Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly. He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth. Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants. How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion. According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan. “In addition, China’s current REITs’ underlying assets are only infrastructure, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said. Liu Qiao, Dean of Guanghua School of Management, Peking University The following is a compilation of interviews: Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform? Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase. Sohu Finance: What impact will the securitization of REITs have on my country’s capital market? Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation. Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources. Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future. REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform. From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success. Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks? Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes. In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds. If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value. Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS? Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion. In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan. Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan. If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future. Sohu Finance: How to correctly understand the relationship between REITs and real estate? Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as the Chinese real estate market is facing a structural transformation and controlling housing prices, everyone has a lot of concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers. Sohu Finance: What impact does the listing of REITs have on residents’ financial management? Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team. Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought about by China’s future economic growth and the continuous improvement of infrastructure investment efficiency. Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management? Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management. Sohu Finance: How has the US REITs’ yield performance over the years? Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets. Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public? Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand. The US REITs market has the largest scale and the longest development time in the world so far, and the scope of the underlying market is very wide.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included. In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year. However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small . If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent. Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market? Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment. I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future. Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily. Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs? Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers. However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors. Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries. In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers. More interviews are as follows: Liu Qiao: There is a general misunderstanding about REITS in our country, it is not equal to the securitization of real estate investment Liu Qiao: REITs funds are more resilient than stocks in a bear market, and are suitable for long-term stable holding and investment Liu Qiao, Dean of Peking University Guanghua: my country’s provident fund stock is more than 800 billion, and the implementation of rental REITs can build more public rental housing

Sohu Finance and Economics and “Economics” magazine series of interviews-“Acknowledge 100 People” No. 125 (click to enter the topic)

Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly.

He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth.

Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants.

How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion.

According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan.

“In addition, China’s current REITs only have infrastructure as the underlying assets, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said.

Liu Qiao, Dean of Guanghua School of Management, Peking University

The following is a compilation of interviews:

Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform?

Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase.

Sohu Finance: What impact will the securitization of REITs have on my country’s capital market?

Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation.

Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources.

Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future.

REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform.

From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success.

Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks?

Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes.

In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds.

If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value.

Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS?

Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion.

In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan.

Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan.

If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future.

Sohu Finance: How to correctly understand the relationship between REITs and real estate?

Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as China’s real estate market is undergoing structural transformation and controlling housing prices, everyone has many concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. .

It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers.

Sohu Finance: What impact does the listing of REITs have on residents’ financial management?

Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team.

Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought by China’s future economic growth and the continuous improvement of infrastructure investment efficiency.

Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management?

Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product.

Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management.

Sohu Finance: How has the US REITs’ yield performance over the years?

Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets.

Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public?

Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand.

The US REITs market has the largest scale and the longest development time in the world so far, and the underlying market has a very wide range.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included.

In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year.

However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small .

If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent.

Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market?

Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment.

I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future.

Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily.

Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs?

Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers.

However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors.

Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries.

In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers.

The land offering is also known as the “Tai Tho Ky Yen” ceremony. Legend has it that, during the Tran dynasty, when Princess Huyen Tran was married to the king of Champa, Dai Viet received a wedding gift from the land of two continents: Chau O and Chau Ly (Chau Ri). When Dai Viet people came to these two continents to settle down, they were not familiar with the soil and climate, so there was a ritual of worshiping the land. This ritual is to show respect to the native gods and wish for a peaceful settlement. The time to worship the land is done on auspicious days, auspicious hours, the “zodiac hour” of the second or eighth lunar month. People in these regions often tell each other to be rich to do double, narrow to make a single, but a tray of earth offerings usually has three tables including: upper table, middle table and lower table. Some places make two tables. Each table has the scent of lamps, fruits, betel nut wine, votive paper. The upper table is placed in a dress of the earth god, the food includes chicken and sticky rice, surrounded by sticky rice and tea. Particularly for chickens, we must have red flags, yellow feathers, and yellow legs. Especially, the chicken is just right (neither young nor old), fat and fat. The middle table is placed on the middle table, the five-way robe, the offerings include boiled pork, a plate of sticky rice, three plates of crabs and boiled eggs, a piece of boiled meat and salt placed on top, and a tray of rice offerings, especially a plate of boiled potatoes and vegetables, a cup of water. Grilled and grilled fish and meat. The table put clothes, porridge, rice, salt, potatoes, cassava, peanuts… The tables are placed in front of the house, the owner stands from the house to bow. The list of offerings and prayers includes the land and houses of the owner to the gods of streams, gods of wells and ancestors of villages and clans. Especially offering to the souls of the Cham people who used to reside, the souls that no one worships… When the ceremony is almost over, the householder takes some offerings such as sticky rice, bananas, crab claws, chicken eggs, sweet potatoes, baked rice paper, etc. into a small folded banana sheath (the people call it “salad”). Then bring it out and hang it at the corner of a tree in the garden or near the house. The custom of hanging Sa Let has become a very unique feature. Finally, after the donation of the land, the neighbors will be invited to join in the fun because they have the concept of “selling distant relatives to buy close neighbors”, as well as an opportunity to exchange events to tighten “neighborhood friendship”. Over the years, today people in the “five Quang” regions still keep the custom of worshiping the land as a beautiful cultural feature. Invite readers to watch the video: Dangers of using weight loss foods online. Source: VTV24.

