(YRC) - Chung Khoan Hoa Cac Khoan Cho Vay The Chap, Giai Phap Moi Cho TTBDS VN

DANH MC NHNG T VIT TT TRONG TI T vit tt ABS Tn ting Anh Asset-Backed Security Tn ting vit Chng khon bo m bng
g ti sn ti chnh Chng khon c th chp m bo bng ti sn Php nhn c bit
MBS
Mortgage- Backed Security Special Purpose Vehicle/Entity - SPV/SPE Collateralised Mortgage Obligations Mortgage - Backed Bond Credit default swap Collateralized Debt Obligation London Interbank Offered Rate Organisation for Economic
SPV/SPE
CMO MBB CDS CDO
Chng khon ti th chp Tri phiu th chp Hon i ri ro tn dng Ngha v n c th chp
LIBOR
Li sut LIBOR T chc Hp tc v Pht trin Kinh t
OECD
Co-operation and Development
http://svnckh.com.vn
LI NI U Vi s pht trin ca nn kinh t, qu trnh th ho din 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 ng sn 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 nhng ngun huy ng ca cc ngn hng li l 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 n bt ng sn. Trong khi lng tin nhn ri trong nhn dn rt ln nhng vic thu ht u t vo th trng bt ng sn vn cn 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 cc khon 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 c nhu 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 ton 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
to tnh thanh khon v n khi ton b d n hon thnh s c bn u gi v chia cho cc nh u t theo t l nm gi chng khon bt ng sn. Khi nhng ngi c nhu cu thc s s l nhng ngi s hu nh. i cng vi vic chng khon ho s km theo yu cu v minh bch thng tin. Vic cn thit l hon thin cc t chc nh gi xp hng tn dng i vi cc ch th tham gia qu trnh. Thng tin v cc d n bt ng sn phi c cng khai v cc bc tin hnh cng b thng tin tng t nh cc doanh nghip khi mun nim yt trn sn chng khon, cc d n s phi c bn gii thiu chi tit v mc ch, quy m d n, tin hon thnh, nhu cu vn v cc ch ti i vi doanh nghip khi khng hon thnh ng hn hoc thng tin cng b khng chnh xc t pha c quan qun l, t chc gim st, t chc bo lnh pht hnh. Vi nhng ni dung trnh by v mt yu cu v li ch ca hot ng chng khon ho cc khon cho vay th chp bt ng sn, ti s c b tr vi b cc nh sau: Chng I: Tng quan v chng khon ho cc khon cho vay bt ng sn. Chng II: Trin vng p dng chng khon ho cc khon cho vay th chp ti Vit Nam. Chng III: Cc gii php, kin ngh nhm ng dng cng c chng khon ho cc khon cho vay bt ng sn Vit Nam. Vi b cc ti nh trn chng I nhm mc ch gii thch v chng khon ho v li ch cng nh ri ro ca chng khon ho, ng thi cng a ra mt s bi hc t mt s quc gia. Chng tip theo l tng quan v th trng bt ng sn, hot ng tn dng bt ng sn v mt s hnh thc p dng cng c ny ti Vit Nam. V ni dung cui cng s l mt s gii php, kin ngh i vi c quan qun l nhm to hnh lang php l v c ch chnh sch thun li cho cng c ny pht trin. Mc d c gng hon thnh ti song do nhn thc cn hn ch nn ti khng trnh khi sai st, cc thnh vin ca ti rt mong nhn c nhng kin ng gp ca hi ng xt duyt.
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 khon n 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 thi gian 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 xc nh. 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 ton c 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
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 khon cho 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 Mae v 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, xut hin 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 ca Mason 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
l cc cng ty i chng, cc t chc ti chnh ca Hoa K chuyn mua v chng khon ha cc khon
phm chng khon ha ca vic ng gi cc loi ti sn c mc ri ro khc nhau, v hng ti 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 chp nhm m bo v ti chnh cho t chc ti chnh cho ngi dn vay tin mua nh .
III.
hng thc chng khon ho
1. Phng thc chng khon ho thng qua trung gian: The mortgage Backed Security (MBS): Phng thc to chng khon 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 thng qua trung gian phn nh cc lung tin ca khon vay c th chp.
1.
3.
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):
Qun tr ri ro trong ngn hng thng mi PGS.TS Nguyn Vn Tin

CMO c s dng nhm mc ch to ra s hp dn hn i vi cc nh u t chng khon 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 tin gc 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.
MBS
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 mortgage Backed 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
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, th mi 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 cc ti 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 th trng 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 xc hn cc ti sn nng lc d bo khng hong, v mc ri ro. giao dch nh gi chnh
Chng khon ha cc khon tn dng bt ng sn l
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 k lng 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 th trng. Thng thng, l nhng lm ln ng k trong nh gi mc ri ro vi th trng bt ng sn.
2. Li ch ca ngi i vay:
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 l mt 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 sn Trong 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 l ri ro khng 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: Ri ro ch yu lin quan n chng khon ho chnh l ri 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 sut th s khng tc ng nhiu n cc khon phi tr cng nh 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, chi ph 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 k ton 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 cc bn. Nhng trung gian trong giao dch c 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 khon ho c th em li ri ro do yu cu thc hin bo him ca cc bn lin quan.
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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 cc khon 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 sn Singapore cng l mt th trng pht trin mnh m, c nhiu thnh qu v l mt nc thuc khi ASEAN nn tham kho khi nh hng 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 c m 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
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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 ti thiu. Theo phng n ny th nhng nm u tin ngi i vay s tr s tin thp hn tin li hng thng, v mi 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 qu kh. Nhng i tng ny tim n ri ro khng c kh nng thanh 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
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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 nn thanh 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:
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Bng 1: ng thi v tin vay kh c bt ng sn Hoa K3 Nm 1949 20% 15% 1979 46% 28% 2001 73% 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 thy cho 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 chi ph 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 sn tng 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
3
Ngun: Green & Watcher (2005)

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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 thanh khon 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
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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 t USD 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 Wachovia4 trong 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 chng khon 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
Cc ngn hng tng hp, ngn hng u t, cng ty bo him, cng ty ti chnh ln ca M
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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 trng bt ng sn. bo v ngi mua, lut php Singapore c quy nh v quyn chn mua, y l quyn m ngi bn phi 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
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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 ngn hng 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 sn ch c tng ch khng gim v cho rng u t vo bt ng sn lun 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 u t 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 sn lun 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
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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 tr bt 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 khng th 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 nhm bt 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
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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 nng nghip, 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 tn quc 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 th trng. 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
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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 sn da trn c ch gi v c din ra trong mt khng gian v thi gian nht nh. 2.2 c 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 nn mc 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.
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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 k thut 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 quy nh php lut v quyn mua, bn, cho thu, th chp, gp vn lin doanh bng bt ng sn. Chnh sch kinh t, ti chnh tin t ca Nh nc: Chnh sch kinh t ca Chnh ph Trung ng v Chnh quyn a phng 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 nh hng rt ln n s
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pht trin ca th trng bt ng sn. Khi Nh nc p dng chnh sch tht cht tin t lm cho th trng bt ng sn chng li, c nhng thi im gn nh khng c giao dch mua bn bt ng 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 hnh thc hin cc giao dch mua, bn, thu mn, th chp trn th trng bt ng sn, 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 y nhanh hoc chm 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 s dng c th ca ngi c 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: T trng 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 nn kinh 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 thng 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
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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 qu gi 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 . 2.5 Ri 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:
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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 thng ng k bt ng sn ang b chia ct, cha iu kin c h thng qun l cng 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 n trong bt ng sn; quy hoch s dng t cn nhiu yu km; h thng c quan qun l, cn b qun l cn nhiu bt cp; cn nhiu sai phm trong p dng php 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 cu ca th trng cng l iu rt ng quan tm. Nng lc yu km khin cho nhiu doanh nghip khng c c chin lc kinh doanh thch hp, gp
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phn gy ra tnh trng hn lon cho th trng bt ng sn, v tc ng xu n hiu qu u t. 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 trin khai 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 gia ngn 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 gii ngn theo tin ca d n: Vn u t cho d n bt ng sn cn vn ln nhng vn u t s dn tri theo tng giai on: n b gii ta t, xy dng h tng, nn mng, xy th v hon thin. V th, nh u 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 li sut. Cn nu huy ng vn mt ln th vn khng c s dng
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ngay mt lc nhng vn phi tr li cho ngi cho vay dn n vic s dng vn khng 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 cn i 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. 3.3 Nguyn tc cho vay bt ng sn Vn vay phi c s dng ng mc ch, c hiu qu: Vn c s dng vo mc ch no c xc nh 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 mc ch khc. Khi , bn vay s kh khn v kh thu hi vn hon tr cho bn cho vay. c bit, vn vay nu c dng vo mc ch u c bt ng sn s cng kh thu hi vn do ri ro ca mc ch ny kh cao. Do vy, tun th nguyn tc s dng vn vay ng mc ch l iu quan trng nhm m bo kh nng thu hi vn cng nh l to iu kin nng cao hiu qu s dng vn u t ban u tr n vay ng hn. Vn vay phi c hon tr vn v li ng hn: Thi hn tr n vay thng c 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 bt ng sn pht trin l iu cn thit, trong iu tit vn thng qua knh tn dng ngn hng vi cc sn phm cho vay bt ng sn c xem l hu
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hiu v kh ph 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 hn 10 nm qua th cho vay bt ng sn cng c ngha thit thc trong vic khi thng 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 vn tit 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 chng trnh h tr cho vay bt ng sn, ngi c thu nhp thp, cn b cng chc, 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, tng li nhun ngn hng.
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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 th trng 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 cp dch v thanh ton, nh u t gp vn cng vi doanh nghip kinh doanh bt ng sn... 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 gi ht tnh thit yu ca hot ng cho vay bt ng sn lun cn thit cho nhng nhu cu thit thc trong x hi, trong nn kinh t. II. Thc trng th trng 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 ng sn trc khi c lut t 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 sut thi k ny, cc vng nng thn hin tng mua bn t hu 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

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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 chnh 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 bt ng 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 quan chc cng nh cc cng chc ca cc c quan Nh nc din ra rt ph bin. Trong giai on ny, hin tng tham nhng
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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 19971998, th nn kinh t Vit Nam t b nh hng do trong giai on ny Vit Nam cha 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
Hnh3,4: Ngun B k hoch v u t.

