HCMC revokes “golden land” reclamation decision

SGGP
Ho Chi Minh City People’s Committee has made a decision to revoke Decision 5671 on “golden land” pierce reclamation in Le Duan street, District 1 according to the proposal by the investigation agency under the Public Security Ministry.

HCMC cancels the decision to reclaim the “golden” land pierce in Le Duan street

HCMC cancels the decision to reclaim the “golden” land pierce in Le Duan street

The committee made Decision 5671 on December 10 to reclaim nearly 4,900 square meters of the “golden land” pierce in Le Duan street, District 1 to implement land use right auction procedures.
The nearly 4,900 square meters land pierce No.8-12 in Le Duan street comprises the premises at No.8 Le Duan covering 3,460 square meters and the other at No.12 Le Duan over 1,430 square meters. They have been let out and allotted to Lavenue Investment Company (Lavenue) according to the committee’s decision made in May, 2016.
According to Decision 5671, the land plot has been allotted and leased to the wrong subject as per conclusion by the Government Inspectorate. The land reclamation accords with Article 64 in the Land Law.
The Government Inspectorate believed that the land plot valuation is not close to market price.
The investigation agency has started investigation over the case, conducted private home search to relevant individuals and arrested many cadres of the city for breaking regulations on State asset management and use causing loss and waste.

By MINH HUY – Translated by Hai Mien

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