Performance of the Vietnam listed real estate sector 2007-2012

Abstract

This thesis analyze the performance of Vietnam listed real estate sector through

examine the impact of chosen factors on performance measures. The research use an

unbalanced panel of 61 listed real estate enterprises on both Hochiminh Stock

Exchange and Hanoi Stock Exchange over the period of 06 years from year 2007 to

2012 with 339 observations. Research follows study of Klauss Hammer and

Yinghong Chen (2004) about Performance of the Swedish real estate sector market

with applying in conditions of Vietnam. A panel regression model is set up on the

basis of many prior studies, extended and improving and adapting the research

requirement and condition by adding a variable Tobin’s Q which is market index of

corporate performance. The research found clear evidence that the different real estate

enterprises has different performances, the difference was not due to regional

differences but are due to the impact of the capital structure (negatively) , enterprise’s

age (negatively) as well as a portion of the impact of enterprise’s turnover

(positively), etc. The results are also shown that Vietnam listed real estate firm have

the proportion of fixed assets on total assets (tangibility) at low level and tangibility

isn’t impact on firm performance. This thing should be noted due to a one of factors

which Vietnam’s Banks consider when lending that are fixed assets. The findings can

offer hints for improving performance of Vietnam real estate firm.

Keywords: performance, real estate, panel data