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

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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 K hoch 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,
Hnh 7: S cn h bn
khng ch trong gii u t -
u c - kinh doanh bt ng sn, m c cc c quan cung cp ti chnh nh qu

Hnh 6: Ngun B k hoch u t.
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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 ch u 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 Th Thim 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 . Hnh 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 triu ng/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/m2 thng 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 m2 l mc gi cao nht t c vi cn h Pacific Place. Mt khc, mt loi sn phm khc ca th trng bt ng sn l nhu cu v gi vn phng, mt bng cho thu cng tng ln mt cch chng mt. Trong nm 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 m2 vn phng gm c hng A v B cho thu. V tnh n cui nm 2007
Hnh 9: Gi thu trung bnh vn phng ti H Ni
9
Hnh 9: Ngun CBRE.

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th c 33 cao c vn phng vi tng din tch khong 300.000 m2. 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.
10
Hnh 10: Ngun B k hoch v u t.

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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 FDI u 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, vic mua 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 n resort, 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 ba phng 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/m2 thi 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
Hnh 11, 12: Ngun B k hoch v u t.
11
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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/m2/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/m2/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 s c 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,
12 13
Ngun VietRee. Hnh 13: Ngun CBRE.

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ngun cung (tnh theo din tch sn) ti TP.HCM c 99.618 m2 vn phng hng A, 297.146 m2 vn phng hng B v c 355.654 m2 vn 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 nm 2006 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.
ng phng v gi thu.
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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 trng lm 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 vo bt 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
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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 2.1 Hnh 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 ca d 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
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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 ng trc 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 kim ton; 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.
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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 vn tip 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 i vi 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 c s 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
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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.16 Techcombank chnh thc cng b ti tr khch hng vay tin mua sn phm 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 theo thi 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 bo chnh 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
16 17
Ngun Vitnam net: Tin vay xy nh bn chim 11% n BS ngy 11/04/2006. Ngun: Saga.vn. 18 Ngun: Bo ngi Lao ng.
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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 Ngn hng 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 cho vay, 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
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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 ty cc 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 cch gp 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
19
Ngun: Cng ty a c Si Gn Thng Tn.

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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 Vit 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.
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Mt nguyn nhn na l lm p bn cn i ti sn, gim t l cho vay chng khon xung 3% v nng tng d n, cui nm 2007 cc ngn hng thng mi lin tc vay vn lin ngn hng cho khch hng vay di hn hn (do vn huy ng thp v p lc tng trng trn vn iu l cao). C th h ly khon vay n gi khon vay kia. Cng thm vi vic nhiu ngn hng lo d tr tin ng, phng nhu cu vn ca doanh nghip tng vo thi im cn Tt Nguyn n, nhu cu tin ng tr nn cng thng. Cc ngn hng mi thnh lp, mi chuyn ln th chy n o c tin tr n cc khon vay ngn hn lin ngn hng. n thi im ny th khng cn tin cho vay. Thm vo , thc hin ch trng chng lm pht ca Chnh Ph, Ngn hng Nh Nc 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. iu ny lm cho cc ngn hng thng mi vn cng thng ngun cung tin do cho vay qu mc huy ng nay li cng thm cng thng, v nhiu ngn hng khng cn tin cho vay, dn n vic tht cht u ra tn dng. iu ny th hin r trong cuc chy ua li sut huy ng ca cc ngn hng thng mi trong thi gian va qua. Tn dng t ngun khch hng v cc nh u t trong thi gian qua cng c ng mt vai tr ln i vi th trng bt ng sn nh t, chung c v cn h cao cp. Trong cc giai on trc c c d n, xong giai on n b gii ta, lp d n th cc ch u t c th tin hnh huy ng vn t khch hng, cha cn phi xy dng xong c s h tng thit yu. Nhng n thi im ny, ch huy ng c tin vn t khch hng khi ch u t bt u trin khai xy dng c s h tng k thut theo tin , v phi xy xong phn mng i cc d n chung c, cn h cao cp th vic huy ng vn ca cc d n va tin hnh n b gii ta xong l khng th thc hin. Phn ln cc cng ty u t bt ng sn Vit Nam l cc cng ty c vn nh, ch lc thc hin n b gii ta, xong giai on ny th phi huy ng vn tip tc thc hin d n. i vi cc d n iu kin huy ng vn t khch hng th li gp vn khc: khch hng khng tin gp tip nhng t sau.
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V mt nguyn nhn khng th khng k n l phn khc th trng ca cc ch u t cha hp l, cc ch u t ch yu u t vo th trng cn h cao cp vi gi mi cn t 1,5 t tr ln nh cu v cn h c gi t 500 triu ng n 1 t ng l rt ln nhng ngun cung li rt t. Trong khi , huy ng tn dng thng qua pht hnh tri phiu l cn kh mi m i vi Vit Nam. Th trng tri phiu Vit Nam cha thc s pht trin, mi ang giai on u ca qu trnh pht trin, cc tri phiu c tnh thanh khon cha cao, cc nh u t ch yu mua v gi tri phiu n khi o hn. pht hnh thnh cng th cc cng ty phi c uy tn, sn phm nh t phi thc s hp dn, ngun cung sn phm phi m bo, ngha l d n kh thi v c trin khai ng tin . iu kin ny khng phi cng ty no cng p ng c. V khi sn phm hi nhng tiu chun trn th ch u t li thch huy ng vn trc tip t ngi mua, d cho l bn nh t theo hnh thc tr gp v thu v cc khon thu l t nhng h li khng phi tri li cho khon tin ny. V pht hnh thnh cng tri phiu, cc ch u t cn cn nhc tnh ton li sut ph hp, trong iu kin lm pht gia tng, gi c vt liu xy dng tng th li sut cng l mt vn cn quan tm v cn nhc. Bn cnh , khi pht hnh tri phiu cc ch u t cn b sung cc sn phm ph tr hp dn. Hn na, nhng iu kin hin nay v vic pht hnh tri phiu l nhng iu kin khng th p ng i vi nhng doanh nghip ang trong qu trnh xy dng v cha pht sinh doanh thu nhng thc s c nhu cu v vn. Tuy nhin, khi knh tn dng qua ngn hng v khch hng b hp li th y l mt knh tn dng cn xem xt, cn nhc v p dng huy ng vn. Qua y cho thy s lin thng gia th trng bt ng sn v th trng ti chnh hin Vit Nam cng xut hin s lin thng, nhng mi trng thi mt chiu, tc l to ngun cho vic hnh thnh bt ng sn. Cn qu trnh chng khon ha ti to li tnh thanh khon cho h thng ti chnh cha c. Qu trnh phn b ri ro rt hp, trong phm vi gia s t i tng tham gia giao dch. V th, thanh khon Vit Nam ch bo m c khi gi bt ng sn tng. Ngc li, khi gim th hon ton khng c tnh thanh khon cao, do cng
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khng c mc cn bng gi mi. Cho nn, hin tng d thy l gi d gim nhng vn ng mc cao v hu nh khng c giao dch. Sau cc chu k trm lng, mc cao "kt giao dch" tip tc l mt bng y tip gi th trng sang im mt cn bng trong mt cn st mi. III. Cc m hnh p dng ti Vit Nam Trong iu kin cc knh tn dng u nghn mch nh hin nay, th chng khon ha bt ng sn l mt gii php tt c th gip cc doanh nghip kinh doanh bt ng sn c thm ngun vn mi mt cch linh ng nht. Vic chuyn chng khon ha tn dng bt ng sn l mt hnh thc chuyn cc th thc tn dng thnh th thc chng khon, pht hnh ra cng chng v to iu kin thun li cho ngi nh u t. Khi c chng khon ha th ngun vn u t ny rt linh ng, c tnh thanh khon cao v c th thu ht c thm vn ca cc nh u t nh l m cc hnh thc tn dng khc b hn ch. Chng khon ha bt ng sn c nhiu hnh thc, trong gii h xin cp n 4 hnh thc sau: + Chng khon ha cc khon cho vay th chp cm c; + Pht hnh tri phiu cng trnh; + Chng ch bt ng sn; + M hnh qu u t u thc. 1. Chng khon ha cc khon cho vay th chp cm c. mc t chc th trng cao hn, cc khon cho vay th chp cm c c chng khon ho ti th trng ti chnh to tnh thanh khon cho tn dng th chp cm c. Chng khon ha (chuyn thnh chng khon) l qu trnh tp hp v ti cu trc cc ti sn thiu tnh thanh khon nhng li c thu nhp cao bng tin trong tng lai nh cc khon phi thu, cc khon n chuyn i thnh tri phiu, hay gi chung l chng khon v a ra giao dch trn th trng. Ni cch khc, chng khon ha l mt qu trnh huy ng vn bng cch s dng cc ti sn ti chnh sn c trn bng cn i k ton lm ti sn m bo cho vic pht hnh cc chng khon n. Theo , cc nh u t mua chng khon
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n chp nhn ri ro lin quan n danh mc ti sn c em ra lm ti sn m bo. Thng thng k thut chng khon ha cc khon tn dng c thc hin trn hai nhm ti sn ch yu: cc khon vay c th chp bng bt ng sn v cc ti sn ti chnh khng c th chp bng bt ng sn; v t hnh thnh tng ng hai loi chng khon tng ng: cc chng khon da trn th chp bt ng sn (Mortgage backed securites) v cc chng khon ti sn ti chnh (Asset backed secuirities), gi tt l ABS. Chng khon da trn th chp bt ng sn (Mortgage backed securities) c hnh thnh t chuyn i cc khon vay c ti sn th chp, khi cng ty pht hnh, ch n th nht, s chuyn giao ton b giy t th chp cho nh u t mua tri phiu ny. Loi tri phiu ny tuy c an ton cao hn, v c vt m bo khon vay, nhng li sut li thp hn so vi chng khon ti sn ti chnh. Thc cht vi nhng tri phiu gn lin vi ti sn th chp ny th c iu kin xem l mt thng v bn ti sn. Ngi bn khng cn chu ri ro thua l t s ti sn sau khi chuyn i v khng phi chu trch nhim vi ngi mua v ngi vay b v n hay c s thay i gi th trng v ti sn . Sau y l quy trnh thc hin chng khon ho:
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Quy trnh chng khon ha

