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Ripples from Vietnamese interest rates reach Malaysia   2008-06-01 - Bloomberg

Shares of Malaysian property developers sank Saturday on concern their sales in Vietnam will be eroded by higher borrowing costs.

Gamuda, Malaysia’s third-biggest builder by stock market value, Saturday tumbled 18 percent to 2.45 ringgit, its steepest decline in more than a decade.

Malaysian developers, including Gamuda, have increased investments in Vietnam as its economy booms.

Gamuda’s projects include the Yen So Park in Hanoi, a cluster of offices, luxury apartments and a convention center that the company values at US$1 billion.

SP Setia Bhd., whose only overseas projects are in Vietnam, dropped 5.7 percent, while Berjaya Land Bhd. lost 3.8 percent.

Vietnam’s central bank raised its key interest rate to 12 percent on May 17.

US investment bank Morgan Stanley has warned the country is heading for a “currency crisis” because the bank has kept the dong too strong as inflation soars.

SP Setia, Malaysia’s biggest property developer, said in April it plans to invest $100 million in Vietnamese projects that may generate as much as 30 percent of the company’s profit and sales in three years.



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