Need to regulate behavior of manipulating and fixing real estate market prices

On the morning of October 31, contributing opinions at the discussion session at the National Assembly hall on the Law on Real Estate Business (amended), related to the prohibitions in Article 18 of the draft Law, delegate Trinh Xuan An (Dong Nai) suggested that this issue should continue to be regulated and clarify the acts of prohibition, manipulation, and price fixing in the real estate market.

Delegate Trinh Xuan An (Dong Nai) speaks

Delegate An said that manipulation in the real estate market is no less dangerous than manipulation in the stock market. Currently, manipulation in the real estate business market is very sophisticated, there is a bubble situation, and prices are sky-high compared to reality.

While the Penal Code has provisions on stock market manipulation, it does not currently apply to real estate. Therefore, delegates suggested that this behavior should be prohibited in the law and there should be regulations to eliminate it.

According to Mr. An, manipulating the real estate market is not only about bidding, bidding high prices and then canceling deposits, but also about using the price of one project to boost the price of another project, creating a high price level. "If these actions are not thoroughly handled, a real estate bubble will form and lead to incidents like the EverGrand bankruptcy in China," the delegate warned.

Sharing the same view, delegate Nguyen Huu Thong (Binh Thuan) also proposed adding real estate manipulation to this draft law, including colluding in auctioning land use rights and inflating prices in surrounding areas. Mr. Thong affirmed that recently, this behavior has been happening everywhere, causing land prices to increase, and people with real needs cannot buy land to build houses.

Delegate Trinh Lam Sinh (An Giang) also proposed to add a prohibited act in the draft law, which is the act of manipulating the real estate market. Accordingly, it is necessary to clarify the acts of manipulation that disrupt the real estate market in this draft law. Delegate Sinh affirmed that real estate manipulation in the past has greatly affected socio-economic development.

Source: https://nld.com.vn/thoi-su/can-co-quy-dinh-va-lam-ro-hanh-vi-thao-tung-lam-gia-thi-truong-bat-dong-san-20231031112300457.htm