n v qun l ti sn
Mua bn ti sn
C quan xp hng tn nhim
Nh Bo lnh
Tin
T chc pht hnh

Tin
Quyn i n
SPV
Quyn i n
Ti sn
Ngun vn Kim tra

Tp hp cc khon thanh ton
Nh u t
Nh ti tr i l dch v
T chc tn thc
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Hnh 16: Quy trnh chng khon ho. Sau khi cho vay th chp cm c th trng cho vay th chp cm c s cp, cc t chc tn dng trc tip tp hp cc khon cho vay ny thnh mt danh mc v bn chng cho mt cng ty c chc nng c bit, chc nng mua bn n. Qu trnh chng khon ha bt u c thc hin giai on ny. Cc cng ty mua bn n ny c bit khng c vn ch s hu, m ngun vn ca cng ty ny s c huy ng bng pht hnh tri phiu, y l im mu cht ca qu trnh chng khon ha. Cc tri phiu ny c bo m bng danh mc cc ti sn th chp cm c ca cc khon cho vay th trng cho vay th chp cm c th cp. Thng thng, cc tri phiu ny s c phn thnh nhiu gi, c nh mc tnh nhim vi h s khc nhau, c mc ri ro khc nhau v li sut cng khc nhau. V d: gi 1, gi 2 v gi 3. Gi 1 c h s tn dng cao nht c thanh ton ton b gc u tin, v d nhin li sut cng thp nht, Sau khi thanh ton ht gi 1 s n gi 2 v sau cng l gi 3. Gi 3 l gi c bit khng nh c mc tn nhim, c mc ri ro cao nht. V khi ton b danh mc tn dng hot ng tt th gi 3 l gi hng nhiu li nhun nht v ngc li. Qua cch phn gi nh trn cc nh u t c nhiu c hi la chn cc
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gi tri phiu ph hp vi s thch ri ro ca mnh. iu ny kch thch cc nh u t vo cc tri phiu da trn th chp bt ng sn. Thng qua c ch ny, cc khon cho vay th chp cm c tr thnh cc chng khon n pht hnh rng ri ra cng chng, lm tng tnh thanh khon ca cc khon cho vay. Cng thng qua c ch ny, cc khon ri ro v tn dng c chuyn mt cch hiu qu t cc t chc cho vay tn dng trc tip sang cc nh u t tri phiu. Cc t chc tn dng gi khng cn b hn ch cho vay bi ngun huy ng trc tip na, bi khi cn h c th bn cc khon cho vay th chp cm c v thu tin v phc v nhu cu hot ng ca cc t chc ny. Khi tin hnh chng khon ha th s lng cc ngun vn cho vay khng ch b hp khun kh cc t chc tn dng na, m qua qu trnh ny s c rt nhiu i tng khc tham gia cung cp vn nh: cc nh u t nh l, cc t chc bo him, cc qu ca x hi. Tuy nhin m hnh ny c th hot ng th cc c quan c thm quyn ca Nh nc phi ban hnh cc quy nh to hnh lang php l cho cc cng ty mua bn n ny hot ng, cng nh cn c lut php bo v cc nh u t tham gia vo qu trnh ny. V c th thc s trin khai hiu qu k thut chng khon ha Vit Nam th chng ta cn kh nhiu vic phi chun b nh tip tc hon thin khun kh php l v th trng ti chnh, pht trin cc th trng ph tr nh th trng mua li (Repo), th trng cc sn phm phi sinh (derivaties), hnh thnh cc t chc xp hng tn nhim c uy tn v nng lc.
2. Tri phiu cng trnh Khi hai knh tn dng l ngn hng v cc t chc tn dng v knh khch hng ang b thu hp li, th vi hnh lang php l hin c th pht hnh tri phiu cng trnh l mt gii php v vn cho cc cng ty bt ng sn c th thc hin ngay. Tuy nhin, d th trng chng khon Vit Nam pht trin n mt trnh nht nh nhng th trng tri phiu li khng khi sc, cha
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tht s hp dn nh u t. pht hnh tri phiu bt ng sn thnh cng th cc ch u t phi a ra cc iu kin hp dn cc nh u t nh: - Cc d n huy ng vn phi l cc d n tt, th sn phm nh t phi thc s hp dn v ngun cung sn phm phi m bo, ngha l d n kh thi v c trin khai ng tin ; - C cam kt cht ch khi mua tri phiu bo h quyn li cho cc tri ch khi c tranh chp xy ra, cc tri ch s b thit thi quyn li; - Cn kt hp vi cc t chc bo lnh pht hnh chuyn nghip, c uy tn v c nng lc ti chnh; - a ra cc sn phm ph tr hp dn nh: pht hnh tri phiu chuyn i km vi quyn mua cn h vi mt t l chit khu tng i. Nhng khi pht hnh tri phiu chuyn i ch u t phi tnh n vic c phiu b pha long sau khi chuyn i; cng nh kh nng kim sot cng ty ca cc c ng hin hu; c cu vn cng ty s b thay i nn t sut li nhun trn vn ch s thay i. Tri phiu sau khi c pht hnh s c giao dch tp trung trn S giao dch chng khon to tnh thanh khon cho cc nh u t v tng tnh hp dn ca th trng tri phiu cng ty. ng thi trong qu trnh thc hin cng ty phi lin tc cng b nh k v tnh hnh v tin d n c huy ng vn t tri phiu.
Hnh 17: Quy trnh pht hnh tri phiu cng trnh ca cng ty.
T CHC PHT HNH
T CHC XP HNG TN DNG
NGN HNG GIM ST http://svnckh.com.vn 60
T CHC BO LNH, PHT HNH
NH U T
Theo quy trnh ny th s bao gm nhng bc c bn sau: Bc 1: Ch u t d n s a ra mt bn co bch, trong c thng tin y , r rng, chnh xc v tnh hnh ti chnh ca ch u t d n, chi tit d n. Bc 2: T chc nh gi tn nhim s nh gi v xp hng tn dng cho cng ty theo cc tiu ch ti chnh, tnh hnh k hoch pht trin trong tng lai, tnh hnh ca ngnh v chnh sch ca Nh nc vi lnh vc ny. Bc 3: T chc bo lnh v t chc pht hnh s nn k hoch huy ng vn, li sut thng qua nhu cu vn, xp hng tn dng v cc chnh sch ca cng ty pht hnh. Sau trnh h s pht hnh ln U ban chng khon Nh nc xin php thc hin. Bc 4: Lm h s ng k pht hnh v lu k trn S giao dch chng khon v ng k lu k ti Trung tm lu k. ng thi cng b thng tin trn cc phng tin thng tin i chng. Bc 5: T chc pht hnh s thc hin qu trnh pht hnh tri phiu v a ln giao dch trn sn chng khon. Tin thu c s chuyn qua ngn hng gim st v ngn hng ny s c trch nhim gim st, gii ngn trong qu trnh thc hin d n, trnh vic s dng sai mc ch ca ch u t. Bc 6: Cng ty s tr li v thanh ton gc thng qua ngn hng gim st. Nu cng ty pht hnh khng c kh nng thanh ton th t chc bo lnh phi c trch nhim thanh ton cho nh u t. 3. Chng ch bt ng sn
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Chng khon ha theo m hnh pht hnh chng chng ch u t bt ng sn, l m hnh theo chng khon c m bo tr gi bng bt ng sn, cho php nh u t kim li trn bin ng gi tr ca bt ng sn sau ny m khng nht thit phi s hu trc tip mt phn hay ton b bt ng sn trong sut qu trnh s hu chng khon. Chng ch bt ng sn l mt loi chng khon c bit, kt hp gia hnh thc u t chng khon v u t bt ng sn. Gi tr c m bo bng bt ng sn m n i din, ng thi cho php nh u t kim li trn bin ng gi tr ca bt ng sn ny, nhng khng nht thit nm gi quyn s hu trc tip mt phn hay ton b bt ng sn trong sut qu trnh s hu chng khon. C ch chuyn ha thnh chng khon ca hnh thc ny: l ton b bt ng sn tham gia s c chia nh thnh nhng chng ch c gi tr nh nhau sau pht hnh ra cng chng. Qu trnh pht hnh ny khng cn thng qua cc nh ch ti chnh trung gian. Hay ni mt cch khc, mt doanh nghip c ngun thu trong tng lai c th chuyn giao quyn s hu ngun thu ny cho cc nh u t i ly mt khon tin mt ngay ti thi im thng qua vic pht hnh chng khon. Cc ch th tham gia kinh doanh chng ch bt ng sn ny bao gm: n v pht hnh (ch u t d n), n v phn phi, ngn hng gim st v cc nh u t. Ti thi im pht hnh chng khon s c pht hnh rng ri cho mi i tng quan tm khng gii hn s lng hay khi lng tham gia. Trong qu trnh thc hin d n, chng khon bt ng sn s c t do chuyn nhng. Theo tnh thanh khon ca sn phm ny l rt cao cho ngi nm gi chng ch.
Hnh 18: Quy trnh thc hin pht hnh chng ch bt ng sn

