Law amendment proposed to clear congestions for real estate market

SGGP
HCMC Real Estate Association has proposed to amend some articles of the Land Law 2013 to solve congestions for the real estate market.

HoREA has proposed to change some articles of the Land Law 2013 to solve congestions for the real estate market (Photo: SGGP)

HoREA has proposed to change some articles of the Land Law 2013 to solve congestions for the real estate market (Photo: SGGP)

The proposal was made at a working session with the Central Economic Committee and the Central Steering Committee on Housing Policy and Real Estate Market, the General Department of Land Management under the Ministry of Natural Resources and Environment yesterday.
Association chairman Le Hoang Chau said that after three years of implementation, the law had showed some shortcomings in need of repair including project transfer regulation.
HCMC now has about 500 projects which have been stopped but there are no reasonable and efficient solutions to tackle them.
Project transfer is transaction among investors not between investors and house buyers. So if sellers have not completed investment procedures, buyers will continue doing that.
Therefore, HoREA proposed to permit investors to transfer all or part of their projects to other investors after completing site clearance. Project transfer should be considered as a normal activity in the investment and trading process of businesses.
The proposal suits the National Assembly’s resolution on handling bad debts valid from August 1 this year.
In addition, HorEA suggested allowing customers to mortgage their land use right and assets at foreign banks. If occurring, conflicts will be settled according to Vietnam’s law.
The Central Economic Commission welcomed, recorded and appreciated the proposals by HoREA. It would report these to authorized agencies and ministries to adjust and supplement regulations to clear congestions for the real estate market.

By NHUNG NGUYEN – Translated by Hai Mien

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