Single diaspora domain Lung Leng village, Sa Binh commune, Sa Thay district, Kon Tum is like a small “oasis” surrounded by Plei Krong hydroelectric lake. Here, in addition to making noodles and growing industrial crops, every morning the men in the village row a canoe to go fishing. And few people know that Lung Leng village is like a small “oasis” surrounded by Plei Krong hydroelectric lake. Here, in addition to making noodles and growing industrial crops, every morning the men in the village row a canoe to go fishing. Lung Leng is also an archaeological site providing a rich system of monuments and artifacts of a prehistoric Central Highlands society. Many families in Lung Leng still keep their canoes Elder A Hyh (in Lung Leng village) over the past few decades has witnessed many poisonous vines. The carpentry boat craft of Lung Leng village, Sa Binh commune, Sa Thay district had a peak time. In the past, the canoe was the main means to help the people of this Sesan line go further and especially when returning from the field every afternoon, the boats were always full of products that nature gave … For the villagers. In the past, the boat was a part of the property like a buffalo, a raft, and a set of gongs. Old Ahoh dreamily remembers the glorious old days. Old A Hyh does not know how old he is, he only remembers to bring the last single boat that he made last two or three years. “That day someone from the village passed by asking me to build a canoe to go down the Po Ko stream to catch the fish” – Old Ahoh said. Over the seasons, old A Hyh’s feet were slow, his back was getting tired, but the old craftsman was still diligently carrying his ax in the woods for a week, following the sound of the puffer looking for a tree, and then passing away. For a few days, when it was carved into the carve, the boat smelled of wood and stars was worshiped in the temple and taken down the river … “The wooden boat is not only for the Ja Rai people, but most of the ethnic people living by the rivers do. However, not everyone knows how to make a beautiful boat, ”said Old Ahoh. The old man told in detail the steps to make the boat quite meticulously, from selecting trees, setting the size, making the bow and stern, cutting the boat bed, making the boat body, making the boat bottom, making the boat beautiful, boat alignment, paddle. The polome and the shrine are the two most durable boat types. When made of this tree, the wood will not crack, very lightly, float in the water without being submerged. Because of its quality, a single canoe has a lifespan of 5 – 10 years, and a “longevity” to 20-30 years. Timber used to hike the canoe must meet the conditions such as large body with a diameter of 0.6 – 1m, and a height of 7 – 10m. The wood should be soft and malleable when fresh and when it is dry it is light, not warping in the sun or when it is submerged in water. If the tree is located near a residential area, close to the river or lake, it will be more profitable for the transportation and testing process when the boat is completed. One of the things to note is that when choosing a hewn timber tree, the tree does not have puffiness, there are not many wooden hooks. The corked trees are more likely to crack when the boat is in use in the future. Trees have a lot of expensive, very difficult to cut. The tools used to make the canoe used to only have ax, machete and horizontal ax to make. The bottom of the boat is usually hewn, smooth, with a thickness of 5cm or more. The small, flat bottom of the boat will create a balance for the boat when transporting, helping the boatman to be convenient to use. Must be approved by the Forest Nurse Old A Hyh said that all things forest and mountains have the Prince (gods). Forests are the places where the mountain Yàng dwells in, the tree temple lives, and the temple of the river is born. Therefore, in order to have wood to hew the wooden boat, one must buy offerings to the temple. A single wooden boat has to go through many different rituals such as offering to cut trees, offering to bring trees to the village, offering to lower the boat … According to the old Penh, if the tree felling is not approved by the Yàng, In an uncertain situation, the chiseled boat suddenly cracks, breaks or is quickly damaged when used. In addition to the difficulty of raw materials, there are still boat workers here After the hewn boat is finished, an important step is to test the boat on the waterways to ensure the boat is balanced, surfing, easy and safe transportation; Artisans have to bring boats to rivers and lakes for assessment and calibration. After the crafting was completed, the boat was turned upside down and used the heat of the fire to smooth the trough. The wood carved from the tree trunk must be used to cook the rice cooker to show loyalty to Yàng. In the midst of the blue sky of the great, in the roar of the rapids, the boat still glides gently like a petal who dropped on the river. Legend on the drifting line In Sa Binh commune, only Lung Leng village has a canoe. Everyone in the village knows how to craft a boat, but only a few people know about the balance, nose and tail section, of which the most talented is Old A Hyh, or A Nho – one of the famous artisans. in the construction of the canoe. If in the villages of ethnic minorities struggling to worry about losing a single wooden boat, in Lung Leng village, that worry seems to have eased somewhat. In addition to the difficulty of raw materials, here are still the craftsmen, the people who make the boats like Old A Hyh, the A Nho craftsman, and there are young people who tend to the traditions such as A Dut, A Luoi, A Tuan. Elder A Hyh pointed at the canoe boats lying on the river wharf, telling us in a sad voice: “With villagers here, nowadays, only a few families use boats to go fishing. in the river. Is it only in competitions, festivals, or sailing in the Ningnong season! ” Boat racing on the rivers Dak Bla, Kon Brai, Po Ko, Se San has been around for a long time, initially spontaneous races between young people when rowing across the river to get to the fields. Bigger is a challenging challenge race between the youths from one village to the other during the festive season. This is the basis for forming the traditional canoe boat race in Kon Tum province in the beginning of the new spring. For the village boy, good boating and good fishing are one of the criteria for the girls to choose to be a warrior. Therefore, becoming a good rower, especially a good boat racer, is always the goal of each village’s striving. And so on and on, but spring is the season where the river resounds with glorious poetic songs. Rowing canoe is very strenuous work A current fact is that, despite its special significance, associated with the cultural life of ethnic minorities living along rivers and lakes in Kon Tum province, however, due to the development of preservation, conservation of canoeing and cultural activities related to canoe boats have been significantly affected. Specifically, the number of canoe boats in the villages has been decreasing over time due to damage during use. Meanwhile, the policy of forest management and protection has been strictly implemented, thus significantly affecting the process of searching and exploiting forest timber to make a wooden boat of the people. Over time, the forest recedes more and more, the large timber makes boats scarce. Especially the appearance of motorbikes made the river fun cool. People are racing to sell boats. Each boat that is still in use for over ten years only costs a few hundred to 1 million dong depending on the size and size. Still know that it can’t be helped but Old A Hyh still feels … From past to present, not only a bridge connecting the two banks, helping ethnic minorities, the image of a single boat associated with the process of labor and production of ethnic minorities. Kon Tum province is also a strong source of inspiration for a contingent of creative artists in various types of arts such as poetry, music, photography, painting and statues. In particular, the unique boat is also a unique means to serve tourism activities to experience and explore in Kon Tum river region.

Tiet Thanh Minh arrives 60 days after Lap Spring, 105 days after the Winter solstice day. The first day of this period is called Tet Thanh Minh. Thanh Minh Tet in 2019 falls on the 5th of April of the solar calendar (1/3 of the lunar calendar). Vietnamese people often worship Tet Thanh Minh at the family and ancestors’ grave, so it is necessary to prepare 2 ceremonies. Thanh Minh worshiping ceremony at the tomb Depending on the family, the Thanh Minh Tet ceremony at the ancestor’s grave can be a vegetarian or salty ceremony. The offerings include: incense, lamp, tea, fruit, wine, clear water, betel nut and gold coins. Vegetarian tray includes: Sticky rice, banana cake, fruit cake, water bottle, salted rice, burns, butter, honey cup. The salty tray in addition to the above has added meat wine, sausage, boiled chicken or braised pork rolls. If there are many incense bowls, each bowl must be lit, while the offerings placed on the table can be shared. When going to graves, the main job is to repair the tombs to be clean, re-fill the tombs for fullness, remove weeds and wild trees overgrown the tomb, then put the offerings to Tet Thanh Minh. Finished offering, waiting for the incense to burn about 2/3, then the ceremony to give thanks, turn gold and ask for fortune to go home to celebrate the family and ancestors at home. If it is written down on paper, then after reading it, it will also bring goods. When going to the gravesite, pay attention to walking gently, carefully, do not mess up and swirl rubble soil to avoid affecting the surrounding environment and landscape. Do not step on another’s tomb or kick offerings on someone else’s tomb. If there are young children, pay attention to the careful supervision of them. tet Thanh Minh New Year worshiping ceremony at home The offering at home does not require too fussy, depending on the conditions of each family or local customs and habits to prepare. You can make a tray to worship Thanh Minh Tet with a full range of savory dishes such as sticky rice, boiled chicken, sausages, bamboo shoots soup, vermicelli, adding a stir-fried plate … and some other offerings such as fruit, fresh flowers, betel nut, votive … Buddhist families prepare vegetarian offerings. Some families do not cook Tet Thanh Minh offerings, only burn incense with fresh flowers and fruits, tea, candies … to pay tribute to ancestors. Before worshiping, it is necessary to clean the house to be tidy and clean, to clean the ancestral altar. The worshiper must wear clean, neat clothes and put on incense, bow to the ancestors and read vows. When a week of incense burns out, the family can turn gold and ask for the enjoyment of the fortune.