T CHC PHT HNH
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T CHC XP HNG TN DNG
NGN HNG GIM ST T CHC BO LNH, PHT HNH
NH U T
Bc1: Ti thi im pht hnh th tt c cc thng tin lin quan n d n phi c cng b mt cch cng khai, minh bch v c t di s gim st ca mt t chc trung gian lm ngn hng gim st. Ch u t d n s a ra mt bn co bch, trong c thng tin y , r rng, chnh xc v tnh hnh ti chnh ca ch u t d n, chi tit d n, cc iu khon v quyn li v trch nhim ca hai bn, cnh bo nhng ri ro c th xy ra, cam kt v tin thc hin d n v vic bi thng cho nh u t vo chng ch bt ng sn khi d n gp phi nhng s c do li ca nh u t d n . iu ny m bo cho d n u t c hon thnh ng tin v cht lng cam kt, hn ch hin tng tiu cc trong giao dch bt ng sn cng nh hn ch c ri ro cho t chc pht hnh. Ngoi ra, vic cng khai thng tin ny s phn no hn ch hin tng u t bt ng sn. Bc 2: T chc xp hng tn dng s nh gi v xp hng cho t chc pht hnh, ng thi t chc pht hnh da trn k hoch d n, nhng cam kt ca cng ty thc hin v kt qu m t chc xp hng lm h s pht hnh trnh c quan qun l. Bc 3: Sau khi c chp nhn ca c quan c thm quyn, t chc pht hnh cng b thng tin v thc hin cc th tc c lin quan sau khi pht hnh nh nim yt chng ch ln sn giao dch v trung tm lu k.
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Bc 4: Tin thu c t t pht hnh chng ch ny s c ngn hng gim st gii ngn theo tng hng mc thc hin d n. ng thi trong qu trnh d n, cng ty phi cng b thng tin thng xuyn m bo tnh minh bch. Bc 5: Ti thi im kt thc d n u t bt ng sn, ton b d n c bn u gi, ngi mua sn phm bt ng sn s l ngi c nhu cu thc s, do s trnh c hin tng u c bt ng sn. Cn cc nh u t s c chia li da trn li nhun thu c t vic u gi d n hon thnh. Vic chia nh sn phm bt ng sn cng l mt u im ca chng ch u t bt ng sn, s tng tnh thanh khon cho bt ng sn v m rng cho cc nh u t t vn mc d khng c kh nng s hu hon ton mt bt ng sn, vn c th tham gia u t vo th trng ny, th trng m t trc ti nay ch dnh ring cho nhng nh u t nhiu vn. Bn cnh vic tch quyn s hu v quyn s dng bt ng sn ra s c thm nhiu i tng tham gia vo th trng nh cc cng ty ti chnh, bo him, cc qu u t, cc nh u t nc ngoi, kiu bo n y, chng ch bt ng sn thc hin c vic gn kt mc cao gia th trng ti chnh v th trng bt ng sn. So vi hnh thc tri phiu cng trnh th chng ch bt ng sn an ton hn v nh u t c th kim sot c vic s dng vn ng mc ch thng qua s kim sot v gii ngn theo tin trin khai d n ca ngn hng. Nu mua tri phiu cng trnh, nh u t khng kim sot c vic s dng vn ca n v pht hnh tri phiu Pht hnh chng ch bt ng sn to iu kin gim chi ph huy ng vn so vi huy ng vn qua cc t chc tn dng. Tuy nhin, khi huy ng vn di hnh thc chng ch bt ng cng c mt s bt cp v chi ph gin tip cho vic thc hin cc giao dch cng nh nhng tr ngi trong vic cng b thng tin theo yu cu ca c quan qun l. cho m hnh chng ch bt ng sn c th a vo p dng ti Vit Nam th th trng chng khon pht trin mnh to ra mi trng thun
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li cho vic pht hnh, nim yt v giao dch chng ch bt ng sn. th trng chng khon Vit Nam pht trin, cn hi 4 yu t: cung, cu, t chc ti chnh trung gian v h thng vn bn php l. Ngoi ra, cn yu cu th trng bt ng sn phi pht trin n trnh nht nh, phi minh bch, lnh mnh v n nh th lc y chng ch bt ng sn mi thc s tr thnh cng c huy ng vn c sc ht vi cc nh u t chng khon. 4. M hnh cng ty tn thc bt ng sn REIT (Real Estate Investment Trust) l tn gi ca Qu tn thc u t bt ng sn l mt loi hnh cng ty u t chuyn mua, pht trin, qun l v bn bt ng sn da trn vic qun l chuyn nghip danh mc u t bt ng sn. y l mt hnh thc u t kinh doanh trn th trng bt ng sn thng qua cc loi ti sn s hu hoc ti sn m bo n m cc t chc v c nhn c th tham gia bng cch mua hoc bn c phn. Ta c th hiu m hnh p dng thng qua s sau: Trc ht, cng ty qun l qu s thc hin pht hnh chng ch qu ra cng chng thc hin vic huy ng vn u t. Chng ch qu c pht hnh s c giao dch trn s giao dch chng khon v c lu k ti Trung tm lu k. Tin thu c t pht hnh chng ch qu, cng ty s u t vo cc d n thu li li nhun. Li nhun t hot ng ca cng ty qun l qu s c chia cho cc nh u t nm gi chng ch v t l ny do cng ty quyt nh tu thuc vo mc ch s dng vn trong cc nm tip theo. Ngn hng gim st c chc nng theo di vic thc hin u t ca cng ty m bo quyn li v mc an ton ca qu. ng thi cng ty qun l qu phi thng xuyn cng b tnh hnh ti sn v cc d n thc hin nng cao minh bch.
NGN HNG GIM ST
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CC NH U T
CNG TY QUN L QU
CC D N BT NG SN
Hnh 19: Quy trnh qun l cng ty tn thc bt ng sn. Khi pht trin REIT mang n mt s li t sau: - Li ch i vi nh u t: REIT c li th trnh b nh thu chng trong u t v khng gii hn mc u t ti thiu, REIT mang li cho nh u t thu nhp trong hin ti n nh v hp dn. Mt nhn t khc hp dn nh u t l s vn hnh ca REIT c gim st da trn khun kh php l, bi ban gim c c lp, cc chuyn gia phn tch, kim ton, cc phng tin truyn thng chuyn v kinh doanh v ti chnh. - Li ch i vi nn kinh t: + M ra nhiu c hi u t: REIT cung cp ngun vn di hn t vic huy ng vn rng ri hnh thnh mt loi hnh u t c kh nng p ng nhu cu vn rt ln cho cc d n bt ng sn v cng ng thi h tr cc ngn hng v nhng cng ty pht trin bt ng sn s cp trong vic thu hi vn b ra u t cho d n khc. Chng ch u t ca REIT vi mnh gi nh c th mang li nhiu c hi u t cho bt k ai c th tham gia vo th trng bt ng sn. + To ra cc iu kin an ton v chuyn nghip hn cho hot ng u t kinh doanh bt ng sn: Cc chnh sch u t v cu trc ca REIT c gim st theo quy nh php lut nhm m bo an ton u t v thu nhp n nh. Phn ln REIT s dng tin vn ca REIT mua cc ti sn hon thin sau em cho thu li. Tin thu l ngun thu nhp chnh ca cc REIT. REIT thng khng c php cho vay hoc vay tin. Nhng hn ch ny c ci b mt phn hoc ton b i vi cc cng ty trc thuc REIT. + H tr cung cp nhiu sn phm a dng cho th trng bt ng sn, c bit l i vi th trng ti sn cho thu mua: hot ng ch yu ca REIT
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l nm gi ti sn cho thu v thu nhp ch yu ca REIT l t cho thu ti sn. REIT c th mua li nhiu loi ti sn nh khch sn, trng hc, bnh vin, kho hng, khu mua sm, t bt k c nhn hoc t chc no khng c kinh nghim qun l, b thua l, gp kh khn trong vic x l , sau REIT c th thu mt cng ty qun l ti sn chuyn nghip thu li t cc ti sn mua c. + Gip pht trin cc lnh vc chuyn mn v cc chng trnh pht trin kinh t x hi. IV. C ch gim st qun l i vi cng c mi ny 1. Xy dng ch s bt ng sn Vic xy dng ch s ny mang tnh ton din s rt l thit thc cho nh u t, bi v nh u t ch c th nm bt thng tin mt s khu vc, mt s d n mang tnh cc b. Yu cu t ra l chng ta cn phi c mt ch s chung nh u t c th nm bt c din bin th trng. Hn na, khi c c mt ch s th thng tin trn th trng s minh bch hn rt nhiu v l c s chng ta pht trin th trng bt ng sn mt cch lnh mnh, trnh hin tng u c. c bit ch s ny s l ch bo cc c quan qun l nm bt c th trng v a ra nhng chnh sch v iu chnh hp l gip th trng ny ngy cng minh bch hn. Li ch ca vic xy dng ch s ny thy c ngay trc mt, tuy nhin vic xy dng nh th no v mc tin cy n u nh u t thc s thy c y l ch s cn thit v quan trng. Vi nhng vn nu trn, nhm ti khuyn ngh a ra mt nhm cc ch s cho th trng nh sau: REMI Vietnam Real Estate Composite Index: Ch s tng hp th trng bt ng sn Vit Nam REMI Hanoi Real Estate Index: Ch s bt ng sn H Ni REMI Hochiminh City Real Estate Index: Ch s bt ng sn H Ch Minh REMI Vietnam Office Index: Ch s bt ng sn phn khc vn phng REMI Vietnam Apartment Index: Ch s bt ng sn phn khc chung c REMI Vietnam Retail Index: Ch s bt ng sn phn khc bn l
