau (a hng) nhm hp

dn v p ng yu cu tnh a dng ca cc nh u t. Trong khi theo phng

thc chng khon ho thng qua trung gian th mi nh u t hng thng nhn

c khon tin l t l vi tr gi chng khon m mnh nm gi i vi khon

tin ngi vay tn dng hon tr cho ngn hng {bao gm khon tr gp c nh

hng thng (gc v li) v khon tingc hon tr trc hn}, th CMO li l

phng thc chng khon ho a hng, ngha l nhng nh u t uc phn

thnh cc thc hng khc nhau theo mt s tiu ch nht nh v chng khon.

Hai c im c bn ca phng thc chng khon CMO l:

- C mc li sut coupon ca tri phiu l c nh nhng khc nhau gia

cc hng tri phiu khc nhau.

- Khon tin hon tr trc hn c s dng thanh ton phn gc tri

phiu ch cho mt hng tri phiu nht nh, cn cc tri phiu ca cc hng

khc vn c gi nguyn.

Hnh 2: Quy trnh to chng khon CMO

3. Phng thc to chng khon ha c ti sn th chp khng thng qua

trung gian: The mortgageBacked Bond (MBB)

Phng thc pht hnh MBB l phng thc th ba ca cng ngh chng

khon ho. S khc nhau gia tri phiu MBB so vi hai loi chng khon

thuc hai phng thc trc l MBS v CMO hai im sau y:

- Trong khi MBS v CMO gip ngn hng chuyn cc khon cho vay th

chp bt ng sn (a c) t ni bng ra hch ton ngoi bng, th

MBS


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phng thc pht hnh MBB thng thng vn duy tr cc khon cho

vay ny ni bng.

- Trong khi MBS v CMO c mi lin h trc tip gia cc lung tin

ca khon vay c th chp v cc lung tin ca cc chng khon, thmi quan h ny trong MBB ch l mi quan h cm c, khng trc

tip gia cc lung tin vay c th chp v cc lung tin thanh ton li

sut v gc tri phiu MBB.

V bn cht, khi mt ngn hng pht hnh MBB v sau nu ngn hng

ny b ph sn, th nhng ngi nm gi tri phiu MBB l nhng ngi u

tin c quyn tip cn v c quyn c chia ccti sn th chp pht hnh

MBB. Hay ni cch khc, ngn hng tch nhm ti sn cho vay c th chp

ni bng thnh mt nhm (nhng vn duy tr ni bng) v dng n lm ti sn

cm c (m bo) pht hnh tri phiu MBB.

IV. Li ch ca chng khon ho i vi thtrng bt ng sn

1. i vi nn kinh t

Vic s dng cc sn phm chng khon c m bo bi ti sn th

chp c p d nng lc d bo khng hong, nh gi chnhxc hn cc ti sn v mc ri ro.

Chng khon ha cc khon tn dng bt ng sn l giao dch

c thc hin da trn thng tin y v tnh minh bch cao c hnh thnh

mt cch t nhin trong nn kinh t. Vic quan st klng v cn trng cc s

liu thng k khng qu kh khn hay phc t rt hu ch nhn din

nhng sai lm ang din ra trn thtrng. Thng thng, l nhng lm ln

ng ktrong nh gi mc ri ro vi thtrng bt ng sn.

2. Li ch ca ngi i vay:


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i vi phn vn i vay trong vn u t cho d n xy dng c s h

tng, chng khon l c hi gim chi ph tr li vay v tng hiu qu sinh li

ca d n.

i vi phn vn t c c dng u t vo d n, chng khon ha lmt bin php gip ch u t nng cao vng quay vn. Vn ny cc k

quan trng i vi nhng cng ty chuyn u t vo c s h tng, v so vi

bin php pht hnh c phiu hoc tri phiu gi vn cho mt d n mi,

vic bn i phn vn t c trong cc d n tit kim c thi gian v chi

ph pht hnh.

Chng khon ha m ra kh nng huy ng vn cho hot ng xy dng

c s h tng, ngay c khi d n mi ch trn giy. Cc hp ng hoc cam

kt chc chn m bo hiu qu kinh t cho hot ng ca d n khi i vo vn

hnh, u c kh nng bin thnh ti sn c gi hng ha trn th trng ti

chnh.

3. Li ch ca nh u t:

C thm mt cng c u t mi vi sut sinh li cao hn tri phiu Chnh

ph v tin cy tng i n nh.

Tnh thanh khon ca chng khon m bo bng ti sn ti chnh (chng

khon ABS) kh cao nn ngi u t c th d dng tham gia giao dch trn th

trng tp trung.

Chng khon ABS l mt cng c hu hiu cho nghip v phng nga ri

ro, c bit l cho nh u t c tc.

Gim thiu ri ro c th nh hng n mc tn nhim ca ch th pht

hnh, do tnh cht ca chng khon ABS l ch ph thuc vo cht lng ca

ti sn chuyn ha.

4. Li ch cho h thng trung gian ti chnh

Gim c thi lng ca danh mc u t.

Tng kh nng thanh khon ca ti sn.


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Gim c cc chi ph c tnh cht thu quy ch.

Tng thu nhp t chi ph.

IV. Ri ro trong hot ng chng khon ho cc khon cho vay bt ng

snTrong qu trnh chng khon ho s c nhiu ri ro, nhng sau y l mt

s ri ro chnh m cc thnh vin cho l quan trng:

- Ri ro tn dng;

- Ri ro h thng;

- Ri ro lin quan n php lut.

1. R

Ngun gc ca ri ro tn dng:Ri ro tn dng c nh ngha lri rokhng hon thnh hoc tr hon ngha v thanh ton. Tt c cc khon phi

thanh ton pht sinh trong qu trnh chng khon ho u c cho l ri ro tn

dng v ri ro ny khng ch l ri ro t ngi i vay m tt c cc bn lin

quan.

Cc khon phi thanh ton c coi l c th xy ra ri ro tn dng:- Khon phi thanh ton t cc t chc trung gian cho nh u t.

- Khon ph phi tr ca SPV cho cc cng ty dch v.

- Khon phi tr ca cc cng ty dch v cho i l thanh ton.

-Khon phi tr ca cc cng ty bo him vi ngha v thanh ton ca h.

2. Ri ro cu trc

Ri ro cu trc s bao gm 3 loi ri ro: Ri ro th trng, ri ro tnh lng

v ri ro hot ng.

Ri ro th trng:Riro ch yu lin quan n chng khon ho chnh lri ro li sut v ri ro t gi hi oi. Mt trong nhng ngun thu ca SPV

chnh l khon thu t li sut cho cc t chc i vay, li sut ca nhng khon

cho vay ny c th l c nh hoc th ni theo mt li sut no nh Libor.

Tuy nhin cc SPV ny li p dng cng mt mc phi tr cho cc nh u t,


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v th khi trn th trng c s bin ng s gy ra ri ro cho cc t chc ny.

C 4 trng hp c th xy ra:

Thu nhp t li v chi ph tr li u l nhng li sut c nh: nu c s

thay i trong li sutth s khng tc ng nhiu n cc khon phi tr cngnh cc khon ti ti tr ca SPV nu k hn ca cc khon cho vay v i vay l

trng nhau. Nhng nu trng hp cc k hn ca khon i vay v cho vay

khng trng th ri ro ti u t, ti ti tr s pht sinh ph thuc vo cu trc k

hn ca li sut.

Thu nhp t li sut da trn li sut c nh, chi ph li phi tr l li sut

th ni: Nu li sut tng ln th s pht sinh ri ro li sut khi m thu nhp t

li s khng b p cc khon chi ph phi tr li.

Thu nhp t li da trn li sut th ni, chiph tr li da trn li sut c

nh: Khi li sut gim th thu nhp t li s gim trong khi chi ph tr li vn

gi nguyn th thu nhp t li s khng b p c chi ph.

Thu nhp v chi ph u da trn li sut th ni: v c thu nhp t li v

chi ph li phi tr c neo theo nhng li sut khc nhau v th s xut hin ri

ro li sut khi cc li sut c neo c bin ng khc bit nhau.

Tng t vi ri ro t gi, cng c s khc bit khi m thu nhp v chi ph

t cc ng tin khc nhau v lun lun c s bin ng t gi.

Ri ro tnh lng:Ri ro tnh lng s bao gm ri ro trn bng cn i kton v ri ro lin quan n th trng.

Ri ro tnh lng trn bng cn i k ton:Ri ro ny xy ra khi c s

khng cn xng gia dng tin ra v dng tin vo ca SPVs. C th trnh c

ri ro ny nu cng ty c lch trnh r rng v c th v dng tin ra vo nhng

vi iu kin cc khon ny phi ng thi hn. Ri ro tnh lng xy ra khi cc

khon thanh ton b tr hon ( ri ro tn dng).

Ri ro tnh lng lin quan n th trng: l khi nh u t khng th

thc hin vic mua, bn tri phiu mt mc gi mong mun thi im nht

nh bi v khng c tnh lng trn th trng th cp. Ngoi ra, ri ro tnh lng


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cng xy ra i vi cc SPVs khi khng phi tt c tri phiu h pht hnh cng

c th thc hin trn th trng s cp.

Ri ro hot ng:Ri ro ny l h qu ca s lng ln cc quan h hp

ng gia cc bn trong giao dch kt hp vi thng tin bt cn xng gia ccbn.Nhng trung gian trong giao dchc phm vi hot ng rng c th thc

hin nhng hot ng v li ch ca h m nh hng n li ch ca cc SPVs

v nh u t (ri ro o c). Sau y l mt s trng hp c th ny sinh

thuc v ri ro hot ng:

-Ngi thc hin cc khon cho vay th chp khng c trch nhim cao

i vi vic nh gi cht lng ca cc khon cho vay.

- Cc trung gian khng thc hin bo co cc khon l.

-Cc trung gian thiu ng lc trong vic nh gi v chn la nhng

khon cho vay c th thu hi ng hn v c kh nng thanh ton dn ti thc

hin bo him thot khi l.

-Cc ngn hng, t chc tham gia qu trnh thc hin ti a ho thu nhp t

ph y li sut cao i vi ngi i vay v gim chi ph phi tr cho nh u t.

- Tc ng n vic xp hng tn dng.3. R

Ri ro do cung cp thng tin: gi mi quan h vi khch hng ca

mnh (nhng ngi i vay) ngn hng hn ch vic cung cp thng tin v

nhng khch hng ny cho nhng bn lin quan m c bit l nh u t. Mt

khi nhng ngi i vay ph sn th s nh hng trc tip n cc bn lin quan.

trnh xy ra tnh trng bt cn xng thng tin, cc bn cn phi c tho thun

r rng v vic trao i thng tin theo lch trnh, nh th s m bo phn no

quyn c tip cn thng tin ca nh u t v cc t chc c lin quan.

Ri ro ph sn:S ph sn ca cc t chc thc hin cc khon cho vay

th chp v SPVs trong giao dch chng khonho c th em li ri ro do yu

cu thc hin bo him ca cc bn lin quan.


14/85


Ri ro lin quan n lut, chnh sch:Khi cc chnh sch ca chnh ph v

cc lut c ban hnh lin quan n cc bn quan trong qu trnh chng khon

ho u gy ra ri ro.