After the valuation of A shares has risen sharply, in 2021, Hong Kong stocks in the moderate valuation area will be favored by funds from the south. It is reported that Dacheng Hong Kong Stock Selected Mixed Fund (QDII) (code: Class A 011583, Class C 011584) under Dacheng Fund has been put on sale on April 15. This fund is personally helmed by Bo Yang, the director of Dacheng International Business Department and the research director of Dacheng Fund’s cross-border team. Bo Yang has lived in Hong Kong for 22 years, managed cross-border assets of more than 10 billion Hong Kong dollars, and has invested in Hong Kong stocks for more than 10 years. He is very close to the Hong Kong stock market and is familiar with global liquidity. Bo Yang had academic experience. After graduating from the Junior Class of the University of Science and Technology of China, he was the youngest assistant professor at the Business School of the University of Hong Kong. Later, he moved to the financial market and became the youngest Asia-Pacific and emerging market strategist at Morgan Stanley. Bo Yang’s investment framework is a combination of top-down and bottom-up. It has a global perspective, is good at asset allocation and selected individual stocks. It has previously won the Overseas Golden Bull Award twice (awarding institution: China Securities Journal; time: 2018 August 3, 2019, December 27).

22 years of residence in Hong Kong in the first round of public offerings

Bo Yang, Director of International Business Department of Dacheng Fund and Research Director of Dacheng Fund’s Cross-border Team. Born in the Junior Class of the University of Science and Technology of China, PhD in Finance from the University of Hong Kong, with more than 10 years of experience in Hong Kong stock investment management, he has won the China Securities Journal’s second and third overseas fund golden bull awards for two consecutive years.

According to the data, Bo Yang joined Dacheng Fund in 2015, and since March 2018, he has served as the investment manager of the first batch of Southbound Stock Connect commissioned portfolios of the National Social Security Fund. Prior to this, he has been in contact with institutional investors that dominate the Hong Kong market for a long time during more than 20 years of cross-industry experience in academia, research, and investment, including large global sovereign funds, large foreign long position funds, hedge funds, and Chinese and domestic investors. He has a strong grasp of his style preference; at the same time, he has a deep understanding of global liquidity and plays an important role in investing in Hong Kong, a capital market where the currency is directly linked to the US dollar.

As Bai Yang said, in the Hong Kong stock market, “the one who does not seek the overall situation is not enough to seek a domain.” Only from the forest of global assets can we see the specific tree of Hong Kong stocks clearly.

At present, Bo Yang manages a number of cross-border special account products, with a total asset scale of more than 10 billion yuan, of which the equity product management scale is about 5 billion yuan, which is mainly invested in Hong Kong stocks.

Deeply research individual stocks and focus on risks

Markets often underreact to the beginning of long-term structural changes and overreact to short-term events. Relying on the long-term market strategy research experience of top investment banks, Bo Yang is good at accurately grasping the direction in the early stage of major macro-trends, and capturing the drift of market winds and the formation of large-scale investment themes. Different from the mainstream of the market, Bo Yang’s stock selection is based on top-down, and the investment style remains open. It does not exclude any asset in growth, value, or cycle, nor is it limited to one or certain industries. The existing management investment targets range from the “old economy” to the “new economy”, from consumption, finance, real estate to health care, and information technology, covering all industries in the entire market.

Bo Yang believes that investment should maintain an open mind, not set limits on oneself, and not antagonize growth and value. For long-term management institutions (including social security funds) special accounts, Bo Yang’s investment style is a bit of an absolute return style, so he attaches great importance to risk control and dislikes large drawdowns, because drawdowns are directly related to the speed of returning to net worth. Bo Yang emphasized: Going air is not a risk, but losing money is!

Bo Yang Investment is mainly held in the medium and long term. Only in a few extreme cases will significant position adjustments and style switching be carried out. Bai Yang believes,

Accurately grasp the market trend, dare to grasp the turning point and concentrate on trading

Bo Yang’s investment framework is a combination of top-down and bottom-up, and tends to be top-down: judge the status quo of macroeconomic and monetary and fiscal policies, and then observe the expectations of the capital market, valuations, and valuations of various sectors , Earnings growth rate, selection of countries, regions and industries with the best price/performance ratio, and finally stock selection based on in-depth bottom-up individual stock research. There are more choices of industries and styles, and fewer choices. There are exceptions only when the market is in extreme valuation and sentiment situations. This is consistent with the results of the academic analysis of fund performance, that is, the vast majority of investment returns come from asset allocation, followed by stock selection, and very few come from timing. The difference between a top-down investment framework and a purely bottom-up framework is that the former can simultaneously obtain the benefits of style selection and sector rotation in asset allocation.

Bai Yang said that if he judges that the market valuation level or style rotation is close to an important turning point, he will do long and concentrated transactions. In addition, his investment is mainly based on steady and slow substitution, and the overall annual turnover rate of the investment portfolio is not high.

He believes that benefiting from the dual changes in the size and structure of Hong Kong stocks and the valuation of Hong Kong stocks dragged down by the global epidemic last year, Hong Kong stocks will most likely outperform A shares in 2021. In terms of volume, Hong Kong stocks have been active in IPOs, and their volume has continued to increase. At present, it is almost half the value of the A stock market, and has ranked among the top three in total global IPO value for two consecutive years. Structurally, due to the differences in the listing rules between Hong Kong and the Mainland, the Hong Kong stock market has gathered a large number of extremely dynamic TMT and biomedical companies. He believes that Hong Kong stocks are very likely to become the Chinese version of Nasdaq in the future. According to the GICS industry classification, the proportion of the “new economy” component of the Hong Kong stock Hang Seng Index in the total market value has increased from 16% five years ago to 39% at present. In addition, Hong Kong stocks have recently benefited from the return of China’s concept stocks, looking high.

