Real estate trading inspections begin

A delegation led by officials from the ministries of Public Security and Construction has started to inspect the operation of real-estate transaction floors in Ha Noi and HCM City.

The main subjects of the inspection are floors managed by groups, corporations and companies that are carrying out the construction of new urban areas.

The inspection would focus on the opening and operation of property transaction floors, said Pham Gia Yen, Chief Inspector of the Ministry of Construction.

"The inspection will be carried out according to a plan which was ratified at the beginning of this year and will take 30 days to complete," said an official from the inspectorate.

"At this time, only floors in Ha Noi and HCM City will be investigated," he said.

Based on a report to be compiled following the investigation, the Ministry of Construction and relevant authorities will plan for better conditions and more information to amend policies to manage the real estate market and transaction floors.

Difficulties that are encountered during trading will also be reported and solutions will be found.

"The investigation is necessary. It will make the market more transparent," said To Chi Cong, Director of Asia Real, a member of Asia Invest Group.

"I think the investigation will help policymarkers re-appraise the criteria needed to set up a transaction floor and will also play an important roll in managing them," Cong said.

Recently, around 4,000 floors have been set up across the country but following appraisals, many have been found to operate ineffectively.

vietanmews