V. Bi hc kinh nghim ca cc nc trn th gii v chng khon ho cckhon cho vay bt ng sn

Hin nay, th trng bt ng sn v tn dng bt ng sn b chi phi bi

nn kinh t ton cu, nht l ca cc nn kinh t ln, trong nn kinh t M c

tm nh hng rt ln n tc ng n nn kinh t ton th gii. iu ny th

hin r qua cuc khng hong th trng bt ng sn ti M m bt ngun l t

cuc khng hong tn dng bt ng sn trn th trng th cp nm 2007. Cuc

khng hong t M lan rng v tc ng xu n th trng bt ng sn v

th trng chng khon quc t. V bi hc t kinh nghim p dng cng c ny

vo nhng 90 nhm khc phc tnh trng ng bng ca th trng nh t sau

khi khng hong xy ra cng l kinh nghim thit thc i vi Vit Nam. Cnh

th th trng bt ng snSingapore cng l mt th trng pht trin mnh

m, c nhiu thnh qu v l mt nc thuc khi ASEAN nn tham kho khi

nhhng pht trin th trng bt ng sn Vit Nam.

1. Tn dng bt ng sn ti M v khng hong cho vay di chun 2007

Th trng tn dng bt ng sn M pht trin mt trnh cao,

bng nghip v chng khon ha cc khon cho vay cm c th chp trn th

trng cm c th chp th cp, c th l pht hnh tri phiu bt ng sn,

huy ng c nhiu ngn hng v nh u t trn th gii tham gia vo vic ti

tr vn cho th trng bt ng sn M. Tuy nhin cc tri phiu ny li cm bo bng cc khon n xu, kh nng tr n ca ngi i vay l thp.

1.1 Mt s khi nim

- Thi trng cm c th chp th cp: l th trng ni din ra vic mua

bn cc khon cho vay c th chp bng ti sn gia nh cho vay trc tip trn

th trng cm c th chp s cp (l ch yu) vi cc t chc mua bn n. Cc


15/85


nh cho vay trc tip tp hp cc khon cho vay th chp cm c ca mnh li

thnh mt danh mc v bn chng li cho cc cc t chc mua bn n.

- Thi trng cho vay th cp: l ni mua bn cc tri phiu, c phiu

c m bo bng gi tr ca cc khon cho vay th chp cm c.

- Li sut cho vay th ni (Option ARM): l phng thc cho vay theo

ngi i vay c quyn chn mt trong bn phng thc tr n sau:

- Tr theo tiu chun chit khu l 30 nm, hoc;

- Tr theo tiu chun chit khu l 15 nm, hoc;

- Tr tin li,hoc;

- Tr mt mc ti thiu nh hn tin li hng thng.

Khi chn Option ARM, ngi i vay s chn phng n chi tr mc tithiu. Theo phng n ny th nhng nm u tin ngi i vay s tr s tin

thp hn tin li hng thng, vmi nm s tng mc ti thiu ny ln theo tc

bng vi li sut thp. Ngi i vay c th tr mc ti thiu ny trong vng

nm nm, sau nm nm s tnh li mc chi tr. V s thiu ht ny s a vo

s d n gc v s d n gc c th m tng ln. Tuy ni l nm nm s tnh li,

nhng khi s tin vay vt qu mt mc hn nh so vi n gc ban u th

ngn hng s tnh li ngay lp tc. V gnh nng chi tr bt u xut hin, ngi

i vay phi chu mt c sc ln khi s tin chi tr nhy vt ln mt cch khng

ng.

-N di chun: l cc khon cho vay cc i tng c mc tn nhim

thp. Nhng i tng ny thng l nhng ngi ngho, c thu nhp thp,

cng vic khng n nh, v th x hi thp hoc c lch s thanh ton tn dng

khng tt trong qukh. Nhng i tng ny tim n ri ro khng c kh nngthanh ton n n hn do rt kh khn trong vic tip cn ngun vn.

1.2 Qu trnh pht trin, nguyn nhn khng hong v hu qu ca khng

hong tn dng bt ng sn ti M

a. Qu trnh pht trin tn dng bt ng sn ti M

Trc nm 1930, gn ging vi tnh trng th trng tn dng ti Vit Nam

hin nay, tn dng bt ng sn M c cc tnh cht nh: li sut linh hot, t l


16/85


thanh ton ln u cao, khon tn dng c thi hn ngn. Cuc khng hong

1929 - 1933 dn ti giai on gi tr bt ng sn gim mnh, ch cn khong

50% ca thi k nh cao trc khng hong. Ngi mua nh thy tnh trng bt

trc chp nhn tuyn b mt kh nng thanh ton vi cc ngn hng, chm

dt ngha v ti chnh c nhn. Ln sng pht mi ti sn in hnh ln ti

250.000 v mi nm trong giai on 1931 - 1935. Vo lc xu nht, 10% s bt

ng sn b sit n. Cc t chc c bit quan trng c thnh lp, gm:

- HOLC: Huy ng vn t tri phiu c Chnh ph bo lnh, dng vn

mua cc bt ng sn v n, phc hi trng thi, i k hn khon n. i t li

sut bin ng, ngn hn v khng khu tr dn sang loi ti chnh li sut c

nh, di hn (20 nm tr ln) v khu tr dn ti khi hon thnh ngha v ti

chnh. HOLC trong v ny mua li v x l khong 1 triu hp ng vay.

- FHA: c thnh lp bo him cho cc hp ng vay ti tr bt ng

sn. Cc hp ng bo him m bo cho nhng kh c ca HOLC c th

c giao dch. HOLC khng phi c quan kinh doanh bt ng sn nn cn

tnh thanh khon thu hi ti chnh. HOLC v FHA hp sc thnh mt c cu

k thut ti chnh cho php cc t chc ti chnh khng cn thanh khon tr nnthanh khon, gip phc hi th trng ti chnh. Ti nm 1936, HOLC hon

thnh s mnh v dng hot ng.

- Fannie Mae: Ra i 1938. N h hi tip sc cho FHA qua th trng th

cp giao dch cc kh c FHA. Fannie Mae pht hnh tri phiu mua cc hp

ng tn dng mnh gi. Nhng thay i ny dn ti nm 1948, k hn vay

di nht tng ln 30 nm (so vi 20 nm trc ). Nm 1956, FHA tng t l

vay trn gi tr bt ng sn ln ti a 95% (so vi 80% trc ) vi xy dng

mi v 90% vi nh ang c. Ti nm 1980 th chng khon ha tr thnh

ngun ti chnh ch yu ti tr cho hot ng vay bt ng sn nh . S lin

thng ny kh ton din. iu ny lm thay i c cu tiu dng ca ngi dn

M rt r rt:


17/85


Bng 1: ng thi v tin vay kh c bt ng sn Hoa K3

Nm 1949 1979 2001

20% 46% 73%

15% 28% 41%

M lm vo mt cuc khng hong mi vi quy m rt ln lm rung ng nn

kinh t th gii.

b. Nguyn nhn khng hong tn dng bt ng sn

Bng n cho vay n di chun:Mt phn nguyn nhn ng k dn n

khng hong tn dng bt ng sn l v khng hong tn dng nh di

chun trong nhng thng cui nm 2007. chnh l s bng n v cho vay

di chun trong cc nm gn y.

Xut pht t vic mt cn i cung cu ngun vn, cc ngun vn tha

trn th trng khng c s dng hiu qu. Cc t chc cho vay nhn thycho vay di chun l gii php ti a ha li nhun v cho vay di chun

c mc li sut cao hn cc hnh thc cho vay khc nn nhiu ngn hng tin

hnh cho vay di chun. Mt khc, Cc d tr lin bang M lin tc h li sut

khin chiph vn r. Nhiu ngi tin bc vo th trng bt ng sn v

h cho rng u t vo lnh vc ny s mang li nhng khon li nhun cao hn

cc lnh vc khc. S ngi mua ngy mt gia tng, cu vt cung y gi

tng li cn tng cao hn. Trong vng 10 nm qua, gi nh M tng lin tc

khong 20% mi nm v c ni th tng gp ba.

Vi gi bt ng sntng lin tc, li sut cho vay thp cng vi s cnh

tranh khc lit trn th trng, nhiu cng ty ti tr a c sn sng cho vay

khng cn tin t cc, cng khng cn ngi i vay phi chng t r rng v

kh nng tr n. Vi cch cho vay qu d dng, th nhng ngi trc y b

3Ngun: Green & Watcher (2005)


18/85


xp hng khng t chun c th tip cn mt cch d dng vi cc ngun tn

dng, c vay tr gp mt cch thoi mi. T y c rt nhiu khch hng

trc y cha h c l lch vay mn, hoc c l lch yu v tng chm tr n,

hoc khng kh nng tr gp hng thng cho n nhng ngi tng b ph

sn cng c th tip cn ngun vay v tr thnh ch nhn ca nhng ngi nh

ln vi nhng khon vay ln.

Ngun ti tr bt ng sn gia tng:Trc y ngun tn dng bt ng

sn ch yu l t cc ngn hng vi cc rng buc gt gao v lut l hot ng

ngn hng. Lng tin cho vay c hn do cc ngun cung tin cho vay ca cc

ngn hng ph thuc rt nhiu vo lng tin k gi ca khch hng, v ch mt

phn trong s tin ny c dng cho vay bt ng sn do yu cu qun l ri ro

tn dng.

Vi s ra i v pht trin mnh m ca th trng th chp cm c th

cp v cao hn na l nghip v chng khon ha cc khon vay cm c th

chp trn c thm rt nhiu i tng tham gia ti tr cho bt ng sn nh

cc cng ty bo him, cc qu u t, cc qu hu tr, cc nh u t nh l.

Theo , lng vn vo cho vay bt ng sn tng ln rt nhiu v tnh thanhkhon ca cc khon cho vay ny cng tng ln.

c. Hu qu ca khng hong tn dng bt ng sn ti M

Cuc khng hong tn dng bt ng sn ti M li cho nn kinh t

M v nn kinh t ton cu nhng hu qu rt ln. Th trng bt ng sn v

th trng chng khon b nh hng nng n. Th trng tri phiu hnh thnh

t chng khon ha bt ng sn b mt kh nng thanh ton. Ngnh xy dng

M gp 15% GDP c th b ct gim xung cn mt na sn lng v ct gim

1-2 triu cng vic. Hng lot cc ngn hng v cc qu u t, khng ch M

m cc nc khc trn th gii, ri vo tnh trng thua l nng v ph sn. Tnh

trng mua bn v st nhp cc ngn hng cc cng ty din ra lin tc. Nhiu

ngn hng ln trn th gii b quc hu ha.

Thng 9/2007, theo cng b ca Hip hi Bt ng sn M (NAR), s v

giao dch nh t thnh cng trong thng ny gim 8% so vi 5,04 triu v


19/85


giao dch thng trc, t l cc hp ng giao dch b hy l 50%. y l con s

k lc k t nm 1999 n nay, thp hn nhiu so vi d bo ca Ph Wall.

ng thi, gi nh t cng gim khong 4,2% k t nm 2006 (t 234.000

USD xung cn 211.000 USD) v tt khong 5,7% k t thng 8 va qua.

Theo Moodys Economy.com, t thng 8 nm 2007 ti thng 8 nm

2008, cc nh ch ti chnh ton cu thua l tng s tin khong 925 t USD

v khng hong tn dng, tng ng 3% tng ti sn ca h. Trong s ny,

trm trng nht l khon thua l c th ln ti 525 tUSD lin quan n cc

khon cho vay a c.

Nhng cng ty ti chnh tng mt thi hng mnh ca M nh Bear

Stearns, Lemah Brother, Countrywide Financial v IndyMac v n hoc b

mua li. Hng lot tp on khc nh Fannie Mae, Freddie Mac, Washington

Mutual, Citigroup, AIG v Wachovia4trong cnh kh khn v Chnh ph ra

tay bng vic mua c phiu u i v quc hu ho cung cp vn cho cc t

chc ny.

Cc nh ch ti chnh nc ngoi ang c mc lin quan rt cao ti

cc t chc cho vay khng l M. c tnh, khong 50% cc loi chngkhon c pht hnh t cc khon n cho vay cm c M hin nm trong tay

cc nh u t nc ngoi. Cng lc cc ngn hng u t M nh Merrill

Lynch v Citigroup phi gnh nhng khon thm ht ti sn v i do n xu

th trng M, ngn hng khng l mang quc tch Thy S UBS v Ngn

hng IKB Deutsche Industriebank ca c cng trong tnh trng tng t.

