Fined investor of Kim Dinh commercial housing project 500 million VND

On March 4, information from the People's Committee of Ba Ria - Vung Tau province said that the Chairman of the People's Committee of this province has just issued a decision to administratively fine Thien Kien Quoc Company Limited VND 500 million for violating real estate business activities at the commercial housing project in Kim Dinh ward (Ba Ria city, Ba Ria - Vung Tau province).

This company has its head office at Group 4, Hai Dinh Quarter, Kim Dinh Ward, with Ms. Huynh Thi Hong Suong as the legal representative and director.

The above administrative penalty decision was signed by Mr. Nguyen Cong Vinh, Vice Chairman of the People's Committee of Ba Ria - Vung Tau province on February 29.

Kim Dinh Ward commercial housing project invested by Thien Kien Quoc Company Limited. (Photo: Gio Linh).

The reason for the penalty is that Thien Kien Quoc Company Limited committed a violation of real estate business, which did not fully satisfy the conditions prescribed or was not allowed to be put into business according to regulations.

Specifically, Thien Kien Quoc Company Limited signed the Principle Contract No. 05/TKQ-ĐXĐNB/KD4 dated May 14, 2020 with Dong Nam Bo Investment and Service Joint Stock Company to distribute products to customers at the Commercial Housing Project in Kim Dinh Ward, Ba Ria City, Ba Ria - Vung Tau Province before the project was approved for investment in Decision No. 1810/QD-UBND dated July 6, 2020 of the People's Committee of Ba Ria - Vung Tau Province with the content of the project's objective: "Investing in the construction of technical infrastructure works and housing areas according to the planning approved by competent authorities", not ensuring the conditions as prescribed in Clause 1, Article 55 of the Law on Real Estate Business stipulating the conditions for real estate formed in the future to be put into business.

Stipulated in Point a, Clause 3, Article 58 of Decree No. 16/2022/ND-CP dated January 28, 2022 of the Government regulating administrative sanctions for violations in construction

In addition to the fine, this company was suspended from real estate business activities for 4 months and 15 days for the commercial housing project in Kim Dinh ward, from the date of issuance of the decision.

Gio Linh

Source: https://www.nguoiduatin.vn/brvt-phat-cdt-du-an-khu-nha-o-thuong-mai-kim-dinh-500-trieu-dong-a652407.html