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REMI Vietnam Warehouse Index: Ch s bt ng sn phn khc t nn. Tuy vy, ty thuc yu cu ca tnh hnh th trng ny chng ta s xy dng ch s tng phn khc cho tng a bn, ti cc tnh thnh ph khc v xy dng cc ch s theo vng min. Thc t hin nay, mt s cng ty xy dng ch s bt ng sn cho ring mnh nhng nhng ch s ny ch mang tnh cc b bi phm vi hot ng ca cc cng ty l gii hn v ch tp trung vo mt s phn khc nht nh. Th d nh ch s BDSI ca cng ty Metvuong ch xc nh theo cc qun trung tm TP.HCM v tp trung vo nhng cn h dnh bn, cn Vinaland tp trung ch yu cc giao dch ng v Nam Si Gn. Chnh v th m b xy dng Vit Nam xy dng th im ch s bt ng sn H Ni v TP H Ch Minh, hai thnh ph c th trng bt ng sn ln nht nc. 1.1 Phng php tnh ch s bt ng sn (Real Estate Market Index: REMI) 1.1.1 Thnh phn cu thnh REMI (Real Estate Market Index: REMI) Ch s ny phn nh tnh hnh th trng hin ti v s da trn cc giao dch hon thnh. Ch s bt ng sn s kt hp ba yu t: gi trung bnh (Price), khi lng giao dch (Sales), s ngy tn ti bnh qun trn th trng (median days on market: DoM). Khi th trng nng th gi tng v khi lng giao dch tng ng thi s ngy tn ti trn th trng gim xung. Ngc li, khi th trng ng bng th gi v khi lng giao dch gim xung v s ngy tn ti trn th trng tng ln. Nh th c ngha l ch s s ng bin vi gi v khi lng giao dch v nghch bin vi s ngy tn ti trn th trng. REMI(t) = W1*I(price) + W2*I(sales) W3* I(DoM) 1.1.2 T trng ca cc thnh phn cu thnh REMI Xc nh c t trng ca cc thnh phn cu to REMI l iu cc k kh khn v kh c th mang tnh chnh xc cao. Ty thuc vo u tin cho thnh phn no phn nh ng tnh hnh th trng m u tin t trng cao. Trong cc ch s th trng no th yu t ga lun c vai tr cao, tuy nhin trong ch s bt ng sn ca Vit Nam th theo kin ca nhm ti nn
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gim bt vai tr ca yu t gi i do hot ng u c trn th trng cao v mang tnh cc b, nu yu t gi chim t trng ln s gy sai lch v tnh hnh th trng v dn n nhn nhn khng ng n t pha nh u t. Mt s t trng cu thnh REMI theo th t: Price/ Volume/ DoM 100/0/0: Trong t l ny th gi i din cho th trng v t l ny khng phn nh chnh xc tnh hnh th trng. 50/30/20: T l ny gi chim 50%, khi lng giao dch chim 30%, s ngy giao dch bnh qun chim 20%. Trong trng hp ny gim bt vai tr ca yu t gi, tng vai tr ca cc yu t khi lng giao dch v s ngy giao dch bnh qun trn th trng. 40/40/20: T l ny gi chim 40%, khi lng giao dch chim 40%, s ngy giao dch bnh qun chim 20%. Yu t gi tip tc b gim bt vai tr, tng vai tr ca yu t khi lng giao dch thnh cng v gi nguyn t trng ca DoM. 33/33/33: T trng bng nhau i vi cc yu t, so vi cc t trng trc th yu t ga gim xung ngang bng vi cc yu t khc, t trng yu t khi lng giao dch thnh cng tng ln, v c bit l DoM chim t trng bng vi cc yu t cn li. Theo quan im ca nhm ti th nn la chn trong vng hai t l 50/30/20 n 40/40/20. Theo dch chuyn t trng yu t gi dao ng trong t l t 50% xung 40% v yu t khi lng giao dch t 30% ln 40%. Bi v ti th trng bt ng sn Vit Nam rt d xy ra hin tng u c, lm gi nu t trng ca yu t gi cao s dn ti phn nh sai lch th trng v th phi c mc cn bng nht nh gia yu t gi vi yu t khi lng giao dch. Cn t trng yu t DoM nn gi mc 20% l hp l. 1.1.3 Cch tnh ch s Bc th nht: +Tnh gi trung bnh trong ngy ( thng/ qu/ nm) +Tnh s ngy trung bnh trn th trng ca cc giao dch thc hin trong ngy. +S lng cc giao dch thnh cng.
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Bc th hai: Tiu chun ho cc tiu ch bng h thng ch s + Ch s gi: Iprice(t) = Price(t)/ Price(1) + Ch s khi lng: Isales(t) = Sales(t)/ Sales(1) + Ch s DoM: IdoM(t) = DoM(t)/DoM(1) Bc th ba: Tnh ch s REMIt = 100*( W1*Iprice(t) + W2* Isales(t) W3* IdoM(t))/ REMI(1) Trong W1, W2, W3 ln lt l t trng tng yu t trong ch s. 1.2 Thc t vic xy dng ch s bt ng sn Vit Nam Hin ti B xy dng ang th im vic trin khai xy dng h thng ch s bt ng sn ti TP H Ch Minh v H Ni thng qua vic cp nht d liu t cc cng ty mi gii bt ng sn. V mt phng php v cch tnh cng c trin khai tng t nh cch tnh cp trn. Thi k gc bt u xy dng ch s ny s l vo nm 2010 khi m ch s CPI s c iu chnh v trong thi k t nay n 2010 l thi gian th im. Di y l biu v cc ch s bt ng sn c th im:
Hnh 20: Ch s t nn ti TP HCM.
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Hnh 21: Ch s t nn ti H Ni. u im: - Ba yu t ny s phn nh chnh xc mc ca th trng hn vic ch dng ch s gi do c th vp phi yu t u c, ch s REMI s phn nh c tnh lng ca th trng. - Ch s gi bt ng sn l mt cng c gip khch hng, c bit l ch u t c th theo di c din bin chung v xu hng ca th trng. T c mt ci nhn tng th v h thng v th trng. Nhng kh khn gp phi khi tin hnh xy dng ch s ny: Cng vic thu thp d liu: D liu s c thu thp ch yu t pha cc cng ty mi gii bt ng sn, khng ly d liu ca cc cng ty u t bt ng sn v h s cung cp d liu sai nhm mc ch ring. V vic thu thp d liu c th xy ra sai st. 2. Bo co Mi trng kinh doanh 2005, do tp on Ngn hng Th gii thc hin trn c s so snh cht lng mi trng kinh doanh hn 150 nc, cho rng thit lp cc trung tm thng tin tn dng t nhn l mt trong ba ci cch chnh m Vit Nam cn tin hnh. Cng tc thng tin tn dng Vit Nam cn hn ch l cn tr cho s pht trin kinh t. Mt khi thng tin tn dng c
Vic chn t trng trong tnh ch s l vn tng i phc tp.
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p ng th nhu cu ngun vn ca cc thnh phn trong nn kinh t s c p ng l ng lc gip nn kinh t pht trin. Hn na cng thng tin tn dng ra i s c chc nng gim st hot ng ca cc doanh nghip, ng thi nh u t s nm bt r hn v tnh hnh doanh nghip. V th yu cu t ra l cn phi c mt t chc xp hng tn nhim t nhn c th khch quan trong vic nh gi chnh xc cc doanh nghip. Thc trng ngnh xp hng tn nhim Vit Nam: Hin nay Vit Nam cng c mt s cng ty xp hng tn nhim nh: Cng ty Xp hng tn nhim doanh nghip Vit Nam (CRV), Cng ty Thng tin tn nhim v xp hng DN (C&R), Trung tm Thng tin tn dng (CIC) thuc Ngn hng Nh nc, Cng ty C phn bo co nh gi Vit Nam (Vietnam Report) Nhng cc cng ty ny trong thi gian qua cha a ra cng b mt bn danh sch xp hng ng vi khi nim ca xp hng tn nhim DN. Trong hai nm qua, Vietnam Report kt hp vi bo in t VietNamNet cng b bng xp hng top 500 doanh nghip ln nht v doanh thu (VNR500) theo m hnh ca Fortune 500. n v t chc mong mun s duy tr mt bng xp hng c uy tn theo chun mc quc t. Hng nm, thng qua s liu iu tra v doanh nghip trn ton quc ca Tng cc Thng k nh: tng ti sn, doanh thu, li nhun, tc tng trng, s lao ng kt hp vi iu tra ca Vietnam Report v s liu cung cp t cc DN, cc DN s c nh gi, xp hng thng qua cc tiu ch c cng b cng khai, m bo tnh khoa hc, khch quan v c lp. Chng trnh Pht trin ca Lin hip quc (UNDP) c a ra danh sch xp hng top 200 DN Vit Nam. Cc chuyn gia UNDP cng b mt bn bo co chi tit nu r qu trnh iu tra xy dng c s d liu nh gi top 200 DN hng u cng nh cc cu chuyn ng sau cuc nghin cu. Mc tiu ca bn bo co nhm tm hiu xem DN v cc tp on ang thch ng ra sao vi mi trng kinh doanh ang bin i, ng thi xc nh c h n t u, chin lc tng trng ca h l g v nhng hn ch h gp phi. C th ni, bo co ca UNDP l mt cuc iu tra nghin cu DN u tin a ra danh sch xp
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hng 200 DN hng u ti Vit Nam. Cc chuyn gia ca UNDP kt hp 3 ch tiu doanh s, ti sn v s lao ng nh gi ging nh m hnh ca Forbes. Ngoi ra, UNDP cn tin hnh ng thi iu tra phng vn trc tip cc DN thuc phm vi nghin cu a ra bc tranh tng th v th hng 200 doanh nghip hng u. CIC cng a ra thng s cng b thng xp hng cc doanh nghip ang nim yt trn sn giao dch chng khon nm 2007 v 2008. Ngn hng Nh nc cho php CIC cung cp bn bo co phn tch, xp hng tn dng DN. i tng c nhn cc bn bo co xp hng tn dng DN l cc n v thuc Ngn hng Nh nc v cc t chc tn dng, khng cung cp cho cc i tng khc. V mi y nht, CIC c chnh thc thc hin nghip v phn tch, xp hng DN. Nh vy, vic cc t chc xp hng Vit Nam ch mang tnh t pht, k c trung tm thng tin tn dng Ngn hng Nh nc. Chng ta khng c mt chin lc hon thin pht trin th trng ti chnh. Mun th trng ti chnh c th pht trin c th phi c s hiu bit gia doanh nghip, nh u t, trung gian ti chnh. V trong ni dung ca ti, th xp hng tn nhim cc doanh nghip l iu thc s cn thit. Bi l cc sn phm c pht hnh ra cn phi c s nh gi nht nh v cht lng m thc t th cha c mt t chc no kh nng cng khai ng ra nh gi v iu ny v hnh trung lm hn ch kh nng tip cn thng tin ca nh u t. Yu cu t ra l phi hon thin cng tc xp hng tn nhim.Vy chc nng ca t chc xp hng tn dng t nhn ny l g? Chc nng chnh ca cng ty s l phn tch, xp hng tn nhim cc t chc tn dng, cc doanh nghip; nh gi v xp hng c phiu, tri phiu doanh nghip. Cng ty s nm gi nhng vai tr quan trng trong vic cung cp thng tin cho cc i tng.