Deutsche Bank thua l tng cng 2,5 t euro trong qu I/08. Ti Norway, 8 ngn

hng cng b thua l t nht 125 triu USD v u t vo cc loi chng

khon bt ng sn ca M. V khng hong thanh khon, mt ngn hng ln

ca Anh l Northern Rock b Chnh ph nc ny quc hu ha vo thng

2/2008.

2. Tn dng bt ng sn ti Singapore

4Cc ngn hng tng hp, ngn hng u t, cng ty bo him, cng ty ti chnh ln ca M


20/85


Singapore tng bng n th trng bt ng sn vo cui thp nin 1970,

suy thoi gia thp nin 1980. Ln bng n th hai l vo u n gia thp

nin 1990, suy thoi t nm 1997 n 2006. T nm 2007, t nc ny bt u

ln bng n th 3. Nm 2007, th trng nh t Singapore pht trin nng

nht th gii, khi gi bt ng sn tng 31%. Tuy nhin, th trng bt ng sn

nc ny cng khng trnh khi nhng nghi ngi dy chuyn bt ngun t s i

xung ca kinh t M, cng nh nhng p lc lm pht ang din ra nhiu

nn kinh t. Chnh ph Singapore cho bit, gi nh dn ch tng 0,4% qu

2/2008, mc tng thp nht 4 nm qua. Mc d mc tng chung ca th trng

nh t qu 2/2008 vn t 3,7% so vi qu 1/2008, song nhng trin vng mua

bn vn mc ng tht vng.

Cc cn st nng lnh ca Singapore cng bt ngun t vic cho vay d

dng ca cc ngn hng v tm l ai cng cho rng gi nh ch ln cao m thi.

Hu ht mi ngi cho rng: c mua ngay i ri chu kh vi nm sau hoc

hy vng tin lng tng ln d tr n, bng khng th cng bn i c li

nhiu. Bn cnh , nghip v chng khon ha bt ng sn Singapore cng

pht trin n trnh cao. Cc chnh sch cho pht trin th trng bt ng

sn ca Singapore cng ng b hn,cho php nhiu hnh thc huy ng vn

vi nhng iu kin d hn nhng vn m bo quyn li cho nhng ngi

tham gia vo th trngbt ng sn. bo v ngi mua, lut php Singapore

c quy nh v quyn chn mua, y l quyn m ngi bnphi cung cp cho

ngi mua. Quyn chn mua c hiu lc trong vng 3 tun tnh t ngy trao

giy chng nhn quyn s hu v bn tho hp ng mua bn.

3. Cc bi hc kinh nghim

Cuc khng hong n di chun 2007 bt ngun t s qun l lng lo

trong cho vay tn dng di chun v t lng tham ca th trng. Li nhun

cao kt hp vi lng tham dn n lm dng vic cho vay n di chun.

Cc th tc thm nh thc hin bi cc i l cho vay din ra ht sc d di v

vic tip cn vn tn dng mua nh tr nn nhanh chng, d dng hn bao gi


21/85


ht. Nhng ngi c thu nhp thp, c bit l dn nh c u tin c c hi

mua nh.

Chng khon ha l mt cng c ti chnh thng minh song b li dng

vo vic xu gy nn hu qu khn lng. Thng qua cc cng c ny cc ngnhng chuyn ri ro do cho vay di chun sang cho cc nh u t nhm thu

li cao.

Bnh cnh, vi tm l cho rng gi bt ng snch c tng ch khng

gim v cho rng u t vo bt ng snlun mang li li nhun cao lm nhiu

ngi lao vo u t kinh doanh. Tuy nhin, khi lao vo u t v mua nh

khng phi nh ut v ngi dn cng hiu ht cc ri ro trc khi mua cc

sn phm ti chnh phc tp nn khng trnh khi nhng tn tht nng n. Cc

nh u t v khch hng cn tnh to nhn ra cc hnh thc cho vay tr gp

trong khng t sn phm l ci by "git" ngi.Hn na ln sng u t vo

bt ng snlun ra hiu ng by n ca cn st u c, khin gi nh t tng

n mc phi l. y l nhng bi hc khng tha cho bt c quc gia no trong

qu trnh hi nhp v pht trin.

CHNG II: TRIN VNG P DNG CHNG KHON HO CC

KHON CHO VAY TH CHP TI VIT NAM

I. Tng quan th trng bt ng sn

1. C bn v bt ng sn

1.1 Khi nim

Theo quy nh ca Lut dn s sa i s 33/2005/QH11, Quc hi kha

XI, k hp th 7 th bt ng sn l cc ti sn bao gm: t ai, nh, cng trnh

xy dng gn lin vi t ai, k c cc ti sn gn lin vi nh, cng trnh xy


22/85


dng ; cc ti sn khc gn lin vi

- Bt ng sn l ti sn khng di ng c, trong bt ng sn in

hnh nht l t ai, nh . Mt khc do c im khng di ng c, nn v trbt ng sn thnh ph hay nng thn, khu vc trung tm hay khu vc

xa trung tm... ng mt vai tr rt quan trng trong vic nh gi bt ng sn.

Cng mt mnh t din tch nh nhau, nhng v tr khc nhau th gi bt

ng sn cng khc nhau.

- Cc cng trnh xy dng, ti sn khc nu nh khng gn lin vi t ai,

nh th khng th xem l bt ng sn, nhng khi gn vi t ai, nh th

c xem l bt ng sn.

Nh vy bt ng sn l yu t vt cht c ch cho con ngi, l ti nguyn

ca quc gia v c tnh lu bn th hin r trong qu trnh s dng t ai bi

t ai khng b hao mn. Mt khc, i vi bt ng sn l hng ho cn c th

giao dch trn th trng v mang li gi tr tng thm cho nn kinh t thng qua

vic chuyn t gi tr hin vt sang tin t.

Tuy nhin, vi tnh cht khng di ng c, v c tnh khan him khngth tng thm d dn s tng. y chnh l nguyn nhn dn n tng cung bt

ng sn trong tng lai lun thp hn so vi tng nhu cu bt ng sn xt v

di hn.

1.2 Phn loi

Cn c theo khi nim trn, bt ng sn c th chia thnh 3 loi sau:

Bt ng sn c u t xy dng gm: Bt ng sn nh , bt ng sn

vn phng, nh xng v cng trnh thng mi dch v, bt ng sn h tng

(h tng k thut, h tng x hi) ... Trong bt ng sn c u t xy dng th

nhmbt ng sn nh t (bao gm t ai v cc ti sn gn lin vi t ai)

l nhm bt ng sn c bn, chim t trng rt ln, c tnh cht phc tp v

chu nh hng ca nhiu yu t ch quan v khch quan. Nhm ny chim a


23/85


s trong cc giao dch trn th trng bt ng sn nc ta cng nh cc

nc trn th gii.

Bt ng sn khng u t xy dng: Bt ng sn thuc loi ny ch yu

l t nng nghip (di dng t liu sn xut) bao gm cc loi t nngnghip, t rng, t nui trng thu sn, t lm mui, t him, t cha s

dng.

Bt ng sn c bit:L nhng bt ng sn nh cc cng trnh bo tnquc gia, di sn vn ho vt th, nh th h, nh cha, miu mo, ngha trang.

1.3 Cc nhn t tc ng n gi tr bt ng sn

Gi c bt ng sn tu thuc mt phn ln vo quan h cung cu trn thtrng. Khi cu ln hn cun y cao ln; ngc

li, khi cu thp hn cung, gi bt ng sn c xu hng gim xung. Tuy

nhin, gi c cn ph thuc vo nhiu yu t khc nh nhng yu t xut pht t

nhng khuyt tt ca th trng nh c quyn, u c, s can thip ca Nh

nc nh u t ca Nh nc vo vic nng cp c s h tng khu dn c nh

ng giao thng,cp v thot nc, cp in...tng hoc min gim thu cho

cc doanh nghip kinh doanh a c, p dng vic bn u gi ti sn bt ng

sn thuc s hu Nh nc, chnh sch nh cho ngi c thu nhp thp... c

nhng yu t bt ngun t tm l, thi quen ca ngi dn nh khng mun bn

nh t do cha ng li, hoc khng thch nh chung c.

2. Th trng bt ng sn

2.1 Khi nim

Th trng bt ng sn l th trng m cc giao dch, mua bn v trao

i v bt ng sn c din ra gia ngi mua v ngi bn thng qua c ch

gi. Tuy nhin bt ng sn khc vi cc hng ha khc ch chng khng ch

c mua bn, m cn l i tng ca nhiu giao dch khc nh cho thu, th

chp, chuyn dch quyn s dng. Do , th trng bt ng sn hon chnh


24/85


khng th ch l quan h gia ngi mua, ngi bn v bt ng sn m cn l

ni din ra cc giao dch lin quan n bt ng sn nh cho thu, th chp, bo

him...

Tm li, th trng bt ng sn l tng th cc giao dch v bt ng snda trn c ch gi v c din ra trong mt khng gian v thi gian nht nh.

2.2c im ca th trng bt ng sn

Khng c th trng trung tm: Th trng bt ng sn cha hnh thnh

c th trng trung tm m ti ngi mua v ngi bn c th trc tip

gp nhau v tc ng trc tip qua li ln nhau. Gn nh tt c cc giao dch

c thc hin ch yu thng qua trung gian l cc t chc mi gii bt kinh

doanh ng sn, qua bo ch, hoc thng qua cc c nhn mi gii. V khng c

th trng trung tm nn cc thng thi v th trng kh thu thp v c tin

cy thp to nn tnh thiu hiu qu ca th trng ny.

Th trng bt ng sn mang tnh khu vc v a phng su sc: c

tnh ca bt ng sn l khng th thiu hy v kh chia ct, khng th di di;

s tha thi ni ny khng th b p s thiu ht ni khc lm cho th

trng bt ng sn mang tnh cht a phng. Mt khc, s khc nhau v trnh

pht trin kinh t, vn ha, x hi v mt dn s lm cho nhu cu v bt

ng sn cng s khc nhau v s lng, hnh dng, cht lng v t dn n

s khc nhau v mc pht trin ca th trng bt ng sn ca tng a

phng.

Th trng bt ng sn l th trng khng hon ho: Th trng bt ng

sn l mt th trng i hi s can thip nhiu v trc tip ca Nh nc nnmc hon ho ca th trng bt ng sn thp hn cc th trng hng ha

tiu dng, th trng t liu sn xut v cc th trng khc. Bn cnh , do

khng ti to c hay tnh khan him ca t nn th trng mang tnh c

quyn. Cc thng tin v quy hoch, v qun l, kinh t x hi lin quan n t

ai cha c ph bin trit iu ny lm cho th trng bt ng sn c

cnh tranh nhng l cnh tranh ngm, cnh tranh khng hon ho.


25/85


Th trng bt ng sn l th trng c mi lin h mt thit vi cc th

trng khc nht l th trng ti chnh tin t, tn dng v vi s pht trin kinh

t ca mt quc gia: Hu ht cc khon u t u i vo hai lung l u t

vo cc ti sn hoc l u t trn th trng ti chnh tin t. Trong mi thi

im ngi ta lun c nhu cu chuyn dch mt lng tin bc sang ti sn hoc

ngc li. Mt khc, bn thn cc giao dch v bt ng sn thng c nhu cu

rt ln v vn. iu cho thy, th trng bt ng sn ca mt quc gia ch

c th pht trin lnh mnh v n nh khi c mt th trng vn pht trin lnh

mnh

2.3 Cc nhn t nh hng n th trng bt ng sn

Cng nh cc th trng khc, s hnh thnh v pht trin ca th trng

bt ng sn cng chu s nh hng ca cc yu t kinh t, chnh tr, x hi,

dn c Tuy nhin, do bt ng sn l nhng hng ha c bit nn s nh

hng ca cc yu t ny n th trng bt ng sn li c nhng c im,

biu hin ring, c th:

S pht trin kinh t: Pht trin kinh t lm tng nhu cu s dng t trong

cc lnh vc phi nng nghip, ng thi qu trnh pht trin ca khoa hc kthut v cng ngh tc ng trc tip vo vic to lp, thay th, ci to hng

ho bt ng sn ph hp vi yu cu mi ca nn kinh t v x hi.