In terms of general allocation, he pays attention to “three U assets” (Under-loved, Under-owned and Undervalued), that is, stocks that people don’t like, are seldom held by institutional investors, and are deeply undervalued. He believes that this type of There are good medium and long-term investment opportunities hidden in stocks.

Floating cake, vegetarian cake According to Trinh Sinh culture researcher, the number of standard vegetarian cakes, floating cakes in the offering tray is 5 or 3 bowls of floating cakes, 3 or 5 bowls of vegetarian cakes. Floating cakes, vegetarian cakes, but symbolizing cold foods. That is the product from the bumper rice season to the ancestors as well as a prayer for good weather. Photo: VietNamNet Readers. The floating cake is made of glutinous rice dough and kneaded with water, filled with sugar. The cake is finished, placed in a pot of boiling water. The cake sinks and floats, picked out and soaked in boiled water, let it cool for hunting again, then picked it out on a plate. Floating cake plate is sprinkled with some fragrant roasted white sesame seeds. The vegetarian cake is also made of glutinous rice flour, kneaded with water and filled with, but filled with cooked green beans. The peas to make the cake must also be the same as the pepper beans, small, fragrant, steamed until finely pounded, mixed with white diameter. Vegetarian cake is placed in a bowl, filled with a little sugar tea mixed with melon flour or tapioca flour marinated with grapefruit flowers. Besides, on this day, many family members gather together to knead the dough and make cakes to show the spirit of solidarity and mutual support. Perfume, flowers, betel and areca In the worshiping ceremony, no matter how big or small, Vietnamese people are indispensable to compress incense, fresh flowers and betel and areca on the altar. Therefore, on the real Korean New Year, the worshiping tray will also be indispensable for these things. Note, the flowers used to worship must be fresh flowers. Glass of clean water In every Buddha or ancestor worshiping ceremony, a glass of clean water is indispensable on the altar. Water is a manifestation of the homeowner’s mind. Look at the glass of water to know: “Is my mind as pure as water?” Fruit tray In addition to the above foods, families can buy a plate of fresh fruit with about 5 kinds of fruit. Depending on the season, the homeowner chooses 5 fruits of different colors such as blue, red, yellow, purple … to represent the five elements, offering to the ancestors to show filial piety and wish good things. In addition, on this holiday, families do not need to prepare “high tray, full deck”, draw costly procedures but only need to be sincere, offer floating cakes, vegetarian meals to the altar of ancestors and grandparents, pray for the good and peaceful things in life. It could also be simpler, the family just set up a sincere plate of fresh fruit in the real Korean New Year ceremony.

Floating cakes, vegetarian cakes are offered to the ancestors worshiping committee on the real Korean New Year. Photo: Minh An Floating cake made small balls, outside white, in the red sugar filling, boiled in a pot of boiling water, when the cake floats on the surface, take out the water. And the vegetarian cake is rounded, flat, without filling, put on a small plate, poured sugar water on top. Place on a plate, let it cool, burn incense. Folk conception is that the number of plates, bowls of drifting cakes, and vegetarian cakes to offer is always 5 or 3. People often burn incense as 1-3 or 5 compress incense, not even light. Besides, in the ceremony, no matter how big or small, the Vietnamese people’s worship tray has fresh flowers and betel and areca, and 3 cups of water. On the ancestor altar, depending on the season, depending on the conditions of each house, families also buy 5 more fruits with five different colors representing the five elements. An ancestor tray during the Korean New Year does not need to prepare a “full tray”, but only needs to show filial piety, sincerity and wish for good things. Today, many people also enjoy making the five-color vegetarian floating cakes to offer them to their ancestors. However, according to cultural experts, this is inconsistent with the original and meaning of the Korean holiday. Because the floating cake, the original vegetarian cake is white, the circle is full of expressing the aspiration for the good, full and pure things in life. According to folk beliefs, floating cake often has a square cut of sugar, round the outside of the shell. The yin-yang is the same as the saying ‘mother is round and square.’ The yellow green bean paste represents yin, the crust is round and white to show positive and that is the property of yin and yang harmony. It is desirable to wish for favorable, harmonious weather, as well as the summer not too hot.

As noted by PV, right from the early morning, many vegetarian cake drifting shops opened. On the sidewalk of Ngo Thi Nham street (Hanoi, people in the capital line up in a long queue to buy floating cakes, vegetarian cakes at the shop that is praised for having the “best in Hanoi”. It takes about 30-40 minutes for each customer to wait in line before they can buy it. “Every year I line up to buy cakes here from the early morning. I also want to buy delicious cakes, I also go home early to light incense so that I can go to work in time,” shared Ms. Huyen (Hai Ba Trung district, Hanoi). It is known that cake prices this year also do not increase compared to other years, on average, vegetarian cakes cost 20,000 VND / bowl, floating cakes cost 15,000 VND / plate. Mr. Thanh, the owner of this famous vegetarian cake shop, said, “I have to mobilize the whole family to teach from an early age to serve everyone. On this day, customers are crowded from early morning to almost dawn, so the whole family is ready to serve everyone. Always have no time to rest “. Video: People in the capital line up to buy floating cakes, vegetarian cakes from the morning Right from the early morning of the real Korean New Year (March 3 of the lunar calendar), vegetarian rice cakes were sold on the streets as well as in Hanoi markets. From the big street to the small street, from the big market to the small market, people are always busy with buyers and sellers. At Ngo Thi Nham Street, many people lined up from 5-6 am to buy floating cakes, vegetarian cakes. It takes about 30-40 minutes for each customer to wait in line before they can buy it. It is known that the price of cake this year has not increased compared to every year … … on average vegetarian cakes cost 20,000 VND / bowl, floating cakes cost 15,000 VND / plate Many people flock to this store to own delicious cakes. Mr. Thanh, the owner of the restaurant, said that he had to mobilize his family, and even stayed up all night in time to make enough cakes to sell to everyone on this day. Ready-to-cook dough for making floating cakes, vegetarian cakes right on the sidewalk. Traditionally, to have the best dough, the baker often soaked sticky rice to bloom, stirred it with a little salt and then brought it to smooth grinding, ensuring flexibility, not cracking. The cake floats into small balls, the inside is red sugar. The vegetarian cake is round and flat, in which there are beans. After kneading, they will be put in a pot of water to boil the cake. On this Korean New Year, there are shops that sell thousands of plates, even a few thousand dishes of vegetarian cakes.