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Th nht, i vi cc t chc tn dng: nhm h tr cc t chc tn dng trong vic ra quyt nh cp tn dng, gim st v nh gi khch hng, kim sot ri ro hiu qu hn... Th hai, i vi cc nh u t v th trng chng khon l nhm gip h c c s tham kho, i chiu k cng trc khi ra quyt nh u t cui cng, gim bt ri ro khi u t; gip cho cc cng ty chng khon la chn mt danh mc u t tt nht; to iu kin huy ng vn trn th trng chng khon thc hin c d dng, thun li hn. Th ba, cng ty ny s gip cc doanh nghip Vit nam xy dng hnh nh v tn nhim ca mnh trong sn xut, kinh doanh cng nh trong qu trnh hi nhp quc t; v th t l s gip cho cc c quan qun l Nh nc nh gi c i tng qun l ca mnh, c c s a ra nhng gii php thch hp, gp phn thc y s pht trin nn kinh t ni chung. Vn trn c gii quyt, vy m hnh nh gi nh th no s ph hp vi Vit Nam? Do Vit Nam c nhng iu kin c bit nn p dng mt phng php ph hp trnh p dng cng nhc v rp khun l mt iu ng suy ngh. Vi hin trng hin nay ca Vit Nam, mt m hnh nh Forbes 500 hay Fortune 500 (tt nhin khng rp khun), cng l iu nhiu nh u t ang mong mi. Tuy vy, p dng m hnh hin i nh vy khng phi l iu d dng. Chng hn, nu theo m hnh Forbes 500 v ch da trn nhng ch tiu hin ti nh gi nh: doanh thu, ti sn, tc tng trng, li nhun v s lao ng th vn gp nhiu hn ch nh: ti sn ca cc DN nh nc rt kh xc nh v thng khng tnh (vn v s hu t ai, vn cp pht vn ca Nh nc, vn cng n ca cc DN nh nc) hoc s mt cn bng gia lao ng trong cc ngnh nh dt may v ti chnh ngn hng ng thi c s hn ch v h thng c s d liu, s khng thng nht trong m hnh qun l hch ton ca cc tng cng ty nh nc v cc n v thnh vin. Bn cnh , nn kinh t ang trong giai on chuyn i, do vy s gy kh khn cho vic xc nh m hnh s hu cng nh tng hp d liu. V tng
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th, vn c th a ra bc tranh tng qut v xp hng DN, tuy nhin, kt qu a ra s c nhiu sai lch. Theo nhn nhn ca nhm ti th vi hin trng c s d liu cng nh tnh hnh thc t cc DN hin nay, m hnh nh gi ca Standard & Poors, Moodys l ph hp nht v n dung ho c cc yu t. i vi ngnh xp hng tn nhim DN ti Vit Nam, cu khu hiu: c lp, khch quan, trung thc mi ch l iu kin cn. l l do t ra l chng ta phi xy dng mt quy trnh nh gi khoa hc, bi bn st thc ph hp vi iu kin hon cnh thc tin. ng thi chng ta cng cn s tham vn ca cc chuyn gia ti chnh hng u trong v ngoi nc v lin tc chnh sa khng ngng hon thin quy trnh . 3. Ci thin v tng cng gim st h thng ti chnh Chng khon ho l cng c thng minh song n thc s pht huy c vai tr ca mnh th cn c s gim st v qun l cht ch c th pht trin bn vng. V th cn c s gim st cc bn tham gia trong giao dch chng khon ho v c s m bo cc sn phm c to ra c tnh thanh khon. Hin ti h thng gim st ti chnh ca Vit Nam cn tn ti nhiu im yu, v th qu trnh chng khon ho sm c trin khai th vn quan trng l chng ta cng phi hon thin c ch v t chc ca b my gim st h thng ti chnh. N l iu kin tin quyt v cng l c bn pht trin khng ch th trng cc cng ti chnh m l chng ta c nn ti chnh n nh v lnh mnh. Cu hi t ra l: vy h thng ti chnh ca Vit Nam c gim st nh th no? nh ch ti chnh trung gian l cc t chc thc hin chc nng dn vn t ngi c vn ti ngi cn vn. Cc nh ch ti chnh trung gian c th l cc ngn hng, cc cng ty chng khon, cc hip hi cho vay, cc lin hip tn dng, cc cng ty bo him, cng ty ti chnh, cng ty cho thu ti chnh (gi tt l ngn hng, chng khon v bo him). Nh vy, h thng ti chnh ca Vit Nam c s hin din ca hu ht cc loi hnh nh ch ti chnh trung gian, do , hot ng gim st ti chnh quc gia bao trm ln tt c cc nh ch ny.
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Hin ti, vic kim tra, gim st cc nh ch ti chnh ny ang c phn chia cho cc c quan khc nhau. Ngn hng Nh nc chu trch nhim kim tra, thanh tra v gim st hot ng ca cc t chc tn dng. y ban Chng khon Nh nc chu trch nhim thanh tra, qun l v gim st hot ng ca cc cng ty chng khon v th trng chng khon ni chung. Bn cnh , hot ng ca cc cng ty bo him c gim st bi B Ti Chnh. Mt im ng lu trong m hnh hin ti l vic cc c quan ny va thc hin chc nng cp php, ban hnh c ch chnh sch va thc hin chc nng hng dn, trin khai thc hin v kim lun vai tr kim tra, thanh tra v gim st (theo s phn cp trn). M hnh ny dn ti s thiu lin thng trong vn thc hin gim st c h thng ti chnh. Gn nh cc c quan chc nng cha pht hin c bt c mi lin h, hay ni thng ra l cc giao dch bt minh gia ba nhm i tng ny. M hnh gim st ti chnh ca Vit Nam cn bc l nhiu bt cp v yu km, c th cc im sau: im yu th nht l s thiu phi hp iu tit gia cc c quan chc nng trong vic x l cc vn ti chnh, xy ra tnh trng gim chn nhau trong h thng gim st ti chnh. im yu th hai l s yu km trong qu trnh theo di v gim st, bao gm tnh thiu minh bch v cht lng cc bo co. S pht trin, i mi ca h thng ti chnh to ra nhng sn phm lai ghp, do , cng tc gim st cng gp kh khn hn. S khng tng thch gia cc tiu chun Vit Nam v tiu chun th gii trong vic gim st da trn ri ro gp phn lm bc l tnh yu km ca cng tc iu tit v gim st. Ngoi ra, c ch cnh bo v gim st h thng sm cng l mt im yu ca h thng iu tit hin nay. im yu th ba l nng lc pht hin, x l vi phm cn hn ch, trong khi ch ti x l vi phm cha mnh. Th t l yu km trong vic gim st dng vn c yu t nc ngoi.
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Chnh v th m thng 3-2008, y ban Gim st Ti chnh quc gia (NFSC) c thnh lp vi nhiu chc nng v nhim v quan trng nh: iu phi hot ng gim st th trng ti chnh quc gia, kin ngh c ch gim st, gim st chuyn ngnh; gim st chung th trng ti chnh, gim st iu kin c cp php; phn tch, d bo, cnh bo mc an ton h thng v nguy c ri ro i vi th trng ti chnh quc gia. Tuy nhin, n thi im ny, hot ng ca c quan ny vn cha thc s khi sc, ngoi vic t chc mt s hi tho v i thoi gia chnh ph, cc c quan chc nng v cc tr thc, hc gi. NFSC nn tp trung vo trin khai mt s cng vic c th: (i) r sot h thng ti chnh, a ra khuyn ngh chnh sch v vic thnh lp thm cc nh ch ti chnh mi, c bit l ngn hng v cng ty chng khon; (ii) kim tra, phn tch v nh gi cc sn phm dch v ang c cung cp hin nay nhn din ri ro, c bit l vic trin khai cung ng cc cng c ti chnh ca cc nh ch ti chnh (nh repo, tit kim linh hot, tit kim bo m...); (iii) xem xt v nh gi khch quan v vic thc hin phn loi n v trch lp d phng i vi cc t chc tn dng (hot ng chim ti trn 50% tng ti sn v hm cha rt nhiu ri ro); (iv) kim tra khon mc u t giy t c gi, ch trng phn tch giao dch gia ngn hng v cng ty. Tuy nhin vn cn thi gian hon thin v c cu t chc cng nh m hnh hot ng, nhng vi s ra i ca U ban gim st ti chnh quc gia th th trng ti chnh ca Vit Nam s hot ng tt hn v l knh dn vn hiu qu cho nn kinh t.
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CHNG III: GII PHP KIN NGH NHM NG DNG CHNG KHON HO CC KHON CHO VAY BT NG SN VO TH TRNG BT NG SN VIT NAM 1. Ban hnh cc vn bn php lut to hnh lang php l th trng pht trin lnh mnh kinh t
i vi nn kinh t ni chung v th trng bt ng sn ni ring, Nh nc c hai chc nng c bn: chc nng iu khin (duy tr v trng ti trong vi tt c cc hot ng ca th trng bt ng sn); chc nng th hai l chc nng pht trin (thng qua cc hot ng u t to lp bt ng sn ti cc d n, khu th mi, cc chng trnh trng im quc gia v.v..) ca cc doanh nghip bt ng sn ca nh nc). thc hin c cc vai tr ni trn ca mnh, Nh nc phi s dng mt h thng cc cng c qun l v m iu khin, tc ng vo th trng bt ng sn nh cng c lut php, ti chnh, thu, quy hoch v.v.. nhm gii quyt hi ho cc mi quan h kinh t gia cc ch th tham gia hot ng trn th trng bt ng sn cng nh gii quyt c mi quan h gia tng trng kinh t bt ng sn v m bo cng bng x hi, gia tng trng kinh t bt ng sn vi gi gn mi trng sinh
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thiVai tr ca Nh nc i vi th trng bt ng sn c th hin trn cc mt ch yu sau: - To lp mi trng php l cho th trng bt ng sn; - Thc hin cc cng c v m nh quy hoch (Quy hoch xy dng, quy hoch s dng t, quy hoch pht trin kinh t-x hi), ti chnh, thu... thng nht qun l bt ng sn theo php lut; - Cung cp dch v cng nh thm nh gi, t vn php lut v.v..