Dn s: Tng dn s dn ti tng nhu cu v s dng t, trong khi din

tch t ai gii hn, gy sc p ln th trng bt ng sn.

Php lut: Php lut c th c xem l yu t tc ng quan trng n s

hnh thnh v pht trin ca th trng bt ng sn biu hin qua nhng quynhphp lut v quyn mua, bn, cho thu, th chp, gp vn lin doanh

bng btng sn.

Chnh sch kinh t, ti chnh tin t ca Nh nc: Chnh sch kinh t

ca Chnhph Trung ng v Chnh quyn aphng cng l nhn t nhy

cm nh hng n th trng bt ng sn.Nhng chnh sch ny tc ng n

nhu cu s dng t ca tng a phng, tng vng kinh t,. Bn cnh

cc chnh sch v ti chnh v tin t ca nh nc nhhng rt ln n s


26/85


pht trin ca th trng bt ng sn. Khi Nh nc pdng chnh sch tht

cht tin t lm cho th trng bt ng sn chngli, c nhng thi im gn

nh khng c giao dch mua bn btng sn. Ngc li, khi Nh nc p dng

chnh sch tin t m rng th theo th trng bt ng sn si ng tr li,

cc giao dch v bt ng sn tng ln r rt.

Tp qun, truyn thng v th hiu: Tp qun, truyn thng nh hng trc

tip vo cch tin hnhthc hin cc giao dch mua, bn, thu mn, th chp

trn th trng bt ngsn, n c tc dng y nhanh hoc lm hn ch cc v

giao dch, n m bo tin cy gia cc bn mua-bn, thu-cho thu,; n

cng c tc dng lm ynhanh hocchm tin trnh thanh ton gia cc bn

vi nhau.Trong khi , th hiu li tc ng n th trng bt ng sn trn hai

kha cnh ch yu sau:

Th nht, th hiu v v tr bt ng sn, hnh dng, phng hng ca bt

ng sn ph hp vi tnh cht sdng c th ca ngic nhu cu.

Th hai, th hiu v kin trc, kiu dng, tnh hin i, c in cng l

nhng nhn t trc tip lm nh hng n cung v cu hng ho trn th trng

bt ng sn.2.4 Vai tr ca th trng bt ng sn

Th trng bt ng sn l mt trong nhng th trng quan trng ca nn

kinh t: Ttrng bt ng sn trong tng s ca ci x hi cc nc c khc

nhau nhng thng chim trn di 40% lng ca ci vt cht ca mi nc.

Cc hot ng lin quan n bt ng sn chim ti 30% tng hot ng ca

nn kinh t.Bt ng sn cn l ti sn ln ca tng h gia nh. Trong iu

kin nnkinh t th trng th bt ng sn ngoi chc nng l ni , ni t

chc hot ng kinh t gia nh, n cn l ngun vn pht trin t hng qua

hot ng th chp.

Th trng bt ng sn pht trin th mt ngun vn ln ti ch c huy

ng: theo thng k, cc nc pht trin lng tin ngn hng cho vay qua th

chp bng bt ng sn chim trn 80% trong tng lng vn cho vay. V vy,

pht trin u t, kinh doanh bt ng sn ng vai tr quan trng trong vic


27/85


chuyn cc ti sn thnh ngun ti chnh di do phc v cho yu cu pht trin

kinh t x hi c bit l u t pht trin c s h tng ca nn kinh t.

Pht trin v qun l tt th trng bt ng sn, c bit l th trng

quyn s dng t l iu kin quan trng s dng c hiu qu ti sn qugi ny: Kinh nghim ca cc nc cho thy t tiu chun ca mt nc

cng nghip ho th t l th ho thng chim t 60-80%. Nh vy, vn

pht trin th trng bt ng sn p ng yu cu th ho nc ta l vn

ln v c tm quan trng.

Pht trin v qun l tt th trng bt ng sn s gp phn kch thch sn

xut pht trin, tng ngun thu cho Ngn sch: T

tng trng kinh t

thng qua cc bin php kch thch vo t ai, to lp cc cng trnh, nh

xng, vt kin trc...

Pht trin v qun l c hiu qu th trng bt ng sn s p ng nhu

cu bc xc ngy cng gia tng v nh cho ngi dn t th n nng thn:Th trng nh l b phn quan trng chim t trng ln trong th trng bt

ng sn. Th trng nh l th trng si ng nht trong th trng bt ng

sn, nhng cn st nh t hu ht u bt u t st nh v lan to sang cc

th trng bt ng sn khc v nh hng trc tip n i sng ca ngi dn.

V vy, pht trin v qun l c hiu qu th trng bt ng sn nh , bnh n

th trng nh , bo m cho gi nh ph hp vi thu nhp ca ngi dn l

mt trong nhng vai tr quan trng ca qun l nh nc v th trng bt ng

sn nh .

2.5Ri ro thuc th trng bt ng sn

Xut pht t bn cht ca hng ha bt ng sn lm cho h trng bt

ng sn l mt th trng y ri ro:


28/85


S pht trin bong bng ca th trng BS: thng tin v cc d n bt

ng sn trn thng c cung cp rt m h v cha c tnh chuyn nghip

cao. Thm ch nhiu cng ty kinh doanh bt ng sn a ra thng tin lin quan

n nhng d n u t m h ch mi tho thun mua t, hoc ch mi c

chp thun v ch trng u t,... Nhng ng thi ny to nn "cu o" ca

th trng v gp phn a n nhng cn "st" t khin cho cc d n bt

ng sn c s chnh lch rt ln v gi so vi gi tr thc t ca n.

Hin tng u c trn th trng ny l rt nhiu. Chnh s tham gia ca

cc nh u c lm cho gi c BS y ln mt cch nhanh chng, to gi o.

y chnh l nguyn nhn dn n bong bng th trng, to ra nhng cn st

nng lnh trn th trng.

Th trng bt ng sn l mt th trng khng hon ho, nht l cc

thng tin v pht trin v quy hoch khng c cng khai r rng lm cho cc

i tng tham gia vo th trng c nhng quyt nh khng ng. iu ny

lm cho tnh minh bch c thi trng ny thp hn cc thi trng khc.

S thiu chuyn nghip trong qun l ca Nh Nc khin th trng

ny hot ng mang nhiu tnh t pht v d tn thng, th hin nhiu khuyt tt: h thng php lut cha ng b; h thng thu cha c i mi; h

thngng k bt ng sn ang b chia ct, cha iu kin c h thng

qun lcng khai, minh bch; cha d dng trong thc hin quyn th chp,

bo lnh,gp vn bng bt ng sn tng ngun vn u t pht trin t chnh

vn tim ntrong bt ng sn; quy hoch s dng t cn nhiu yu km; h

thng c quanqun l, cn b qun l cn nhiu bt cp; cn nhiu sai phm

trong p dngphp lut mi v t ai...

Nng lc ca cc doanh nghip bt ng sn: Th trng bt ng sn vn

rt hp dn do chnh lch cung cu qu ln. Do , hin nay khng t cc doanh

nghip khng chuyn cng tham gia kinh doanh bt ng sn, hot ng vi

tnh chuyn nghip khng cao. Ngoi ra, quy m vn nh khng ph hp vi

yu cuca th trng cng l iu rt ng quan tm. Nng lc yu km khin

cho nhiudoanh nghip khng c c chin lc kinh doanh thch hp, gp


29/85


phn gy ratnh trng hn lon cho th trng bt ng sn, v tc ng xu n

hiu qu ut.

Quy hoch tng th: Vic thiu nht qun trong cng tc quy hoch gy

ra nhng kh khn nht nh cho cc ch u t trong vic pht trin v trinkhai cc d n bt ng sn, lm gim gi tr ca cc d n u t.

3.

3.1 Khi nim tn dng bt ng sn

L quan h tn dng giangn hng vi khch hng (th nhn hoc php

nhn) lin quan n lnh vc bt ng sn. Theo , tn dng bt ng sn l

vic ngn hng cp vn cho khch hng cn c vo mc ch vay vn ca khch

hng lin quan n bt ng sn. Trong trng hp ny, ngn hng cho khch

hng vay u t kinh doanh bt ng sn, xy dng nh bn, sa cha

mua bn nh ca, xy dng hon thin c s h tng cc d n, mua nh tr gp,

xy dng vn phng cho thu...

3.2 c im ca tn dng bt ng sn

Ngoi nhng c im ca th trng tn dng thng thng th tn dng

bt ng sn c nhng c trng, do tnh cht c bit ca hng ha bt ng

sn mang li nh:

Th trng tn dng bt ng sn thng l th trng tn dng di hn :Do

bt ng sn l nhng hng ha c thi gian hnh thnh di. Mt khc, bt ng

sn l nhng hng ha c gi tr ln do vy tn dng bt ng sn thng l cc

khon tn dng c gi tr ln nn vic hon tn dng trong mt thi gian ngn

mang tnh kh thi thp.Ngi i vay thng giingn theo tin ca d n: Vn u t cho d

n bt ng sn cn vn ln nhng vn u t sdn tri theo tng giai on:

n b gii ta t, xy dng h tng, nn mng, xy th v hon thin. V

th, nhu t cn khon tin ln cho d n, nhng nhng khon tin ny cn

theo tng giai on khc nhau do nu gii ngn theo tng giai on s gim

p lc v lisut. Cn nu huy ng vn mt ln th vn khng c s dng


30/85


ngay mt lc nhng vn phi tr li cho ngi cho vay dn n vic s dng

vnkhng hiu qu.

L th trng c ri ro cao: iu ny xut pht t bn thn th trng bt

ng sn l mt th trng tim n nhiu ri ro nh: u c, tng gi o, mt cni cung cu Mt khi th trng bt ng sn chuyn t tng nng sang ng

bng, gi bt ng sn s nhanh chng b iu chnh gim, tnh thanh khon ca

th trng gim, khin h thng ti chnh gp nhiu ri ro.

3.3Nguyn tc cho vay bt ng sn

Vn vay phi c s dng ng mc ch, c hiu qu: Vn c s

dng vo mc chno c xcnh ngay t ban u thi im vay mn.

Trng hp, bn vay s dng vn vay vo cc mc ch khc dn n km hiu

qu hoc khi mc ch vay xc nh ban u vn cha c b sung vn s li

cng thiu vn do vn vay dng cho mcchkhc. Khi , bn vay s kh

khn v kh thu hi vn hon tr cho bn chovay. c bit, vn vay nu

c dng vo mc ch u c bt ng sn s cngkh thu hi vn do ri ro

ca mc ch ny kh cao. Do vy, tun th nguyn tc sdng vn vay ng

mc ch l iu quan trng nhm m bo kh nng thu hivn cng nh lto iu kin nng cao hiu qu s dng vn u t ban u trn vay ng

hn.

Vn vay phi c hon tr vn v li ng hn: Thi hn tr n vay

thngc xc nh r rng theo tha thun ban u gia bn cho vay v bn

vay. Khi , bn vay phi c trch nhim hon tr vn ln li cho bn cho vay

ng thi hn nh.