Early in the morning, people lined up to buy floating cakes, vegetarian cakes at Muoi Sau tea shop on Ngo Thi Nham street (Hai Ba Trung district). Floating cakes, vegetarian cakes of a famous store are delicious, so every real Korean New Year, this is the destination of the people of the capital. With the mentality of going early to buy cakes to burn incense and then go to work, Ms. Le Thi Tuyet (Hai Ba Trung district) lined up for nearly an hour but still could not buy the cake. From the early morning, Mr. Pham Xuan Thanh, the owner, had to always hand to serve customers. Mr. Pham Xuan Thanh said: To have delicious cakes, the selection of ingredients is very important. On the Korean New Year, a lot of people come to buy cakes, so the whole family has to get up at 3am to make cakes to serve the people in time. In order for the cake to be soft and easy to squeeze, the baker must soak the sticky rice, stir well with a little salt and then grind it. A small ball of drift cake is filled with red sugar, a vegetarian cake with a larger size with green bean filling inside. The freshly boiled cake will sink at the bottom of the pot, when it is ripe it will float and be picked up, put into a plate and sprinkle with sesame seeds. Banh drift, vegetarian cake worship the ancestors on the 3rd day of the 3rd lunar month have many good meanings. Both types of cakes are made of sticky rice, a symbol of the fruits of the cotton farmer’s labor in making wet rice.

Every year, every 3-3 of the lunar calendar, housewives begin to work in the kitchen to make vegetarian cakes to show their respect to their ancestors. Traditionally, floating cakes are white glutinous balls covered with sugar and put into a pot of boiling water, boiled until the cake is cooked, then picked out, immediately put in a pot of clean water for the cake to cool.

The traditional drifting cake is fragrant with fresh rice, white, mixed with sweet and attractive sugar. But for many years now, floating cakes not only stop at pure white, but instead are colorful cakes. Floating cakes with blue, red, purple, yellow, orange … all appear on the altar during this Korean New Year.

Not only that, housewives are really talented people, rich in imagination … from colorful floating cakes, women continue to produce floating cakes shaped like flowers, or animal image is extremely lively and funny.

A floating cake shape, beautiful animal vegetarian cake (Ms. Dang Kim Ngoc)

It can be seen that the culinary world is not merely a variety of delicious dishes, but there has never been an end to the creativity in taste and form for the dishes. Vegetarian cakes are one of the typical examples. From a traditional floating cake, simple, white, through its ingenious transformation, it has put on new colors, new shapes that anyone who sees, must love, must like.

After making floating cakes, vegetarian cakes, and doing a real Korean New Year ceremony, women share their meaningful images and achievements and spread their passion for cooking to many people all over the social network.

Every year, when going to the real Korean New Year, To Hung Giang (Hanoi) goes to the kitchen to prepare floating cakes, vegetarian cakes to worship her ancestors. This year, she also created a very beautiful cake shape, from a flower shape to a vivid and beautiful mandarin oranges shape.

Hung Giang’s flower vegetarian cake floating cake

The fruit-shaped drifters were made by Ms. Hung Giang as the real thing

Let’s see more pictures of floating cakes, vegetarian cakes of other sisters:

Floating cake, vegetarian five-color cake by Ms. Vu Thanh Hoan In the morning, she only took 1 hour to finish this tray

Attractive vegetarian cake floating cakes of Ms. Dang Viet Huong (Vinh, Nghe An)

Floating cakes of all kinds of beautiful colors, including cakes mixed with 2-3 very attractive colors of Ms. Thu Hang (Hanoi)

The cake floats the beautiful, funny animal of Dang Kim Ngoc. According to Ngoc, making the cake to float the animal is not difficult or takes time

Although she is abroad, Mrs. Men Nguyen still does not forget this traditional Korean New Year. Her floating cake is also colorful and beautiful shape

Floating cake shaped a very beautiful animal of Ms. Huyen Thu

Beautiful five-color floating cake, creating a flower shape of Ms. Hoang Minh Thuy (Hanoi)

From the early morning of April 14 (the 3rd of the third lunar month), on the streets and markets in Hanoi, small merchants sold a lot of floating cakes, vegetarian cakes as well as baking ingredients to serve. citizen.

Floating cakes, vegetarian cakes are all made from fragrant sticky rice flour. Floating cakes made small balls of longan fruit, in addition to white, in red sugar filling, while vegetarian cakes are round and flat, filled with cooked green beans and pureed with sugar.

In order for the cake to be soft and easy to squeeze, the baker must soak the sticky rice, stir well with a little salt and then grind it.

After the kneading is finished, the cake is placed in a pot of boiling water. The freshly boiled cake will sink on the bottom of the pot. When cooked, it will float and be picked up and put into a plate.

At a shop on Ngo Thi Nham street (Hai Ba Trung), people waited in a long queue to buy floating cakes, vegetarian cakes to worship.

With the mindset of wanting to buy delicious cakes to burn incense, many customers have to wait about 30-40 minutes for their turn.

Mr. Pham Xuan Thanh, the owner of the restaurant, shared that he and his family members got up at 3 a.m. to make cakes, in time to serve the people. On this day, customers are crowded from early morning to dusk, so the whole family is always in time to rest.

At the Hang Be market (Hoan Kiem), the business is also busy. Floating cakes are made on the spot, when the buyer needs, the shop will squeeze the dough to do more.

On average, vegetarian cakes cost 20,000 VND / bowl, floating cakes cost 15,000 VND / plate.

Illustration.

The actual Korean New Year takes place on the 3rd of the 3rd lunar month. Thus, in 2021, the real Korean New Year will fall on April 14 of the solar calendar. The Korean New Year actually appears in some provinces of China, northern Vietnam and some Chinese communities around the world.

In the Chinese sense, “Han” means cold, “real” is to eat, the real Korean New Year is to eat cold food. Although originating from China, the real Korean New Year of the Vietnamese still has its own nuances. In addition, this custom also has changes in accordance with the culture and customs of the Vietnamese people.

Every year on this day, many families grind flour, green beans, make floating cakes, vegetarian cakes, cook sticky rice to Buddha and worship their ancestors, perhaps it is also a way of commemorating relatives in the last days. spring

The Vietnamese Lunar New Year has a deep national significance and has fundamental differences with this holiday in China.

The custom of making floating cakes, vegetarian cakes in the Han Thuc New Year

Floating cakes and vegetarian cakes on Han Thuc New Year are often said to originate from China, but there are also many stories that float and vegetarian cakes date from the Hung Vuong dynasty. The custom of making floating cakes, vegetarian cakes to recall the legend of Mrs. Au Co “wrapped a hundred eggs”.

The floating cake is made of glutinous rice flour, kneaded with water, and filled with sugar. Rice makes rice cakes, vegetarian cakes must be picky when they are sticky yellow flowers. Every nine parts sticky rice for a part or two parts immature. The best sugar to make floating cake is Duong Lieu, Cat Que street, square pieces of sugar, sharp, crimson, solid and crunchy, with a cool aroma.

Who should not eat floating cakes, vegetarian cakes?

Floating cakes, vegetarian cakes contain a lot of starch and sugar, so those with stomach, heart, kidney, obesity, diabetes, indigestion, pregnant women … should pay attention. when eating these two types of cakes.

