One property project in HCMC guaranted by bank

President of Ho Chi Minh City Real Estate Association said so far there is only one house project in HCMC, signed agreement with commercial bank to guarantee all of project.

Following Article 56 of the Law on Real Estate Business, property developers, before selling or leasing unfinished or future property, must obtain guarantees from eligible commercial banks as assurances of their financial obligation to buyers.

The law took affect on January 7, 2015 but to date many apartment projects nationwide have not received many guarantees from commercial banks.

L.T –Translated by M.Quyen

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