3.4 Vai tr ca tn dng bt ng sn

Xut pht t vai tr quan trng ca th trng bt ng sn i vi nn

kinh t, i vi x hi m vic bm vn mc cn thit kch thch th trng

btng sn pht trin l iu cn thit, trong iu tit vn thng qua knh

tn dngngn hng vi cc sn phm cho vay bt ng sn c xem l hu


31/85


hiu v khph bin mt s nc bi knh tn dng ngn hng d dng c

tip cn. Trong iu kin Vit Nam c mt nn kinh t tng trng lin tc

trong hn10 nm qua th cho vay bt ng sn cng c ngha thit thc trong

vic khithng dng chy vn trong nn kinh t, to cho th trng bt ng

sn pht trin, t to iu kin cng hng cho nn kinh t pht trin bn

vng. C th:

Khai thc trit cc ngun vn nhn ri: Cho vay bt ng sn gp phn

khai thc trit cc ngun vn nhn ri trong x hi, thc y vic s dng

vntit kim v c hiu qu.

Pht trin nn kinh t: Thng qua knh ngn hng, dng vn c lu

chuyn vo th trng bt ng sn nhanh hn gp phn pht trin nn kinh t

trong iu kin pht trin ng b gia cc th trng.

y nhanh tc th ho: Cho vay bt ng sn gip cho cc ch u

t ch ng hn v vn v mnh dn u t vo cc d n nng cp h tng, cc

trung tm thng mi, cc ta nh cao tng, chung c ln gp phn y

nhanh tc th ha trong qu trnh cng nghip ho, hin i ho ca t

nc.

Tng quy m v li th cnh tranh cho doanh nghip: Cho vay bt ng

sn cn to iu kin cho cc doanh nghip gim p lc v vn u t m

rng nh xng nhm tng quy m v li th cnh tranh trong qu trnh hi

nhp.

To iu kin cho ngi dn c iu kin sng tt hn: Nh c cc

chngtrnh h tr cho vay bt ng sn, ngi c thu nhp thp, cn b cngchc, cng nhn c iu kin nng cp, xy dng hay s hu nh , n nh

cuc sng hn.

Gia tng d n v li nhun cho Ngn hng: Cho vay bt ng sn l sn

ph m kh ph bin cc ngn hng gp phn a dng ho sn phm, thu ht

khch hng bn cnh mc tiu lm cng c gia tng d n cho vay khi cn

thit, tngli nhun ngn hng.


32/85


Gip nh nc qun l th trng bt ng sn:Thng qua mc d n cho

vay bt ng sn, Nh nc s c cch nhn tng qut hn v s pht trin ca

thtrng bt ng sn c cch iu tit hp l.

Nng cao hiu qu ca d n u t: Ngn hng gp phn nng cao tnh

hiu qu ca d n u t bt ng sn bi ngn hng l nh t vn, nh cung

cpdch v thanh ton, nh u t gp vn cng vi doanh nghip kinh doanh

bt ngsn... iu ny to nn mt s gn kt gia cung v cu bt ng

sn trn th trng, gp phn to nn s pht trin cho th trng bt ng sn.

Nhn chung, cho vay bt ng sn c tnh nh hng ln n qu trnh

pht trin t nc. Mc d nn kinh t c nhiu giai on pht trin khc nhau,

th trng bt ng sn c nhng bin ng thng trm khc nhau nhng hn

bao giht tnh thit yu ca hot ng cho vay bt ng sn lun cn thit cho

nhng nhucu thit thc trong x hi, trong nn kinh t.

II. Thc trng thtrng bt ng sn v tn dng bt ng sn

1.

hiu hn s pht trin ca th trng Bt ng sn ti Vit Nam trong nm

nm qua, cn s lc v th trng bt ng sn cc giai on trc.

1.1 Giai on t nm 1975 n nm 2002

a) Th trng bt ngsn trc khi c lutt ai

Sau khi thng nht t nc, chng ta tin hnh xy dng nn kinh t k

hoch ha tp trung.Trong qu trnh l s hnh thnh cc hp tc x nng

nghip, mi ngi phi gp chung rung t vo hp tc x theo ch s hu

tp th. Trong sutthi k ny, cc vng nng thn hin tng mua bn thu nh khng xy ra m ch yu c thc hin qua c ch xin-cho trong

cc Hp tc x. Trong khi ti thnh th hin tng mua bn bt ng sn vn

c xy ra (thng l di hnh thc nhng b

Sau khi t nc thc hin cuc ci cch nm 1986 th th trng bt ng sn


33/85


c pht trin hn tuy nhin vn mc t pht cc giao dch vn cha c

Nh nc cng nhn, cha xut hin cc t chc kinh doanh, mi gii, dch v

bt ng sn.

b) Giai on t sau khi c lut t ai

Lut t ai nm 1993 khng nh li hin php nm 1992: t ai thuc

s hu ton dn do Nh nc thng nht qun l. V: Nh nc giao t cho

cc t chc kinh t, n v v trang nhn dn, c quan Nh nc, t chc ch nh

tr, x hi (gi chung l t chc), h gia nh v c nhn s dng n nh lu

di. Nh nc cn cho t chc, h gia nh v c nhn thu t; Nh nc cho

t chc, c nhn nc ngoi thu t. Bn cnh lut t ai nm 1993 cn

ghi nhn: Nh nc bo h quyn li v li ch hp php ca ngi s dng

t; h gia nh, c nhn c Nh nc giao t c quyn chuyn i, chuyn

nhng, cho thu, tha k, th chp quyn s dng t. y thc s l mt

bc tin quan trng, theo Nh nc tha nhn quyn s dng t l mt loi

hng ha. Nhng thay i quan trng mang tnh cht t ph trong cc chnh

sch php lut ca Nh nc l c s hnh thnh v pht trin th trng bt

ng sn. V vi nhng tha nhn trn lm cho hng ha ca th trng btng sn a dng hn, c m rng hn, v giao dch ngy cng si ng v

gi c bt ng sn ngy cng tng.

Tuy nhin, giai on ny, th trng t ai Vit nam vn hnh theo theo

c ch ti chnh hai gi t, gi t do Nh nc quy nh v gi t do th

trng quyt nh. Trong gi t do Nh nc quy nh thng ch bng

20% n 40% gi th trng, gi t phi nng nghip tng gn 100 ln trong giai

on ny. Trong khi , nhu cu v bt ng sn trong cc khu vc t nhn tng

trng mnh m, hot ng u t v giao dch bt ng sn bng n theo knh

phi chnh thc khng theo cc quy nh hin hnh ca php lut. C ch xin

cho vn cn tn ti, mt hnh thc bin tng ca c ch ny l vic phn chia

t ai hoc cp t cho cc quanchc cng nh cc cng chc ca cc c quan

Nh nc din ra rt ph bin. Trong giai on ny, hin tng tham nhng


34/85


qun l, u c trong s dng tit kim dn c c tch tr ch yu vo bt

ng sn l hin tng ph bin v rng khp.

Khi nn kinh t cc nc Chu ri vo cuc khng khong nm 1997-

1998, th nn kinh t Vit Nam t b nh hng do trong giai on ny Vit Namcha hon ton m ca nn kinh t. Tuy nhin th trng bt ng sn ca Vit

Nam c du hiu chm li, nhng sau tip tc nng ln. Thi k nhng nm

cui th k 20 v u th k 21, ti vng ven cc thnh ph v trung tm, hin

tng t nng nghip chuyn thnh t v t phi nng nghip din ra rt

mnh m. Cng trong

nhng nm ny, Nh nc

ban hnh cc chnh sch

khuyn khch u t, nht

l t cc nh u t nc

ngoi, do vy cc khu cng

nghip, cm cng nghip

pht trin rt nhanh. Theo

din tch t lm nghip,

t nng nghip chuyn

thnh t phi nng nghip phc v cc ngnh sn xut. Theo s liu ca B K

hoch v u t, th s khu cng nghip c cp php n thng 8 nm 2007

l 150 khu. Cc ng thi ny gp phn lm cho th trng bt ng sn si

ng hn rt nhiu.

Hnh 4: Din tch t s dng cho cc khu cng nghip.5

Trong thi gian ny

nhiu doanh nghip, trung

tm giao dch bt ng

sn ra i. Th trng bt

ng sn chnh thc tng

5Hnh3,4: Ngun B k hoch v u t.


35/85


bc pht trin v ch yu dnh cho khi doanh nghip kinh doanh bt ng

sn. Cn th trng phi chnh thc vn tn ti vi quy m ngy cng ln hn.

Trong giai on ny, th trng a c c nhng chu k nng, lnh nhng gi

ca bt ng sn khng gim xung, c th: khi th trng bt ng sn ng

bng th s lng giao dch t li nhng gi bt ng sn ng yn hoc tng

nh.

1.2. Giai on t nm 2003 n nay

a) Giai on t nm 2003 n trc thi im gia nhp WTO:

Cn st gi t 2001 -2003 bt u h nhit, th trng bt ng sn bt

u c nhng iu chnh, v c xu hng gim. Theo s liu thng k cha

chnh thc nm 2003 cc giao dch v nh t gim 28%, nm 2004 gim 56%

v nm 2005 gim 78%. Nhng y l giai on m cc cng ty c chc nng

kinh doanh bt ng sn ra i mt cch rm r v nhanh chng nht. Giai on

ny s cn h a ra bn tng kh mnh so vi giai on trc. Theo thng k

ca CBRE thi nm 2003 s cn h cho bn tng 184% so vi nm 2002 v tip

tc tng trong cc nm 2004, 2005 v gim mt cht vo nm 2006. Th hin

qua s tng trng v s lng cn h cho bn v s d n cho bn nh sau:

Hnh 5: S cn h cho bn qua cc nm.6

V cng theo ngun ti liu ny cho thy khi lng giao dch ngy cng

tng. Nm 2005 co 6.336 cn v nm 2006 c 9.415 cn giao dch thnh cng.

V y cng l giai on m dng vn FDI vo Vit Nam lin tc tng .

6Hnh5: Ngun CBRE - Hi tho th trng nh .


36/85


Ngun: Tng cc thng k

Hnh 6: FDI qua cc nm.7

Nn giai on ny cc

khu cng nghip, cm cng

nghip li cng pht trin

hn phc v cho dng

vn FDI vo Vit Nam

cng nh nhu cu u t

pht trin sn xut ca cc

nh u t Vit Nam. Theo

mt bo co ca B Khoch v u t, th s khu cng nghip c cp php tng t 77 khu ln 145

khu tnh n ht nm 2006, theo din tch t nng nghip v lm nghip

chuyn thnh t phi nng nghip cc khu cng nghip tng thm 14.454,7

ha.Vn u t nc ngoi ngy mt mnh lm cho th trng bt ng sn

Vit Nam nng ln tng ngy. n u c hi pht trin cc loi hnh bt

ng sn khi Vit Nam gia nhp WTO, nhiu doanh nghip FDI trin khai

cc d n vn hng trm triu USD. Cc qu u t nc ngoi ang tm kim

c hi tham gia vo th trng. Bn cnh , cc qu u t chuyn ngnh

cng bt u xut hin.

b) Giai on t sau khi gia nhp WTO n thng cui thng 2 nm 2008:

Nm 2007 th trng bt

ng sn Vit Nam bt u

mt cn st mi, gi bt ng

sn bt u tng ln nhanh

chng. Hot ng kinh doanh

bt ng sn rt nhn nhp,

khng ch trong gii u t -

u c- kinh doanh bt ng sn, m c cc c quan cung cp ti chnh nh qu

7Hnh 6: Ngun B k hoch u t.

Hnh 7: S cn h bn


37/85


u t, ngn hng thng mi v cc doanh nghip c thng d vn c phn. S

lng cn h giao dch thnh cng tng 115% so vi nm 2006.