The cake is finished, placed in a pot of boiling water. The cake sinks and floats, “three sinks seven, nine floating” then picked out and soaked in boiled water to cool for hunting again, then picked out again to display on a plate. Floating cake plate is sprinkled with some fragrant roasted white sesame seeds.

The vegetarian cake is also made of glutinous rice flour, kneaded with water and filled with, but filled with cooked green beans. The beans for the filling must also be the same as the pepper beans, small, fragrant, steamed until finely pounded, mixed with white diameter. Vegetarian cake is placed in a bowl, filled with a little sugar tea mixed with melon flour or tapioca flour marinated with grapefruit flowers.

The two cakes are made of glutinous rice flour together, but each has its own special flavor.

Illustration. Source: Internet.

What is the Chinese New Year taboo against?

Abstain from fire

In the olden days, during the Korean New Year, people did not light a fire to cook hot food, but prepared cold food. However, today, Vietnamese people still cook normally and use floating cakes, vegetarian cakes with a symbolic meaning that is cold food (Korean food).

Abstain from salty food

In the first days of the third month of the lunar calendar, families often abstain from a salty and vegetarian diet in order not to kill, the souls of their deceased relatives will easily escape.

Abstain from offering floating cakes, five-color vegetarian cakes

Vietnamese drift cake is also different from Chinese drift cake. Traditional drift cake is made from pure, round, white glutinous rice flour, covered with sugar inside.

Since ancient times, this white cake has also entered the poems of poet Ho Xuan Huong, associated with the status and good qualities of Vietnamese women such as algae, purity, sacrifice. Therefore, in addition to the sense of the origin, the real Korean New Year in Vietnam is also considered a Tet celebrating the beauty of women.

Today, many families often “prefer” vegetarian floating cakes, with many colors to burn incense and offer them to their ancestors, but this is not true to the original and the meaning of the Korean eclipse.

It is not necessary to worship the full platter

On this holiday, families do not need to prepare a “high tray, a full deck”, draw costly procedures, but only need to be sincere, offer floating cakes, vegetarian meals to the ancestors, grandparents, and prayers. good, peaceful in life.

Abstain from moving

Vietnamese people think that “earth is so negative”, when relatives die, their spirits still exist closely with their loved ones on earth, and moving house will have an effect on “spirits. “The deceased. Therefore, during the real Korean New Year (related to Thanh Minh period), Vietnamese people abstain from moving house.

Every year, on March 3 of lunar calendar, according to his father, he guides the Lunar New Year, including: Huong, flower, betel and 5 (or 3) floating cake bowls, 3 (or 5 bowls) of vegetarian cakes, neatly put up. Ancestor altar.

When we worship our ancestors on the Lunar New Year (March 3 of lunar calendar), we must pray to the god of the ancestors first, the god of the ancestors.

Below is the real Korean New Year vows in Vietnamese traditional vows – Culture and Information Publishing House:

Male model Amitabha Buddha!

Male model Amitabha Buddha!

Male model Amitabha Buddha!

I bow to the nine directions of God, the ten directions of the Buddhas, the Buddhas of the ten directions.

I respectfully bow to the Queen of Hau Tho and Gods I respectfully bow to you, Mr. Ban Canh Thanh Hoang, Mr. Aboriginal Land, Mr. Gia Gia Troi and the gods.

I respectfully bow to Cao Cao To To Gao, Cao Cao To To Co, promote, brothers, sisters, sisters in the paternal family.

Our trustee is … I lie in …

Today is March 3, meeting Han Thuc period.

We invite you to the scene of the royal family, the great kings, the local god of the local god, the royal family, the five directions, the dragon, the god of wealth, before the testimony of witnessing your sincerity to enjoy the gifts.

We invite the Patriarchs, the Patriarchs, and the ancestors of the ancestors of their ancestors … (the family name) to bow with mercy for their children and grandchildren descending on the witness of spirituality to enjoy the gifts.

Believers, I would like to invite you to the spirits of the Precursors, the Late owners, who live in this house, this land has money, mixed synergy, bless our whole family to be always healthy, all peace. All things are good, family is in harmony, above and below listen.

Male model Amitabha Buddha!

Male model Amitabha Buddha!

Male model Amitabha Buddha!

From early in the morning, people flocked to the famous vegetarian cake shop in Ha Thanh, waited in line for an hour to buy cakes to worship their ancestors.

On Korean New Year’s Day, vegetarian rice cakes are sold out the most. Bakery cooks appear throughout the market lane, street

On Ngo Thi Nham Street, there is a row of very famous vegetarian cakes

On the 3rd of the 3rd lunar month, people lined up to buy cakes again

The people living next to this store said that from the previous afternoon, the shop was crowded with customers to buy vegetarian cakes to celebrate the real Korean New Year.

Until this morning (3rd March of lunar calendar), someone even came from 6am to wait in line to buy

Many people have their money ready to buy quickly

However, everyone still had to wait in long queues for their turn

Inside the store, the staff worked at their full capacity, quickly scooping cakes into boxes for customers

The store also pre-packaged cakes into plastic bags convenient for customers to buy

Guests raised their hands to make a palanquin to buy 2 vegetarian cakes

There are people who buy only 1 set of cake, but also some people buy up to several sets

Some customers said that for many years, when they actually come to the Korean New Year, they come here to buy cakes

Someone travels tens of kilometers to buy vegetarian cakes here

After an hour of waiting, everyone was excited to buy a bag of vegetarian cakes like that

My name is Chu Thi Mai (23 years old), living in Hanoi. I work as a freelancer and do housework in the family. Today is March 3, I stay at home and prepare to make floating cakes to worship my family. This is the first time I try to mold the five-color floating cake.

To save time, I ordered batter online. There are many places selling flour, I just need to walk around social networks for a while to find a shop 800 meters from home.

I put the ingredients on the dishes. Five-color powder is made from natural ingredients: mint leaves, gac intestines, cocoa, matcha … do not contain color products, so I am quite reassured. Baking ingredients are not too expensive, I only spend 150,000 VND for a full part like this.

My son is going to school. Husband goes to work. Today I am at home baking alone. I invited my neighbor’s sister to cook the cake. We happily told each other memories of our eager childhoods to cook cakes with our parents on real Korean New Year.

I lived away from my family since I was young, so on holidays, Tet like this, I miss my parents very much.

Every year I do not make cakes because I see few people and do not want to provoke. But this year my son is 2 years old, he loves floating cakes, especially the colorful five-color cake. In the afternoon of my son, I want to make cakes for him to eat on this day to give the family more atmosphere.

After finishing the cake, I prepare to cook the water to boil.

Wait for the water to boil, I drop each cake in and use the chopsticks to gently stir the water to make the cake evenly cooked.

