500 Extremely Delayed Property Projects cancelled in HCMC

500 Extremely Delayed Property Projects cancelled in HCMC
November 09 00:23 2017

Saigon – The HCMC government has revoked the licenses of 576 long-stalled property projects over the past five years, thus taking back around 5,900 hectares of land.

The HCMC Department of Natural Resources and Environment and district authorities have been reviewing land use in the 2016-2020 period, a source from the department confirmed. Around 280 of more than 1,280 licensed projects have made little progress based on their reviews.

Nguyen Toan Thang, the department’s director, said his agency and district authorities will classify these projects under the current regulations and proposed coping measures. The director pointed out, “In the projects which have already been allocated land, if their investors have used land for wrong purposes or have carried out construction work at a very slow pace, they might lose their licenses.”

Local authorities would then publicize the long-delayed projects so that the public can be aware and avoid ill transactions with the developer or realtor.

Third quarter of this year, the city government launched a program for practicing thrift and fighting wastefulness in the 2016-2020 period. The program highlights that any projects which are not included in relevant master plans will not be licensed and investors of licensed projects who have failed to meet their deadlines will have their licenses revoked.

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