Bn cnh , gi bn nh , c bit l cn h chung c cao cp v bit th

tng vn vt. Vi mc gi cao ngt, t 1.200USD/m2 n 3.500 USD/m2 ca chu t a ra v khon chnh lch cng thm t 1.000 - 2.000USD/m2 cho cc

khu trung gian giao dch, nh u t vn chen nhau t tin mua nh, ng

tin thnh . Trong y, mt phn khng nh cc bt ng sn ang giao dch

ny ch c th bn giao cho ngi mua khng sm hn qu III/2010. Kho st

bin ng gi ca mt s d n hoc sp hon thnh v giao nh qua cc

nm:

Hnh 8: Gi bn cn h /sp giao.

8 Khng thua km gi nh, gi t cng lin tc tng cao. Ti qun 2,

TP.HCM, gi t cc d n ln cn Khu th mi ThThim t nh 45 -

50triu ng/m2 - cao nht t trc n nay. D n Khu th mi An Ph An

Khnh, t mt tin ng song hnh xa l H Ni t 50 triu ng/m2. Cc v

tr khng thun li trong d n, thng 8 nm 2007 c gi ph bin l 18 - 22

triu ng/m2, cui nm 2007

vt ln ti 25 - 28 triu

ng/m2; d n khu dn c

Thnh M Li (Qun 2,

Tp.HCM) c gi bn ti thi

Hnh 7: Ngun CBRE Hi tho th trng nh .8Hnh 6, bng 2: Ngun CBRE Hi tho th trng nh .


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im thng 4 nm 2006 khong 4-6 triu ng/m2 cng nhy vt ln 35 - 40

triu ng/m2 ti thi im thng 01/2008.

Ti H Ni cng xy ra tnh trng tng t, nht l vi cc khu vc c quy

hoch hin i v n nh nm pha Ty thnh ph. Mt khu t M nh,sau khi trng gi thu mc 40 - 50 triu ng/m2 vo u nm 2007, c

mc gi giao dch t 80 - 100 triung/m2 vo thi im cui nm 2007. S

liu thng k vo thi im cui nm 2007, H Ni ang c khong 43 d n

hon thnh bn ht v 18 d n ang xy dng cng bn ht. Mt lng

ln cc cn h cha xc nh ang c mua bn trn th trng th cp. Mc

gi t 420-800 USD/m2thng thy nhng cn h tiu chun trong cc ta cao

c nm cc khu vc khng trung tm lm. Nu cht lng nh cng nh a

im tt hn mt cht s c gi t 900-1.400 USD/m2. Nhng cn h cao cp s

c gi t 2.300-2.800 USD/m2. Cc d n cng cht lng nhng d n no

gn trung tm thnh ph hn s c gi cao hn. Trn th trng th cp, khong

3.000 USD mt m2l mc gi cao nht t c vi cn h Pacific Place .

Mt khc, mt loi sn phm khc ca thtrng bt ng sn l nhu cu

v gi vn phng, mt bng cho thu cng tng ln mt cch chng mt. Trongnm 2007 xut hin xu hng b cn h chuyn sang lm vn phng cho thu v

li nhun thu c t y hp dn hn. Cng sut cho thu gn 100%. Thnh

ph H Ch Minh: gi thu t th 45 trn th gii v ngun cung cn hn ch

m nhu cu gia tng qu mnh. Tnh n qu 4 nm 2007 c khong 50 cao c

vn phng hng A, B v C. Tng din tch vn phng hng A,B,C vo khong

>450.000 m2. Hin thnh ph H

Ch Minh ang c hng chc d

n chun b khi cng hoc ang

hon tt. H Ni (Hnh 9)9: trong

nm 2007 c thm 46.000 m2vn

phng gm c hng A v B cho

thu. V tnh n cui nm 2007

9Hnh 9: Ngun CBRE.Hnh 9: Gi thu trung bnh vn phng ti H Ni


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th c 33 cao c vn phng vi tng din tch khong 300.000 m 2. Gi cho thu

trung bnh ca hng A v hng B tip tc tng; gi vn phng hng A l 43

USD/m2/thng (tng 21% so vi nm trc), gi vn phng hng B l 28

USD/m2/thng (tng 24% so vi nm trc).

Theo thng k kho st th trng ca CBRE gi thu vn phng v mt

bng kinh doanh ti hai trung tm kinh t H Ni v TP.HCM ang tin ti cc

ngng cao k lc. Ti thi im cui 2007, gi thu trn gi cc vn phng

cao cp ln ti 90 100 USD/m2/thng, thm ch l 180 USD/ m2/thng. Gi

thu mt bng kinh doanh ti nhng v tr p hoc ti khu trung tm kinh doanh

thng mi v tng trt cng quen thuc vi mc 200 USD/m2/thng.

Nm 2007 v 2 thng u nm 2008 cng l mt thi k chng kin s

tng trng mnh ca dng vn u t trc tip nc ngoi. Nm 2007 FDI vo

Vit Nam t 21,3 t USD, tng 69,3% so vi nm 2006 v vt 56,3% k

hoch c nm, trong cp php mi l 17,86 t USD/1544 d n. Nm 2007,

tng s vn FDI u t vo bt ng sn khong 8,9 t USD chim t trng

42% trn tng dng vn u t FDI vo Vit Nam.

Hnh 10: Tng d n FDI u t vo Vit Nam10

Trong , cc d n u t vo bt ng sn l 192 d n .

10Hnh 10: Ngun B k hoch v u t.


40/85


Hnh 11: Tng d n u t vo bt ng sn qua cc thng.

V phn ra tng lnh vc c th nh sau:

Hnh 12: Vn FDIu t cho bt ng sn phn b cho tng ngnh11

Th trng bt ng sn du lch hot ng si ni khng km g th trng

nh t v cn h. Theo thng k ca Cng ty CB Richard Ellis, trong giai on

ny, ti H Ni c 5 d n xy dng khch sn 5 sao, TP.HCM c 11 d n

khch sn 5 sao vi khong 3.611 phng nhng tt c cc d n ny u khng

th hon thnh vo nm 2008. Nguyn nhn ca vic thiu ngun cung khch

sn trong khi cu ngy cng tng l do cc ch u t kh khn trong vic tm

a im xy khch sn ln. Trong ni thnh thnh ph H Ch Minh v H

Ni hin nay, nhng khu t ln, tiu chun xy dng khch sn ln rt him


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v nu c th vic n b gii ta, th tc xy dng cng mt rt nhiu thi gian

v chi ph. Chnh v vy, vicmua bn, sang nhng li cc khch sn tr thnh

mng hp dn cho cc nh u t trong v ngoi nc. Giai on ny hng lot

resort c trin khai v cp php mi, ring Nng theo mt thng k ca

Cng ty CB Richard Ellis th nm 2007 c hn 10 d nresort, khch sn, sn

golf v villa cao cp m trong phn ln l co s gp mt ca cc nh u t

nc ngoi.

c) Giai on t cui thng 2 nm 2008 n nay:

y l giai on th trng bt ng sn Vit Nam b ng bng v ang

c s st gim c baphng din l gi c, giao dch v ngun vn. Vo u

Qu 2/2008 va qua lng rao bn rt ln nhng lun vng bng ngi mua,

lng giao dch gim kh ln. Mc giao dch gim ti khong 85% - 90% so

vi thi im Qu 4/2007 hay khong 50% so vi Qu 1/2008. Tnh n thi

im hin ti, gi ca nhiu sn phm bt ng sn tu theo cp , v tr, mt

xy dng, vt liu xy dng, tin trin khai d n, hnh nh v uy tn ch

u t, phng thc kinh doanh tip th khc nhau m gim t 20% - 50% so

vi cui nm 2007. c bit gi gim mnh i vi nhng cn h cao cp,t nn nhng khu vc tng gi qu cao so vi thc t trc y, vo thi

im Qu 3 v Qu 4 nm 200712. Cc cng ty mi gii bt ng sn thu hp

hot ng v giao dch din ra rt t. n c: D n khu cn h Nam Khnh ca

Cng ty Him Lam ti khu th Nam Si Gn, vo thng 6.2007 gi bn ra ca

cng ty l 12 triu ng/m2. Trong khi , ti thi im st th gi ca cn h

Nam Khnh ca Cng ty Him Lam dao ng khong t 20 triu n 22 triu

ng/m2. D n Ph Xun -Nh B (TP.HCM), mc gi rao bn trung bnh ti

thi im thng 6 nm 2008 khong 9 triu ng/m2. So vi mc gi 25 triu

ng/m2thi im thng 1 th gim ti trn 60%.

th trng vn phng cho thu vn rt nng v gi cho thu tng rt

nhiu so vi nm 2007. Theo ng Marc Townsend - Tng Gim c iu hnh

CBRE, ngy 30-5, gi thu vn phng hng A t 35USD/m2/thng nay tng

11Hnh 11, 12: Ngun B k hoch v u t.


42/85


ln 70 USD/m2/thng. T l tng 103% gi thu vn phng cho thy th trng

ny thnh ph H Ch Minh vn nng bng. Cc vn phng hng B c cho

thu vi mc bnh qun 30 - 40 USD/m2/thng. Vi mc gi trn, gi thu vn

phng thnh ph H Ch Minh cao hn cc thnh ph khc trong khu vc

nh: Bc Kinh (30USD), Bangkok (24USD), Seoul (22USD), Jakarta (9USD)...

Cn H Ni th gi thu vn phng hng A t 35,51USD/m 2/thng trong qu

II nm 2007 tng ln 50,98 USD/m2/thng trong qu II nm 2008 tc tng

khong 43,58%, vn phng cho thu hng B cng tng t 23,33USD/m 2/thng

ln 35,17 USD/m2/thng t l tng khong 50,75% so vi qu II nm 2007.

Hnh 13: Chu k thu gi vn phng chu .13

Mc gi trn khng lm cc doanh nghip ngn ngi d phi b ra mt lc

hng trm ngn USD thu ngay mt ch lm vic bi nu chm chn th sc ngay khch hng khc th ch. Mt yu t dn n vic gi thu vn phng

Vit Nam tng vt l do ngun cung vn cn khan him. Theo kho st ca

CBRE hin thnh ph H Ch Minh c khong gn 60 cao c vn phng t tiu

chun hng A v B, mt s t nm ri rc cc qun 3, 10, Ph Nhun cn hu

ht tp trung ti khu trung tm qun 1. Tnh n thi im thng 5 nm 2008,

12Ngun VietRee.13Hnh 13: Ngun CBRE.


43/85


ngun cung (tnh theo din tch sn) ti TP.HCM c 99.618 m2vn phng hng

A, 297.146 m2vn phng hng B v c 355.654 m2vn phng hng C.

Hnh 14: Gi thu vn phng v cng sut s dng theo qu.14

Tri ngc vi th trng nh t ang b ng bng th tr trng bt ng

sn du lch vn tip tc si ng. Vic mua bn, sang nhng li cc khch sn

ln trong nc va qua din ra nhiu nhng m thm. V hng lot cc d n

bt ng sn du lch c cp php mi v trin khai bt chp s ng bng ca

th trng nh t.

Cc ch u t khch sn gp

kh khn a ra quyt nh nn

y nhanh tin hay hon thi

cng d n.

14 Hnh 14, 15:Ngun CBRE.


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Xu hng chuyn giao d n bt ng sn ang din ra gia cc cng ty

trong nc v doanh nghip nc ngoi. Khng t ch u t trong nc phi

chia tay d n tm huyt ca mnh cng ch v thiu vn. Li c trng hp

doanh nghip vn tip tc d n nhng do th trng bt ng sn m

m nn khng mun lm na cng tm n con ng chuyn nhng d n

cho nh gnh. Vi cc cng ty bt ng sn nc ngoi, con ng chuyn

nhng d n rt kh thi v khu th tc php l l khu m h "ngn" nht,

trong khi cc d n d nh chuyn nhng hu ht hon tt cng vic ny.