I continue to boil it so that the cake is cooked evenly, just fine to avoid the cake being crushed and the sugar inside has not melted yet.

When the cake floats, I wait for another 30 seconds, and when it’s just cooked, I take it out.

Here are my results. I have prepared plates of cute cats, avocados … for boys to enjoy more.

Wait for the cake to cool down, I sprinkle more sesame on the surface for decoration.

I put the cake on the altar to worship the family. Add a week of incense, I sincerely pray. I hope that my son will eat well, grow up quickly, and my wife and I work smoothly, and the family is healthy and safe.

I also do not forget to take pictures with colorful cake plates to send to my parents in my hometown and keep as souvenirs. This afternoon, when he picked up his son from school, he would be very happy because he had five-color cakes to eat. Thinking of the eager faces of my son and husband, I felt extremely happy.

Ingredients for making floating cakes usually include glutinous rice flour, non-glutinous rice flour, grated coconut, sesame seeds (sesame seeds), rock sugar, a little salt, green beans …

Responding to the real Korean New Year, today the whole social network is treated with many images of floating cakes, vegetarian cakes, most of which are made at home by people.

It is worth mentioning that many works are taken care of very carefully, just looking at the photos can clearly see the mind the baker puts on.

Every year, when going to the real Korean New Year, To Hung Giang (Hanoi) goes to the kitchen to prepare floating cakes, vegetarian cakes to worship her ancestors. This year, she also created a very beautiful cake shape, from a flower shape to a vivid and beautiful mandarin oranges shape. (Photo: To Hung Giang)

Floating cake, vegetarian five-color cake by Ms. Vu Thanh Hoan In the morning, she only took 1 hour to finish this colorful cake tray. (Photo: Vu Thanh Hoan)

Attractive 6-color vegetarian floating cake by Ms. Dang Viet Huong (Vinh, Nghe An). To create color for the cake, she uses all natural ingredients: pea flower, amaranth, glutinous leaves, gac … (Photo: Dang Viet Huong)

Floating cakes of all kinds of beautiful colors, including cakes mixed with 2-3 very attractive colors of Ms. Thu Hang (Hanoi). Looks like I want to eat right away. (Photo: Thu Hang)

Beautiful five-color floating cake, creating a flower shape of Ms. Hoang Minh Thuy (Hanoi). (Photo: Minh Thuy)

One of the most beautiful and sophisticated floating cakes is shared by a Facebook account. (Photo: Ngoc Vu)

Netizens show off their achievements in shaping extremely beautiful vegetarian cakes (Photo: Hanh Nguyen, Thao Le)

Viet Huong (Th)

The girl who made her cooking skill was praised by her boyfriend’s family

Recently, on a forum that attracts 1 million users, a girl named NA confided about her unforgettable experience with her boyfriend’s debuting home. It is known that after a period of research, her boyfriend wants to bring her back to the family. At first, the girl was shy, but I think I have to go home to debut. When she returned to her boyfriend’s house, the lucky girl was greatly loved by her boyfriend’s family.

(Illustration)

That morning was Thanh Minh New Year, his boyfriend NA’s mother sent him to the market to buy sticky rice to burn incense, but since he woke up late, he sold all the sticky rice at the market. NA quickly bought sticky rice and peas on sticky rice in the admiration of her boyfriend’s family. Turns out … his mother doesn’t know what to eat

Finished sticky rice, NA and her boyfriend’s family together with chicken, fried spring rolls, cooked food to worship. After the meal, the boyfriend’s mother also invited her to stay for a few days to ask the secret of boiling the next cooked chicken, neither alive nor crushed.

Quote from this girlfriend’s confession:

“Yesterday, my lover asked me to come back to his hometown, he had a Tet holiday, I was shy at first, also afraid to come home, but I thought I had to come back to my home after all, so I agreed.

All of his family is enthusiastic, our guests, his parents and his sister are also very fond of me, making me feel less nervous and scared, this morning when Tet cleared my mother told me to go to the market to buy sticky rice, but I woke up late so I sold them all. I don’t know where to buy them, why don’t you tell me why I didn’t cook, I asked if I know you don’t know what to buy.

So I and my lover go to the market to buy sticky rice and beans to sticky rice. In the admiration of the whole family, especially my husband, we have to eat sticky rice from the market for a long time, but my wife does not know what to eat. After the sticky rice was finished, my father and lover went to make chicken, and I rolled fried spring rolls and cooked food to worship. After offering, the whole family sits together and eats happily, like a family, not considering you as a guest.

After eating, she invited me to stay for a few days to teach me how to cook, how to boil the chicken not overcooked, overcooked, made me shy. See, sisters, after that, find a lover, just look for a mother-in-law who can’t cook, life is happy and happy automatically. “

(Screenshots)

NA’s funny story has attracted 13,000 likes and 2,800 comments from the online community. Everyone says this girl has all the elements: being skillful and lucky, she scored very high in the eyes of her boyfriend.

Not only that, some users also said that a mother-in-law who both does not know what to cook and cannot boil chickens is a ‘rare hard to find’ mother-in-law. In this lifetime, surely many girls want to be her daughter-in-law. Some bridesmaids also said that in the future we should also become such a mother-in-law so that the daughter-in-law can enjoy many “blessings”.

(Screenshots)

“In the future I will be an exemplary mother-in-law like this”, Lan Anh user comments.

“Like me. On Tet, when I come home, my husband makes every pot of stewed meat that Mom looks at with admiring eyes, late at night, after finishing cleaning, I still try to drag down to the kitchen to ask how my recipe is for my mother to follow”, wrote by Uyen Nhi.

What to do to make a good impression on the debut day of your boyfriend’s house?

In order not to feel embarrassed, anxious and nervous when preparing to launch a boyfriend’s house, the girls should prepare themselves a few tips to avoid mistakes and win the sympathy of their family. to love.

Choose the right gift

In order to win the hearts of parents in the first debut, you cannot go empty-handed. Because in addition to the material value, it also shows your thoughtfulness and concern for your boyfriend’s family.

One note when choosing gifts for your boyfriend’s family is to choose items that should not be too expensive. Even when the boyfriend’s family is very well-off. You do not need to love your son’s family in material, give your sincerity and difference.

Choose the right outfit

When you first debut at your boyfriend’s house, you should dress neatly, neatly, clean, not too fussy and not too flattering.

You also need to look fresh on this release day, so put on a little accent to make your face look more vibrant. However, you should choose a light makeup style, avoid elaborate makeup or small details such as your hair, your accessories will also be carefully paid attention so try not to dye your hair too colored or too frilly accessories. check.

Be on time

Certainly, before taking you home to debut, he had a “appointment” with his parents before. Therefore, not only are you the one who is worried about and cares about this meeting, but also his family side. Do not waste too much time on makeup, clothes and then let the adults wait, you will completely lose that point.

