Property Devt & Invt: Headwinds still linger – Update

• In 1H20, residential market saw a contraction in new supply and transaction volumes in both Ho Chi Minh City (HCMC) and Ha Noi.
• We expect eastern HCMC’s residential market to resume growth in 2H20-FY21F thanks to the establishment of Thu Duc city.
• Reiterate sector Neutral due to slow regulatory approval process and low transaction volumes given the Covid-19 pandemic.

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