H ch vic b vn vo xy dng d n theo ng k hoch.

Tnh trng doanh nghip trong nc thiu vn, doanh nghip nc ngoi

mnh tim lc ti chnh ang dn n vic hon i d n t tay doanh nghip

trong nc sang doanh nghip nc ngoi. iu ny cho thy, th trng bt

ng sn Vit Nam vn hp dn i vi cc nh u t nc ngoi v ngun

vn rt vo y vn ngy mt tng.

1.3 nh gi chung v th trng bt ng sn Vit Nam

Thc trng nng lnh ca th trng bt ng sn nh ni trn xut pht

t rt nhiu nguyn nhn. Nhng vic m ln ca th trng BS vo cui nm2006 v nng ln vo cui nm 2007 v u nm 2008 bt ngun t mt s

nguyn nhn chnh sau:

Vit Nam gia nhp vo WTO, m ca nn kinh t cao hn, u t nc

ngoi vo Vit Nam tng mnh do vy nhu cu v nh xng, t ai, kho bi

v vn phng lm vic tng ln rt nhiu.

S khi sc ca th trng chng khon to thm mt lng tin mt,thu c t li nhun u t chng khon, gp phn gia tng khi lng giao

dch BS v to thm tnh thanh khon cho thi trng BS. Mt khc, khi th

trng chng khon c du hiu i xung t qu II nm 2007, th cc nh u t

thng ln trn TTCK chuyn knh sang u t vo th trng BS, theo mt

lng vn rt ln t TTCK vo th trng BS lm th trng ny si ng

hn ln.

hng v gi thu.


45/85


Tnh trng u c trn th trng BS l rt ln, gi c c cc nh u

c y ln cao lm cho nhng ngi c nhu cu thc s v nh khng th

mua c, m nm trong tay cc nh u c. Bn cnh cn din ra tnh trnh

lm gi ca cc ch u t bn sn phm theo kiu nh git tng gi sn

phm ca mnh ln.

Mt nguyn nhn khng th khng cp n, l chnh sch tn dng

ca cc ngn hng, khi th trng BS bt u nng ln, cc ngn hng khng

b qua dp tng li nhun, h tin hnh cho vay t v iu kin cho vay

d dng hn, thm mt ngun vn m cc nh u t d dng tip cn, gp

phn rt ln y gi bt ng sn tng o ln rt nhiu.

Tuy nhin n cui thng 2 u thng 3 nm 2008, th trng BS Vit

Nam li ri vo tnh trng ng bng, xut pht t cc nguyn nhn ch yu sau:

Nn kinh t Vit Nam ri vo tnh trnglm pht cao, vt gi gia tng mt

cch vn vt. Nh nc u tin tin hnh cc bin php chng lm pht, Ngn

hng nh nc tng t l d tr bt buc, iu chnh tng li sut c bn v rt

lng tin rt ln ang lu thng ngoi v. iu ny nh hng nng n n

thi trng BS, lm cho cc ngun vn, nht l cc ngun tn dng vobt ng sn b ct i, thi trng BS thiu vn trm trng. Gi BS theo

bt u gim.Khi ngun cung v tn dng b ct gim, li sut tng v tr nn

kh tip cn cc nh u c khng lc v ti chnh gp kh khn ln. H

khng vn theo v nm gi cc BS do vy h bt u bn i cc BS

ang nm gi dn n gi bt ng sn gim. Khi gi BS gim th cc nh u

c cng bt u tun hng ra bn ct l, nhng ngi mua li rt t lm cho

gi bt ng gim nay cn gim thm.

Gp phn khng nh lm cho th trng BS ng bng l vic cho vay

t ca cc ngn hng hi cui nm 2007 v u nm 2008 vi cht lng tn

dng thp, ngi i vay ch yu l cc nh u c.

Cnh l phn khc th trng v a c cha ph hp, hin nay cc ch

u t ch yu u t vo xy dng cc cao c vn phng v cn h cao cp.

Nhng nhu cu v cn h cao cp cha tht s ln, khng c nhiu khch hng


46/85


kh nng mua cc cn h y . Trong khi th trng cn h cho cc

tng lp dn c c thu nhp thp, nhng ngi c nhu cu tht s li cha pht

trin

Qua thc trng ni trn c th ni rng th trng bt ng sn Vit Nam

cha lnh mnh v tnh minh bch cn rt thp. Tnh trng u c trn th

trng cn rt cao, th trng BS d lm vo tnh trng bong bng, v cc chu

k nng lnh.

2. Thc trng tn dng bt ng sn

2.1Hnh lang php l i vi th trng tn dng bt ng sn Vit Nam

iu 19 Lut Kinh doanh bt ng sn ngy 23 thng 6 nm 2006 quy

nh: ch u t d n khu th mi, d n khu nh , d n h tng k thut

khu cng nghip c quyn huy ng vn theo quy nh ca php lut. Tuy

nhin, c th huy ng vn th cc Ch u t d n khu th mi, d n

khu nh , d n h tng k thut khu cng nghip phi p ng c vn u

t thuc s hu ca mnh theo quy nh: i vi d n khu th mi v d n

h tng k thut khu cng nghip th khng thp hn 20% tng mc u t cad n c ph duyt; i vi d n khu nh th khng thp hn 15% tng

mc u t ca d n c quy m s dng t di 20 ha, khng thp hn 20%

tng mc u t ca d n c quy m s dng t t 20 ha tr ln c ph

duyt.15

chi tit. Cc ch u t d n Vit Nam c th huy ng vn di nhiu hnh

thc nhng mt s hnh thc m hnh lang php l cha c, hoc cha hng

dn c th. Xt theo tng hnh thc huy ng vn:

Huy ng vn thng qua knh ngn hng: hin nay vn cha c mt quy

nh r rng no v u c hay cho vay kinh doanh bt ng sn v cng cha

c quy nh no hn ch vic cho vay bt ng sn. Cc ngn hng ang thc

hin cho vay theo cc quy nh ca php lut chung cho tn dng v theo cc


47/85


quy nh ca php lut v t ai, u t v xy dng, tn dng ngn hng; xem

xt, quyt nh cho vay cc d n u t bt ng sn nu ch u t c nng

lc ti chnh v phng n huy ng vn kh thi, c kh nng hon tr n vay

ng hn, c bin php phng nga ri ro do bin ng ca gi c bt ng sn.

Huy ng vn thng qua knh khch hng truyn thng bng cch ng tin

trc, th ln u ch c th thc hin k

tng phc v cho bt ng sn theo ni dung, tin ca d n c ph

duyt. iu 4 Ngh nh s 153/2007/N-CP ngy 15 thng 10 nm 2007 quy

nh: Vic ng tin trc phi c thc hin nhiu ln, ln u ch c huy

ng khi ch u t bt u trin khai xy dng c s h tng k thut theo

tin v ni dung ca d n c ph duyt. Cc ln huy ng tin ngtrc tip theo phi ph hp vi tin xy dng nh, cng trnh ; i vi d

n khu nh th ngoi vic phi thc hin theo quy nh nu trn cn phi thc

hin theo cc quy nh ca php lut v nh ;. Lut nh nm 2005 quy

nh ch u t huy ng vn t tin ng trc ca ngi c nhu cu mua hoc

thu nh th ch c p dng trong trng hp thit k nh c ph

duyt v c xy dng xong phn mng; v tng s tin huy ng trc khi

bn giao nh cho ngi c nhu cu khng c vt qu 70% gi tr nh

ghi trong hp ng. Tn dng di hnh thc pht hnh tri phiu huy ng

vn khng c quy nh ring cho tri phiu bt ng sn, ch mi p dng theo

Ngh nh 52/2006/N-CP ngy 19 thng 5 nm 2006. Theo , doanh nghip

ch c pht hnh tri phiu khi c cc iu kin ch yu sau: c thi gian

hot ng ti thiu l 01 nm k t ngy doanh nghip chnh thc i vo hot

ng; c bo co ti chnh ca nm lin k trc nm pht hnh c kimton; kt qu hot ng sn xut, kinh doanh nm lin k nm pht hnh phi c

li; c phng n pht hnh tri phiu c t chc, c nhn c thm quyn

thng qua. Nhng iu kin ny s rt kh cho nhng doanh nghip ang trong

qu trnh xy dng v cha pht sinh doanh thu nhng thc s c nhu cu v

vn.

2.2 Cc sn phm tn dng c tung ra trn th trng Vit Nam.

15 iu 5 Ngh nh s 153/2007/N-CP.


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a. Cc sn phm qua knh truyn thng

Vay ngn hng: tn dng qua knh ngn hng cc nm qua lun chim t

trng ln trong tn dng bt ng sn. D thi k 2003 n cui nm 2006 l

thi k ng bng ca th trng bt ng sn, nhng tn dng bt ng sn vntip tc tng. Theo mt cng b ca Ngn hng Nh nc, d n cho vay bt

ng sn trong giai on 2003 - 2005 lin tc tng vi tc bnh qun khong

33%/nm. T trng d n cho vay bt ng sn trong tng d n nn kinh t

tng, t khong 8% cui nm 2003 ln khong 10% cui 2005. Con s ny

tng ng khong 50 ngn t ng. Trong , hu ht l cho vay trung hn

(chim khong 79%), d n di hn chim khong 21%. T trng d n cho vay

bt ng sn so vi tng d n cho vay trung v di hn ivi nn kinh t tng

t mc khong 18% cui nm 2003 ln gn 25% cui 2005.

Trong cc loi cho vay bt ng sn, d n cho vay nhu cu vn sa cha

v mua sm nh ca chim t trng cao nht, trn 40%, nhng c xu hng

gim dn qua cc nm, t trn 47% cui nm 2003 xung cn khong 40% cui

2005. Trong khi , d n cho vay xy nh bn c t trng tng dn trong

tng d n cho vay bt ng sn, t mc gn 7% cui nm 2003 ln trn 11%cui thng 6/2005. Ngoi ra, d n cho vay xy dng c s h tng khu th

v khu cng nghip cho thu chim gn 20% cui 2005. Cho vay xy dng vn

phng cho thu c mc tng trng mnh trong nm 2004, bng 189,5% so cui

nm 2003, nhng gn nh khng tng trong nm 2005. Tng t nh vy, d

n cho vay xy dng cs h tng khu th, khu cng nghip cho thu cng

c mc tng mnh trong nm 2004, bng 174% so vi cui nm 2003, nhng

ch tng nh trong nm 2005.

n nm 2007, tn dng bt ng sn qua knh ngn hng pht trin rt

mnh m. Cc hp ng ti tr vn cho cc d n vi gi tr ln lin tc c

k kt, bn cnh , tn dng cho ngi mua bt ng sn din ra rt si ng.

Sau 1 thng k t khi bt ng sn ti tng gi, hu ht cc ngn hng, nht l

khi c phn nhanh chng "bm" tin cho khch hng thng qua nhiu sn

phm cho vay mua nh, t tr gp. iu ng ch l cc nh bng nng


49/85


gi tr khon vay, thi gian tr n ln cao hn nhiu so vi trc. Trong khi, li

sut cho vay i vi loi hnh tn dng ny li c iu chnh gim khong 0,1

- 0,2%/thng so vi trc y.16Techcombank chnh thc cng b ti tr khch

hng vay tin mua snphm Sky Garden 3, ng thi cung cp gi dch v tin

ch v nh , trang thit b gia nh, t vo u thng 11. i vi cc khch

hng mua sn phm Sky Garden 3, Techcombank u i thi hn cho vay ti a

l 20 nm, thay v ch c 10 nm nh trc. T l vn vay ti a cho 80%.

