The Ministry of Construction ordered an investigation on property developers in HCM City to ensure they comply with the Housing Law and the Law on Realty Business.
The ministry suspects some housing developers have violated the Housing Law by accepting advances to hold properties for purchase.
To protect buyers and prevent market instability, the current Housing Law states investors can only raise capital for housing developments or sell them once their plans have been approved and foundations built.
Yet several developers have been recently reported to be accepting advances on purchase contracts before foundations have been completed.
Friday, November 2, 2007
Investigation ordered for property developers in HCM City
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