Right after the conference "Removing and promoting the healthy and sustainable development of the real estate market" chaired by Prime Minister Pham Minh Chinh, last weekend, the Ho Chi Minh City People's Committee sent invitations to 6 enterprises with 7 real estate projects facing procedural difficulties in the area to attend a meeting to remove obstacles scheduled to take place today, February 20.
Remove each project
The meeting was chaired by Vice Chairman of the Ho Chi Minh City People's Committee Bui Xuan Cuong, with the participation of leaders of departments, People's Committees of districts, Thu Duc City, Ho Chi Minh City Tax Department and investors of real estate projects. Notably, each investor will present the difficulties of the projects to the city leaders and departments, with a listening time of about 30 minutes for each project.
Previously, speaking at an online conference chaired by the Prime Minister on February 17, Vice Chairman of the Ho Chi Minh City People's Committee Bui Xuan Cuong said that the city will focus on removing obstacles for real estate projects that are behind schedule in terms of legality, projects that have not paid land use fees, projects where investors are slow in completing procedures to grant certificates of land use rights, house ownership rights and assets associated with the interests of the people. Ho Chi Minh City will set up a working group to remove difficulties and obstacles for real estate projects that use land and do not use state capital; coordinate with real estate enterprises and associations to resolve them on a thematic basis.
Not only Ho Chi Minh City but also some localities are preparing to direct departments and branches to focus on removing difficulties for real estate enterprises. Talking to reporters of Nguoi Lao Dong Newspaper on February 19, Mr. Tran Viet Truong, Chairman of Can Tho City People's Committee, said that he has just directed relevant departments and branches to remove difficulties for the real estate market and housing development.
Specifically, Mr. Truong requested departments and branches to review and urge the progress of commercial housing projects, social housing projects, worker housing projects, and real estate business projects. Thereby, identify project investors who have not yet implemented or are slow to implement, specifically assess the causes, proactively handle difficulties and obstacles to speed up the progress of project implementation. In particular, the Department of Construction actively implements the plan to renovate and rebuild apartment buildings in the area.
"The State Bank - Can Tho City Branch closely monitors and supervises credit in the real estate sector, directs credit institutions to consider prioritizing loans for investment in social housing projects, worker housing... Can Tho City Real Estate Association encourages real estate businesses to proactively restructure product segments, prices, payment terms, and appropriate payment methods, creating convenience for customers and people, especially those with real housing needs" - Mr. Tran Viet Truong requested.
At a higher level, relevant ministries and branches are urgently drafting a Government Resolution on a number of solutions to remove obstacles and promote the healthy and sustainable development of the real estate market with many solutions such as extending principal and interest payments for real estate enterprises facing difficulties; continuing to provide credit for projects with feasible loan plans; focusing on removing obstacles for ongoing projects to complete them soon, creating supply for the market; removing difficulties in credit sources, bonds... to unblock capital flows and create liquidity for the market.
A stalled real estate project in the center of District 1, Ho Chi Minh City. Photo: Tan Thanh
Restore confidence in the market
Speaking to reporters of the Lao Dong Newspaper after the drastic actions of the Government and localities, Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), said that this is good news for real estate businesses. Because after all the efforts to petition, the Government, ministries, branches and localities have understood and the difficulties and obstacles are being actively resolved.
"I am really happy and welcome the localities, because more than anyone else, they have to sit down with enterprises and project investors to resolve each specific problem. As far as I know, the meeting of Ho Chi Minh City leaders with enterprises to resolve each project is just the first step. Next, the city will continue to meet with departments and branches to resolve larger problems, including social housing, commercial housing and many other problems after that... A typical example is the social housing project of Le Thanh Trading and Construction Company Limited to be implemented soon" - Mr. Chau expressed.
As an insider, Mr. Le Huu Nghia, General Director of Le Thanh Construction and Service Company Limited, said he really hopes that the city will remove obstacles for social housing projects so that businesses have the motivation to continue participating in this segment. Because developing social housing does not have a high profit margin, if legal procedures are prolonged, costs increase, profits will disappear, and businesses will not want to do it anymore. "I hope that the city's leaders will resolutely handle obstacles for all social housing investors as well as commercial housing investors so that the real estate market is truly healthy and stable," Mr. Nghia commented.
Also expressing his welcome for the drastic intervention of Ho Chi Minh City, Mr. Tran Khanh Quang, General Director of Viet An Hoa Company, said that the legal entanglement has been going on for a long time, and localities should have proactively coordinated with investors to consider resolving it soon, instead of waiting for the Prime Minister's direction to implement it.
However, although it is better late than never, the government's drastic actions during this period are also a positive sign, bringing expectations to businesses, contributing to increasing confidence for buyers and the real estate market.
"In the coming time, if the problems related to land use fees and legal procedures of the project are quickly resolved, it will be the basis for investors to be able to transfer the project, thereby creating cash flow and increasing liquidity for the enterprise itself in the current drastic restructuring period," Mr. Quang expected.
First projects
Seven projects will be discussed at the meeting of Ho Chi Minh City leaders with six enterprises on February 20, including: the commercial center and luxury apartment project on Ben Nghe Street - Tan Thuan Dong Ward, District 7; the Tan Thang Sports and Residential Complex project - Tan Ky Ward, Tan Phu District; the Cuu Long apartment project - No. 1 Ton That Thuyet, Ward 1, District 4; the Song Viet complex project on lot 1-7, Thu Thiem new urban area - Thu Duc City; the Thien Ly residential area project - Phuoc Long B Ward, Thu Duc City; the 30.2 ha project in Binh Khanh Ward, Thu Duc City and the Co Giang apartment project - Co Giang Ward, District 1.
Source: https://nld.com.vn/kinh-te/cac-tinh-thanh-go-vuong-bat-dong-san-20230219212640969.htm
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