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Property trading floors under fire
The Ministry of Construction has set alarm bells ringing across the country about the way business is conducted on property transaction floors after fining 36 centres.
At the end of last month, the ministry imposed fines on 25 property transactions floors in Ha Noi and 11 in HCM City including well known names such as CEN Group and Quoc Cuong Gia Lai Company.
The main violations included wrongly announcing ownership capital, selling projects that had not been started and raising more than 70 per cent of the building cost.
Pham Gia Yen, Head of the Ministry inspector delegation said fines from VND60 million (US$2,800) to VND250 million ($12,000) had been issued.
A report by the ministry said that since the Law on Real Estate business took effect in 2009, nearly 700 property transaction floors had opened.
It was time for authorities to strictly control the operation of property transaction floors following their hot development, said Deputy Minister Nguyen Tran Nam.
Nam added that the stricter supervision would help floors operate more effectively.
Nam also said that the ministry was preparing to compile a new draft of business guidelines for property transaction floors.
The draft would regulate the number of transactions that a floor must complete per month or per quarter.
vietnamnews
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