Should cook, otherwise take the initiative to wash dishes

Every husband’s family likes a fast, sure daughter-in-law, so if you want to score points, take the initiative to suggest cooking. When you are not good at cooking, please quietly help with chores around the kitchen, do not try to show if you are not confident enough.

Be active in communication

One of the things that people will consider when you return is your speech, your voice, your attitude, and your behavior. Please keep the mind right from the smallest things such as greeting, walking, speaking, addressing …

Absolutely do not lose points because the over-nature makes people less sympathetic. Besides asking for information, you should also prepare a few small jokes to create a warm, happy atmosphere. Do not just sit and laugh or just ask his mother to ask you what to answer, please confidently ask about everyone’s health and work.

According to traditional beliefs of Vietnamese people, on this day, families prepare plates of floating cakes, vegetarian cakes and respectfully present them to the altar to pray to ancestors and the gods for their blessings.

Accordingly, many women mold floating cakes, vegetarian cakes to offer them to their ancestors.

The cakes are carefully molded by housewives to every detail Photo: Duyen Nguyen.

Instead of the traditional white cake plates, in recent years, the sisters have created a variety of colored cakes. Photo: Vu Thi Thu Trang.

Not only safe and beautiful, the cake is also meticulously decorated with plates with unique shapes. Photo: Vu Minh Diep.

In addition to the vegetarian rice cake, in addition to the vegetarian cake float, there is a plate of sticky sticky rice and a jelly cake of Mrs. Phung Ha. Photo: Phung Ha.

The flower-shaped drift cake is usually not very sharp, but if the color is harmonious, it will still be very eye-catching. Photo: Le Thu Huong.

The real Korean New Year’s trays for worshiping you, Me Nguyen

The most impressive impression in the offering tray is the drifting plate, the vegetarian cake shaped like a real fruit (Gac fragrant plasticity). Photo: Men.

Instead of the traditional white round cake plate, many housewives have passed on a recipe to create pigments with natural ingredients and molded colorful vegetarian cakes with beautiful and attractive shapes. .

Han Eclipse Tet of the kindergartens. Photo: Nguyen Ha.

Floating cake shaped pets. Photo: Huyen Thu.

Photo: Huyen Thu.

Photo: Dang Kim Ngoc.

The vegetarian cake floating under the hands of the mothers is not only a simple round shape, but also molded funny animal shapes to attract children.

Photo: Tran Thanh.

Floating cake must also be beautiful to bear. Photo: Nguyen Thuy.

After making vegetarian cakes and performing the real Korean New Year rituals, housewives share their photos of their achievements and spread the love of cooking to many other people in the community. Each person has their own creative idea, creating an extremely rich culinary world that has never ended.

These eye-catching colors are processed by mothers from very safe and natural ingredients such as: Gac, dried pea flowers, gardenia seeds, mint leaves, green tea matcha powder …

Like playing clay and making delicious cakes! Photo: Suri’s mother.

Water floating cake shaped fruit and flowers. Photo: Learning to bake.

In Hanoi, floating cakes and vegetarian cakes are available from the early morning

There are many vegetarian cakes floating in the streets of Hanoi

There are also some people who are not people who specialize in selling floating cakes, vegetarian cakes every day, but take advantage of the large frontage and available cooking space to take advantage of making vegetarian cakes to sell for profit.

At the kindergartens, the children are also organized by the school to make floating cakes and vegetarian cakes

The children enjoyed floating cakes, vegetarian cakes very enthusiastically

Drifting cakes, vegetarian cakes in the traditional form

Floating cakes, vegetarian cakes today are enriched in color

Floating cakes, vegetarian cakes on the Vietnamese New Year’s Eve

On this day, Vietnamese families often make vegetarian rice cakes to worship their ancestors, show their respect and wish for good and peaceful things in life.

Floating cake, vegetarian cake with eye-catching shapes and colors

Vietnamese vegetarian rice cakes are made from delicious glutinous rice flour with brown sugar. Glutinous rice flour is added to a mill with water to make it smooth, filtered out the flour and then molded into round, smooth white balls. The filling is chopped sugar balls. If there is no mill, the flour can be ground by machine, but the flour is still ground for the most delicious, softest flavor.

After being made, the floating cake will be dropped into a pot of boiling water on the stove. When the cake is cooked, quickly pick it up and put it in the cold water so that the cake is cool and does not stick to each other. The cake is arranged on a plate and placed on the altar to worship.

Vegetarian cakes are also made from glutinous rice flour but without filling. The cake is molded flat, then boiled like a floating cake. People will cook more sugar, add a little flour or tapioca to compare the water. That water was poured into bowls that had already been prepared with boiled vegetarian pancakes. You can also sprinkle a little more roasted peanuts for fragrant.

The Vietnamese custom of offering floating cakes and vegetarian cakes reminds the story of “wrapping a hundred eggs of Au Co’s mother”. Floating cake represents 50 eggs hatched into 50 children to the forest following their mother. Vegetarian cake represents 50 eggs that hatch into 50 children following their father into the sea. Therefore, the real Korean New Year of the Vietnamese people mainly means towards the origin, commemorating the merits of the dead.

However, with a rather busy, hustle and bustle life due to the current work reel, many families choose to buy drifting cakes, ready-made vegetarian cakes to worship their ancestors. Recorded by PV on the morning of April 14 (March 3 of lunar calendar), on the streets and markets in Hanoi, small merchants sold a lot of floating cakes, vegetarian cakes as well as baking ingredients. to serve the people.

Sharing with PV, a baker at the Nghia Tan market area said: “These days, the demand of people coming to buy ready-made cakes is relatively high, so most small businesses trading this item have to Prepare ingredients such as sugar, green beans from early and carefully, after being bought, rice for baking, after being bought, must soak enough time, then grind and then go through many other stages to make cake dough. In actual welding, the baker has to get up at about 4:00 am to make it to have the cake for customers to buy … “.

Floating cakes, vegetarian cakes are all made from fragrant glutinous rice flour. Floating cakes made small balls of longan fruit, in addition to white, in red sugar filling, while vegetarian cakes are round and flat, filled with cooked green beans and pureed with sugar.

A cake floats after it is finished with the filling by the baker.

After the kneading is finished, the cake is placed in a pot of boiling water. The freshly boiled cake will sink on the bottom of the pot. When cooked, it will float and be picked up and put into a plate.

Vietnamese people in the past have created floating cakes, vegetarian cakes which are cool and cool dishes. This dish is sweet, very suitable for hot days.

People wait in line to buy floating cakes, vegetarian cakes at Nghia Tan market area (Cau Giay, Hanoi). This year, the average price of vegetarian cakes is 20,000 VND / bowl, floating cakes cost 15,000 VND / plate.