(Dan Tri) - The National Assembly Chairman said the issue is not to force real estate transactions through the floor but to control cash flow; don't worry, instead in reality real estate corporations distribute a lot of...
No need to trade through the exchange
On the afternoon of August 24, continuing the 25th session, the National Assembly Standing Committee gave opinions on explaining, accepting, and revising the draft revised Law on Real Estate Business .
At the discussion session, Chairman of the National Assembly's Economic Committee Vu Hong Thanh presented a report sent to the National Assembly Standing Committee on a number of major issues regarding the reception, explanation, and revision of this draft law.
Regarding real estate trading floors, many opinions suggest not requiring regulations but only encouraging real estate transactions through real estate trading floors.
Some opinions agree on regulations for types of real estate transactions through the floor.
The meeting took place on the afternoon of August 24 (Photo: Duy Linh).
In the report, the Standing Committee of the Economic Committee found that the practical summary of the implementation of the 2014 Law on Real Estate Business showed that current real estate trading floors do not ensure transparency, and at the same time do not ensure the legal safety of transactions because the real estate trading floor is a beneficiary in the transaction relationship.
Mandating transactions through real estate trading floors is inconsistent with the current legal system, hinders business freedom, and poses a risk of exploiting legal provisions for monopoly.
In response to the opinions of National Assembly deputies, according to the Economic Committee, the draft revised Law on Real Estate Business has been revised to remove regulations on real estate transactions through real estate trading floors.
This is to facilitate investors and customers to freely choose the transaction method.
However, the State encourages organizations and individuals to conduct transactions of buying, selling, transferring, leasing, leasing houses, construction works and land use rights through real estate trading floors.
The issue is not whether the exchange is or not.
After discussions between the Economic Committee and relevant Ministries, Deputy Minister of Construction Nguyen Van Sinh said in a submission to the Government that he wants real estate transactions to be required through trading floors, thereby proposing two options: encouragement and mandatory through trading floors.
Currently, real estate transactions are still encouraged, but in reality, there are some consequences regarding transparency and publicity. Because of encouragement, the conditions and requirements of the trading floor are not clearly defined. Therefore, in recent times, real estate transactions have caused many consequences affecting buyers, there are disputes, and investors do not publicly disclose their transactions.
The representative of the Ministry of Construction cited the control of the bond market, which now has its own trading floor. The Ministry of Construction proposed to maintain the regulation on real estate trading through the floor to prevent loss of revenue, be public, transparent, and protect buyers. This also helps the real estate market develop stably and healthily.
National Assembly Chairman Vuong Dinh Hue said that if the trading floor is professional, it is not mandatory for all parties to participate, but if the floor is not professional, even if the regulations are mandatory, there will be ways to circumvent them (Photo: Duy Linh).
Regarding this issue, National Assembly Chairman Vuong Dinh Hue said that it is important to control cash flow and make non-cash payments. If all payments are made through banks, then whether there is a floor or not, it is still transparent.
The important issue is not forcing people to go to the market, but the more important issue is trading and controlling the cash flow. The market has the principle of free market operation. The National Assembly Chairman gave an example of a time when we had to pay a high price for trading floors, such as the gold trading floor.
National Assembly Chairman Vuong Dinh Hue said that not all transactions on the stock exchange can connect buyers and sellers, for example, there are many different exchanges in the stock market. Having an exchange is not necessarily good.
"We need to be clear about this. Don't worry about other people here. Real estate corporations distribute a lot themselves, organize distribution companies, distribution systems, and non-cash payment connection organizations, so they are naturally transparent and have data," the National Assembly Chairman emphasized.
The National Assembly Chairman said that if the exchange is professional, it is not mandatory for all parties to participate. But if the exchange is not professional, even if the regulation is mandatory, there will be ways to circumvent it.
Speaking to receive comments, Deputy Prime Minister Tran Hong Ha also said that in reality, the management of real estate trading floors is currently very loose, and there are no legal regulations to standardize the products put into transactions.
The government encourages the development of trading floors for real estate businesses in the distribution system and at the same time regulates the law so that these floors operate transparently, publicly, and standardize products. Regarding the law, it is necessary to specify and standardize products and trading floors.
The Deputy Prime Minister said the Government will establish a national trading floor. This could be formed for business organizations or public service units so that the Government can control all real estate data.
The government encourages real estate businesses to post their products here for free, ensuring legality and consumer rights.
Currently, the shortcomings and risks of the real estate market mainly come from real estate formed in the future. The government recommends that real estate businesses developing this type of product must be listed on this floor.
This will help standardize the financial capacity and legal capacity of projects. Regarding the information system, the floor includes a real estate trading floor and the asset is land use rights. The Ministry of Construction is assigned to deploy this floor, manage and share land data from related ministries and branches.
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