Calls for new property investment law
Real estate associations have proposed amending the Law on Land and the Law on Trading Real Estate to create favourable conditions for investors in property investment. Le Hoang Chau, chairman of HCM City Real Estate Association, said the association proposed amending the two laws to permit enterprises to sell full or part of a property project after finishing site clearance for the project. The laws should consider the transfer as normal activities in the process of investing and trading property projects. Chau said investing in a real estate project had many stages. The transfer of a project was an activity among investors but selling apartments to home buyers was not. If investors selling projects did not complete administrative procedures or stages of investment, the investors buying the projects would complete those works, he said. Phan Xuan Can, chairman of Soho Viet Nam Real Estate Joint Stock Company, said at present, activities transferring property projects were being implemented according to the Decree 76/2015/NĐ-CP and some regulations of the Law on Trading Real Estate 2014.