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The aim of this paper is finding empirical evidences for the existence of factors that influence firm performance of Vietnamese listed real estate companies. A single threshold panel regression analysis is conducted to confirm threshold effect of leverage. Because of the leverage threshold effect, the impacts of firm growth, firm size, and leverage on firm performance differ in the region below and above debt to equity ratio at the level of 0.383. Performance of less levered firms are also less likely to statistically response to the determinants while the empirical evidences of impacts can be found in companies that pass the leverage threshold.