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2. Ci thin cht lng o to nhn lc trong ngnh bt ng sn. c th p dng cng c chng khon ho cc khon cho vay th chp bt ng sn th yu cu cn thit c t ra l phi nh gi chnh xc c gi tr cc bt ng sn c th chp. y l bi ton kh khi m s lng nhn lc c o to bi bn ra cn t v thiu kinh nghim c c xt vi thc t, cn s khc c o to di dng chng ch th c o to trng trong thi gian ngn khng th m bo c cht lng. Bi ton y l cn phi ci thin ngun nhn lc c v cht lng v s lng. Vit Nam ang trong qu trnh cng nghip ha, hin i ha nn ngun ti nguyn t ai s c s dng mnh m. Theo , ngun nhn lc cho th trng bt ng sn s cn rt nhiu, nht l nhn lc c chuyn mn, chuyn nghip trong nh gi, qun l sn. Ngoi cc cng ty trc tip kinh doanh trong lnh vc bt ng sn, nhu cu cn c t cc ngn hng, cng ty chng khon, qu u t, cc tng cng ty ln Ti mt s ngn hng thng mi, cc
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chuyn vin tn dng ph trch mng khch hng lin quan n bt ng sn cng buc phi c chng ch ni trn. y cng l yu cu c nhiu qu u t, c bit l trnh v kh nng thm nh. Hin nay vic o to v cp cc chng ch ny cn lng lo, c c chng nhn o to v mi gii, nh gi hay qun l sn bt ng sn, cc hc vin ch mt trn di hai thng, vi hc ph t 4 - 5 triu ng/kha. Trong khi , o to chnh quy chuyn su theo bc i hc, thi gian o to l 4 nm, trong c 2 nm hc cc mn chuyn ngnh lin quan n lnh vc bt ng sn. Vi vic o to i tr nh hin nay chc chn s khng m bo c cht lng cao v ng u. Hn na, cht lng ca cc chng trnh o to hin nay cn thiu yu t thc t. Chnh hc vin cng ch c o to mt kin thc chung chung, kin thc chay m cha c thc hnh, c xt vi sn mu, sn tht nn cn thiu tnh thc hnh v cha pht huy c ht kh nng. Nu xt v s chuyn su kin thc trong lnh vc kinh doanh bt ng sn, ch vi thi lng trn di hai thng cht lng o to kh m bo tng xng. Vi nhng bt cp nu trn th vn t ra Nh nc nn c chnh sch c th i vi vic o to nhn lc ngnh ny. Theo nhm ti kin ngh mt s gii php c th nh sau: - Cho php cc trng i hc thuc ngnh kinh t v xy dng c php o to nhn lc ngnh bt ng sn h chnh quy. Ni dung lin quan n chng trnh o to ny phi c cc chuyn gia v c quan c lin quan thm nh, ng thi phi cn i c yu t l thuyt v yu t thc t. - Chn chnh cc c s o to chng ch bt ng sn, loi b nhng c s cha t yu cu v a ra mt khung gio trnh thng nht cho cc c s o to ny. - a ra mt khung tiu chun, tiu ch i vi nhn lc trong lnh vc ny v mun c cp chng ch th phi thng qua k thi quc gia trong lnh vc ny. - Ban hnh khung php l c th i vi chnh sch o to nhn lc ngnh ny, trong ngh nh hng dn 153 cn chung chung v cha c th. 3. Gim st vic minh bch ho thng tin
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cng c chng khon ho c a vo vn hnh tt Vit Nam th yu cu cp thit c t ra l cn phi c c s minh bch cao iu s to c s tin tng ca nh u t. V vy theo cc thnh vin ti th Chnh ph nn ban hnh ngh nh v vic cng b thng tin vi cc t chc lin quan n hot ng trn th trng ti chnh, bt ng sn, hot ng u t v iu ny l cn thit trnh s bt cn xng thng tin gia cc bn, lm km hm s lun chuyn ca dng vn cng chnh gim hiu qu ca nn kinh t. Hin nay chng ta mi c thng t s 38/2007/TT-BTC, tuy nhin thng t ny cn thiu tnh thc t v mang nng tnh hnh thc, cha quy nh c th r rng. C th thy c nhng bt cp v hn ch c th hin l: Th nht, Thng t cha bao qut c ht cc i tng phi cng b thng tin. Theo quy nh, cc i tng phi cng b thng tin bao gm hu ht cc thnh vin c hot ng u t, kinh doanh chng khon, nhng cn mt thnh vin ln trn th trng vi chc nng u t ti chnh, kinh doanh vn l Tng cng ty u t v kinh doanh vn nh nc (SCIC) li khng nm trong cc i tng phi cng b thng tin. S b st v i tng phi cng b thng tin ny c th gy ra s thiu minh bch m hu qu l s khng cng bng gia cc thnh vin khi tham gia u t kinh doanh chng khon theo quy lut th trng, nh hng n quyn li ca cc nh u t. Th hai, Thng t cn c nhiu quy nh chung chung, cha r rng khin cc i tng phi cng b thng tin c th ri vo tnh trng lng tng, nhiu khi khng bit mnh c phi cng b thng tin hay khng do khng c c s v thng tin cho vic cng b thng tin. Yu cu t ra i vi mt thng t hng dn thi hnh l phi c th ha, lm r cc cc i tng, cc trng hp v cc ni dung phi cng b thng tin; trnh gy hiu nhm, hiu sai hay b st cc i tng, cc ni dung phi cng b thng tin; m bo hiu qu thc thi sau khi c ban hnh. Vy vi nhng ni dung lin quan n ti th cn cng b thng tin nhm i tng no? Th theo nhm ti xut mt s vn bn cn thit lin quan n ni dung ti:
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- Vn bn php lut lin quan n cng b thng tin trong lnh vc u t bt ng sn. - Vn bn hng dn i vi cc i tng tham gia qu trnh chng khon ho; - Vn bn hng dn ca NHNN, BTC v qun tr ri ro i vi cc t chc tn dng, bo lnh, bo him, t chc pht hnh sn phm ti chnh. - Hon thin hn vn bn php lut cng b thng tin trn th trng chng khon m c th y l Thng t 38; Vi nhng ni dung vn bn trn cn ban hnh th qu l qu trnh cn c s tm hiu v tham kho kinh nghim ca cc quc gia khc ng thi hon thin nhng vn bn php lut hin c sao cho nhng vn bn ny c hiu lc ng k v thc hin chc nng ca n. KT LUN Sau 20 nm i mi, nn kinh t ni chung v th trng bt ng sn ni ring t nhng bc pht trin nht inh. Tuy nhin, th trng bt ng sn vn cn tn ti nhiu hn ch v bt cp nh mt cn bng cung cu mt s phn khc, ngun vn huy ng cn hn ch, hnh lang php l cn nhiu khim khuyt th trng bt ng sn c th pht trin bn vng, minh bch, c tc ng tt n s pht trin ca nn kinh t th chng ta cn c cc bin php h tr v iu chnh, trong h tr tn dng c vai tr rt quan trng. V vy, trong ti ca mnh nhm nghin cu xut cng c chng khon ho cc khon cho vay bt ng sn, mt knh khi thng tn dng c nhiu nc trn th gii p dng v pht trin nh: M, Nht, c, Singapore Vi nhng phn tch trn, nhm nghin cu a ra u, nhc im ca cng c chng khon ho, thc tin ca th trng bt ng sn cng nh hot ng tn dng bt ng sn, v xut cc gii php p dng cng c mi ny. Vit Nam cha tng p dng cng ngh mi ny vo th trng bt
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ng sn, tuy nhin vi nhng bi hc kinh nghim ca cc nc i trc, chng ta hon ton c kh nng p dng thnh cng. c th p dng hiu qu cng c ny vo th trng bt ng sn th cn c s p
s minh bch thng tin trn th trng ti chnh, thnh lp cc t chc ti chnh tham gia iu tit th trng. ng thi cng tng cng cng tc o to ngun nhn lc cht lng cao c kh nng p ng nhu cu pht trin ca th trng. Nhm nghin cu cng rt hy vng v cng c nim tin rng, trong mt tng lai khng xa, Vit Nam c th p dng thnh cng cng ngh chng khon ho v gii quyt c cc bt cp cn tn ti trong th trng bt ng sn, th trng bt ng sn pht trin bn vng v gp phn hn na vo cng cuc pht trin ca t nc. Danh mc ti liu tham kho. 1. Cc lut, b lut: t ai 2005, Lut bt ng sn 2005, B Lut dn s 2005, Lut u t 2005. 2. Thng t s 38/2007/TT-BTC ca B Ti chnh v cng b thng tin trn TTCK, Ngh nh 153/2007/N-CP ca Chnh ph v vic quy nh chi tit v hng dn thi hnh Lut Kinh doanh bt ng sn. 3. PGS.TS Nguyn Vn Tin, Gio trnh qun tr ri ro trong ngn hng thng mi, NXB Thng k. 4. Administrator of National Banks, Comptrollers Handbook, November 1997. 5. http://www.saga.vn/Cohoigiaothuong/Thitruong1/ttbds/8283.saga. 6. http://news.sanotc.com/ViewItem.aspx?hl=vi&item=347979. 7. http://www.sanbatdongsan.net.vn/Default.aspx. 8. http://www.cbrevietnam.com/.
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9. http://www.vietnamnet.vn/. 10. http://vneconomy.vn/ 11. http://cafef.vn/. 12. http://www.sacomreal.com/. 13. http://www.mpi.gov.vn/portal/page/portal/bkhdt. 14. http://www.gso.gov.vn/Default.aspx?tabid=217. 15. http://www.chinhphu.vn/portal/page?_pageid=33,135294&_dad=portal&_schem a=PORTAL. 16. http://www.chinhphu.vn/portal/page?_pageid=33,135294&_dad=portal&_schem a=PORTAL. 17. http://www.moc.gov.vn/. 18. http://vnexpress.net/GL/Home/
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(YRC) - Chung Khoan Hoa Cac Khoan Cho Vay The Chap, Giai Phap Moi Cho TTBDS VN

