Khanh Hoa bans selling tourism real estate projects to foreigners

Department of Construction of Khanh Hoa province had sent an official letter to request 129 investors of tourism real estate projects in districts of Cam Lam and Van Ninh, Ninh Hoa town, Nha Trang city and Cam Ranh city about not selling tourism real estate to foreign organizations and individuals.

(Illustrative photo:SGGP)

(Illustrative photo:SGGP)

According to the department, tourism real estate is not housing, not regulated by the Law on Housing 2014.

Therefore, when investors put this real estate into a business, they must comply with the Law on Real Estate Business 2014.

As this reason, investors are not allowed to sell tourism real estate such as condotel, villa, ect to foreigners, excepting for in case a foreign-invested enterprises to purchase types of tourism real estate to serve as their business and service establishment in accordance with its utility pursuant to regulation in Clause 2, Article 14, Law on Real Estate Business 2014.

In the related news, the People's Committee of Khanh Hoa province has just sent an official letter to the Prime Minister about suspending the plan of the Special Administrative-Economic Unit of Bac Van Phong (Northern Van Phong Special Economic Zones); and allowing the locality to adjust the general planning of Van Phong Economic Zone until 2030 in accordance with the current situation to create favorable conditions for calling for investment.

BY KHANH NGAN- VAN NGOC– Translated by Huyen Huong

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