Phng thc thanh ton gc, li s c Techcombank da trn c s c tnh

n vic thu nhp s c xu hng tng ln theothi gian v kh nng tr n ca

khch hng. Ngoi li, khch hng ch thanh ton 15% vn gc trong 1/4 thi

gian u. 25%, 30% v 30% trong cc 1/4 thi gian cn li. Ti sn m bochnh l ngi nh v nh mua ca khch hng. Ngoi ra, "ht" khch

hng v nng cao tn dng bn cnh nng hn mc vn, thi gian cho vay v h

li sut mt s ngn hng cn mua bo him cho khon vay: Sacombank kt hp

vi IFC v khon cho vay 500 t ng thc hin nhu cu cho vay mua, xy

nh mi, ng thi tng thm dch v bo him ho hon v cc ri ro khc cho

bt ng sn th chp c gi tr bng s tin cho vay.17

Kt qu bo co ca Ngn hng Nh nc chi nhnh thnh ph H Ch

Minh cho thy, tnh n 31/10/2007 tng d n tn dng ca cc ngn hng trn

a bn tng 50% so vi cui nm 2006 v tng n 63% so vi cng k. V ch

trong thng 10.2007 cc ngn hng cho vay thm 29.000 t ng (tc tng

9,2% so vi mt thng trc v lng tin ng chim n 70%. 18

ng H Hu Hnh gim c Ngn hng Nh Nc chi nhnh thnh ph

H Ch Minh cho bit, d n cho vay bt ng sn ca cc ngn hng trn a

bn tnh n ht nm 2007 t 34.700 t ng, chim khong 10% tng d n

ca ton h thng. Tnh n ht thng 9/2008, d n cho vay bt ng sn ca

h thng ngn hng thng mi t 115.000 t ng. Trong c cho vay mua

nh , cho cc doanh nghip vay u t c s h tng phc v sn xut - kinh

16Ngun Vitnam net: Tin vay xy nh bn chim 11% n BS ngy 11/04/2006.17

Ngun: Saga.vn.18Ngun: Bo ngi Lao ng.


50/85


doanh, cho vay xy dng nh v vn phng bn v cho thu V tc tng

cho vay trong lnh vc bt ng sn 6 thng u nm 2008 ch mc di 5%,

trong khi tng d n tn dng chung tng hn 18%. Cc khon cho vay bt ng

sn ch yu tp trung cc thnh ph ln nh thnh ph H Ch Minh 60%, H

Ni 17%...

Vi s tn dng trc tip v c lin quan n bt ng sn tng mnh trong

nm 2007 v thng u nm 2008 to ra mc ri ro cho h thng ngn

hng, ng thi c xem l tc nhn cung tin ch yu gy lm pht. hn

ch lm pht, v lm x hi bong bng bt ng sn Ngn hng Nh Nc tng

li sut c bn, tng t l d tr bt buc, v quan trng nht l bin php pht

hnh tn phiu ht 20.300 t ng khi lu thng, chnh sch tht cht tn dng

nh hnh r nt. Vi vic rt mt lng tin ln ang lu thng ngoi th

trng v ca Ngnhng Nh Nc lm cho kh nng cung tin ca cc Ngn

hng thng mi gp kh khn rt ln. V th nhiu ngn hng thng mi

hn ch cho vay, chi tip tc gii ngn cc hp ng k trc y, thm ch

c ngn hng cn ngng gii ngn v khng cho vay mi v ngn hng khng

cn tin cho vay. Trn thc t, lin tc trong 4 thng gn y, d n cho vay

lnh vc bt ng sn ca cc ngn hng gim kh mnh, c bit l ti a bn

thnh ph H Ch Minh v H Ni. Ch tnh ring a bn thnh ph H Ch

Minh, n u thng 7, d n cho vay bt ng sn gim khong 3.700 t

ng so cui qu I nm 2008. D n cho vay lnh vc bt ng sn ti H Ni

cng gim tng i mnh, c ngn hng thng mi c phn gim mt na. T

thng 6/2008 n nay, nhiu ngn hng ngng cho vay lnh vc bt ng sn,

c bit vi cc nhu cu kinh doanh v u t. Ngoi vic gn nh ngng chovay, cc ngn hng c gng gim dn d n cho vay bt ng sn bng cc bin

php n c thu hi n.

Mt khc,Ngn hng Nh Nc tng iu chnh li sut c bn t

8,25% ln 14% nm, iu ny y li sut cho vay ca cc ngn hng thng

mi ln cao 21%/nm. y thc s l mt gnh nng li sut cho c cc ch u

t, cc nh u t cng nh khch hng. Tuy nhin, khng hn chp thun li


51/85


sut cao l c vay, hin nhiu ngn hng ang gp kh khn v vn

cung tin.Tri ngc vi trc y ngn hng tranh nhau cho mi cho vay

mua bt ng sn th nay h lm ngc li. n thi im ny cc ngn hng

thng mi l lun: Th trng bt ng sn hin ang b y gi ln qu cao,

tim n qu nhiu ri ro. Trong bi cnh tht cht tin t hin nay, bt ng sn

l danh mc u tin ang c hu ht ngn hng sit li, hn ch v thm ch

t chi cho vay i vi nhng khon vay mang tnh cht u c bt ng sn ".

Tuy nhin, mt s ngn hng cho bit cnh ca tn dng bt ng sn vn ang

m nhng ngi vo l c chn lc v iu kin tip cn ngun tn dng ny

kh khn hn rt nhiu.

Huy ng thng qua chim dng vn ca khch hng v nh u t : trong

cc nm va qua cc d n chung c v cn h cao cp huy ng vn thng qu

knh khch hng v nh u t theo phng thc ng trc tng i thnh

cng. Hu ht cc d n chung c v cn h cao cp hon thnh v sp hon

thnh giai on ny huy ng ngun tn dng qua knh ny l ch yu

trong cc phng n huy ng vn ca h. Tuy nhin n cc thng cui nm

2007 vic huy ng vn thng qua knh khch hng ca cc d n mi b hn

ch, theo quy nh ca Nh n

mi c nhn tin ng trc ca khch hng v mc huy ng ti a khng

vt qu 70% trc khi bn giao nh. Trn thc t, Nh nc c nhng hnh

ng c th trin khai quy nh ny, tin hnh thanh tra cc cc cng tycc

ch d n khi tin hnh k hp ng bn sn phm, v c bin php x l nu

c vi phm: pht hnh chnh hoc tc quyn kinh doanh

Mt khc, khi th trng bt ng sn ng bng, gi nh t, chung c v

cn h gim nhanh cng vi nh nc thi hnh chnh sch tin t tht cht th

knh huy ng vn ny gp rt nhiu kh khn. Thc t, vic gp tin mua cn

h, nn t ti cc d n chia lm nhiu t. Thng t mt gp t 15-30% v

t tip theo cch nhau 3 - 6 thng, ty theo tin d n trin khai nhanh hay

chm. Nh vy cc d n bn hng cui nm 2007 v u nm 2008 n hn

thanh ton t tip theo. Thng thng cc nh u t c kh nng gp 30%, s


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cn li vay t ngn hng. Nhng nay knh tn dng t ngn hng ang rt h

b. Cc sn phm mi

Pht hnh tri phiu cng trnh: Huy ng vn qua knh pht hnh tri

phiu cng trnh vn l mt phng n cn mi i vi cc doanh nghip kinh

doanh bt ng sn. Trong thi gian va qua, ch c mt s ch u t pht

hnh tri phiu cng trnh huy ng vn cho cc d n, c th nh sau:

Cng ty C phn Vincom thnh cng trong vic pht hnh tri phiu 1

nghn t VND (62 triu USD) vo nm 2007. Cng ty ny nhn c nhiu

tin hn d kin, vi s tin ng k mua tri phiu cng ty ln n 2,5 nghn t

VND (156 triu USD). Tip n, thng 1 nm 2008, Cng ty chng khon ACB

cng t vn bo lnh pht hnh thnh cng 720 t ng tri phiu cho Cng

ty c phn u t Masan thc hin d n t ng sn ti 289 Trn Hng

o, thnh ph H Ch Minh v mt s d n khc. 19

Hp tc vi cc nh u t nc ngoi bng cchgp vn bng quyn s

dng t: vic i vay ngn hng v pht hnh tri phiu u gp mt s bt li

nht nh. Nht l trong thi k lm pht, Nh nc p dng chnh sch tin t

thu hp, cc ngn hng sit cht cho vay bt ng sn v vic pht hnh tri

phiu khng phi ch u t no cng c th thc hin c. T thc trng ,

nhiu nh u t trong nc chn gii php l hp tc vi cc nh u t

nc ngoi. Vic hp tc ny s pht huy c th mnh ca mi bn, doanh

nghip trong nc, vi mi quan h v s thng hiu tnh hnh a phng sn

sng b thi gian cho cc th tc xin lp d n, n b gii ta cn nh u t

nc ngoi mnh v vn nhng ngi khu th tc ko di. Mt khi lin doanh

c thnh lp, s trin khai tip d n, bao gm xy dng v a d n vo

hot ng. Khi xc tin vic lin doanh vi doanh nghip trong nc, cc i

tc nc ngoi thng c nhng phn tch, nh gi rt k v nng lc ca i

19Ngun: Cng ty a c Si Gn Thng Tn.


53/85


tc, quy m v v tr d n, tim nng v tnh thu ht ca sn phm nh t

Do , cc doanh nghip bt ng sn Vit Nam trong lin doanh bn thn cng

phi l nhng doanh nghip mnh. T thc t cho thy cc doanh nghip bt

ng sn trong nc c nng lc, v vn ln ngun t, ang chim u th trong

vic c cc nh u t nc ngoi la chn tin vo lp cc lin doanh.

V trong tnh hnh ny, cc doanh nghip a c nh, yu s cng kh khn

trong vic tm mt hng i cho mnh.

2.3 Tn dng bt ng sn ti Vit Nam nhng tn ti v nguyn nhn

Trong thi gian qua tn dng qua ngn hng l mt knh chnh trong tn

dng bt ng sn, v tng nng trong nhng nm gn y, c bit l nm

2007. Tuy nhin n thi im ny knh tn dng gn nh b ng li, cc ch

u t, cc nh u t v khch hng gn nh khng tip cn c, v nhiu

nguyn nhn:

Th trng bt ng sn nm 2007 m ln v tng nng, gi nh t

tng lin tc, li nhun cao v tr thnh mt th trng hp dn ca tn dng.

Cc ngn hng thng mi khng b l c hi ti a ha li nhun v tng d

n t cho vay vi cc chng trnh cho vay d dng, hp dn v mang tnh

cnh tranh cao. Vic cho vay qu mc dn n vic mt cn i gia lung

vn huy ng v lung vn vay ca ngn hng v dn n tnh trng mt n

nh tn dng qu cao ca cc ngn hng thng mi. y l cha tnh n cc

t l cn i gia ti sn v vn vay, t l gia li sut cho vay di hn v li

sut huy ng ngn hn. y l cha tnh n vic ngun vn c s dng vo

cc hot ng t doanh v u t. Mt bo co ca ngn hng Nh nc Vi t

Nam v tnh hnh hot ng ca cc ngn hng thng mi c phn trn a bn

thnh ph H Ch Minh trong qu 1/2008 cho thy tng s vn huy ng ca

cc ngn hng l 518,5 nghn t ng, v tng vn cho vay l 460 nghn t ng.

Vn cho vay chim n 88% tng vn huy ng, mt t l rt cao, theo l

thuyt, cc ngn hng ch cho vay n 75% ca vn huy ng l ti a.

7/31/2019 [YRC]-Chung Khoan Hoa Cac Khoan Cho Va

[yrc]-chung khoan hoa cac khoan cho vay the chap, giai phap moi cho ttbds vn

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