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DANH MC NHNG T VIT TT TRONG TI T vit tt ABS Tn ting Anh Asset-Backed Security Tn ting vit Chng khon bo m bng

g ti sn ti chnh Chng khon c th chp m bo bng ti sn Php nhn c bit

CMO MBB CDS CDO

Li sut LIBOR T chc Hp tc v Pht trin Kinh t

Co-operation and Development

CHNG I: TNG QUAN V CHNG KHON HO CC KHON CHO VAY BT NG SN

hng thc chng khon ho

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

Chng khon ha cc khon tn dng bt ng sn l

Ngun: Green & Watcher (2005)

dng ; cc ti sn khc gn lin vi

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

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

Hnh5: Ngun CBRE - Hi tho th trng nh .

khng ch trong gii u t -

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

Hnh 8: Gi bn cn h /sp giao.

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

Hnh 9: Ngun CBRE.

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.

Hnh 10: Ngun B k hoch v u t.

Hnh 11: Tng d n u t vo bt ng sn qua cc thng. V phn ra tng lnh vc c th nh sau:

Ngun VietRee. Hnh 13: Ngun CBRE.

Cc ch u t khch sn gp kh khn a ra quyt nh nn y nhanh tin hay hon thi cng d n.

Hnh 14, 15: Ngun CBRE.

Ngun: Cng ty a c Si Gn Thng Tn.

Quy trnh chng khon ha

C quan xp hng tn nhim

T chc pht hnh

Ngun vn Kim tra

T CHC PHT HNH

T CHC XP HNG TN DNG

NGN HNG GIM ST http://svnckh.com.vn 60

T CHC BO LNH, PHT HNH

Hnh 18: Quy trnh thc hin pht hnh chng ch bt ng sn

T CHC XP HNG TN DNG

NGN HNG GIM ST T CHC BO LNH, PHT HNH

NGN HNG GIM ST

Hnh 20: Ch s t nn ti TP HCM.

Vic chn t trng trong tnh ch s l vn tng i phc tp.

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