The trick of advertising "overwhelming" real estate and then tricking people into buying land in the suburbs, although not new, is flourishing in the days leading up to Tet.
One day in early January 2025, a reporter from Nguoi Lao Dong Newspaper was suddenly introduced by a woman named Kim Xuyen, who introduced herself as a broker of a large real estate brokerage company in Ho Chi Minh City, saying that she was holding a house on Duyen Hai Street, Thao Dien (Thu Duc City) with a "suffocating" price of only 4.1 billion VND but an area of over 100 m2 (5.5 x 19 m), a structure of 1 ground floor, 1 mezzanine, 4 floors, a 12 m wide front road, 100% "clean" legal documents, a separate pink book and especially a rental contract of 20 million VND/month.
Introducing Thao Dien house
Kim Xuyen kept saying this was a rare opportunity and asked us to arrange to come to address 1 Le Duan (District 1) at 7am, January 7 to see the documents and go see the house.
On time, we arrived at No. 1 Le Duan, this address is Petrovietnam Tower. We called Xuyen, and were asked to go to Hoang Long Conference - Wedding Center on the opposite side (No. 2 Le Duan) for convenience. According to observations, outside the conference center, there were many young employees, wearing black pants and white shirts, constantly calling or asking people who stopped in front or passed by if they were their customers or not to invite them inside.
When we entered, we met a man named Nguyen Tan Loc, who claimed to be an employee of Dai Hung Vuong Company, who approached us and asked carefully: "Are you here to consult about buying real estate in Ho Chi Minh City? Which broker introduced you here? If you don't have information, we won't be able to support you!". When we read Kim Xuyen's name, this person hesitated because he didn't know who Xuyen was, so he asked for the text messages he had exchanged with Xuyen to confirm. Only then were we led inside, where hundreds of employees were consulting customers. Tet music was played loudly to drown out the noise and chaos.
Company staff "accompany" customers at the conference center in District 1, Ho Chi Minh City
When we asked about the house on Duyen Hai Street, Thao Dien, Loc expressed regret because a customer had just deposited 300 million VND. This person introduced another house on Tran Nao Street (Thu Duc City), priced at 4.29 billion VND, area 65 m2 (5 x 15 m), 1 ground floor, 3 upper floors, 7 m wide car alley, with a long-term lease contract of 28 million VND/month and another house also in Thao Dien, area 60 m2, priced at 4.36 billion VND, 1 ground floor, 2 upper floors, long-term lease contract of 26 million VND/month. Loc committed to standard legality, could negotiate further with the homeowner and included all taxes and fees, including registration fees, notarization, and name change.
Feeling that we were still skeptical, Loc said that the company was cooperating with the relevant departments of land in Ho Chi Minh City, so when customers come to see the house, there will be officers to support direct legal checks. The reason the above houses are cheap is because at the end of the year the homeowner is short of money or the house is being liquidated by major banks to recover debt. "If you don't have enough to buy right away, you can deposit 100 - 200 million VND to hold the house, then the bank will support a loan with a low interest rate, only 6% - 8% / year to pay the rest. However, you have to wait 3 days to see the house because these houses are all for rent" - Loc said.
After that, this employee suggested that the company's inventory of land lots along Highway 13 (Thu Duc City) cost around 1.2-2 billion VND, with an area of around 100 m2, clear legal status, and made an appointment with us at 7:30 on January 10 to go see the houses in Thu Duc City and give us more detailed advice. Loc also promised that if we decided to buy a house that day, we would receive a voucher to buy a TV worth 20 million VND, a real estate discount of 100 million VND, and furniture worth 80-120 million VND depending on the product.
However, on the morning of January 10, when we met, Loc informed us that the house on Tran Nao and Thao Dien streets had a customer who had paid a deposit of 600 million VND the night before. This person expressed regret for not being able to hold the house for us. Afterwards, Loc said he was busy and transferred another employee named Tuong Vi to assist.
This person continued to advise on the land project that Loc had previously introduced. That this land project has an area of 80 - 150 m2/plot, priced from 1.2 - 1.8 billion VND, 500 m from Van Phuc urban area, near Hiep Binh market, Binh Phuoc intersection, has its own pink book, not attached to the road boundary... Buyers are also supported by the bank to borrow 70% of the product value. In particular, the investor has a 5-year land lease policy (signed for 1 year), the rental price is 15 million VND/year, and can pay 180 million VND at once if the customer pays the full land price.
After that, Vi also reported that she was busy checking the project's inventory. A female employee named Khue continued to talk and discuss the National Highway 13 land project, but said that the land was inside the Thu Duc agricultural wholesale market. When we asked for the specific location of the project, Khue stammered and said that she would wait for Vi to get pictures to see clearly. When Tuong Vi returned, this person promised to provide full legal documents for the project at 7:00 a.m. on January 14 because the data was on the company's computer. Vi also asked us to be there on time to enjoy a discount of up to 250 million VND.
Take me to see Binh Duong land
At exactly 7 o'clock on January 14, we arrived at Hoang Long Conference and Wedding Center to meet Tuong Vi and Khue and saw a taxi waiting. Vi assured us that she would only take us to see the land, and that there would be no other customers. However, a few minutes later, a woman around 45-50 years old, called Ms. Hong, got in the car and continuously talked to us throughout the trip about the purpose of buying the land and how much money we needed, what legalities we should consider, how to deposit... to avoid being scammed. This woman also said that she knew Vi and Khue's boss so she trusted them very much and would cooperate long-term if things went well. Vi and Khue also continued to say that the documents were guaranteed to be "clean", the price was cheap, and that only when the customer checked carefully would they pay.
The map of the land project in Binh Duong is used by company staff to introduce to customers but does not contain any legal information.
Instead of taking us to the project address on Highway 13 as scheduled, Vi asked to take Ms. Hong to see the land in Binh Duong, adjacent to Thu Duc City first. We were upset and asked why they said differently at first but now they do it differently? The staff said to go see the land in Binh Duong so we could have more options. "Look at many plots of land, maybe there is a better investment place. Go try it!" - the woman named Hong also added.
After more than 1.5 hours of traveling, we were taken to see the land at Tan Lap market - VSIP 3 market (Bac Tan Uyen district, Binh Duong province). This is an empty land, with a tent set up with many tables and chairs, loud music with a lot of employees and customers constantly shouting "deposit already", "deposited 100 million", "Ms. Mai bought the lot here". Many customers sat signing papers, counting money to deposit very bustlingly... Then, Vi held the project map and introduced this as a smart urban area (Smart City), adjacent to Ring Road 4, residential areas, commercial centers and major provincial roads, crowded with people passing by, very potential for investment. Sitting next to us, Ms. Hong also praised: "The land is close to the industrial park, crowded with workers, very suitable for profitable investment, buy it!".
Tuong Vi and Khue continuously released information: "The land below is very beautiful, has been divided into square lots. After purchasing, you will sign a land lease contract for 180 million VND/year, with a buyback policy within 3-6 months, with a guaranteed profit of 10%-12% or 12 months with a profit of 18%-20%. If you close on the spot, you will win a Honda Air Blade scooter worth 40 million VND. A deposit of 20 million VND will receive 1 tael of gold (worth 8 million VND); 100 million VND will receive 3 taels of gold; 200 million VND will receive 5 taels of gold and 300 million VND will receive 10 taels of gold. Including the incentives reserved for sales and bonuses, you will get a discount of 300 million VND, only having to pay 2.39 billion VND". However, when we asked for the project's legal documents, these people said to review. Therefore, we refused to buy and asked to be taken back to Thu Duc City to see the land as promised, but were ignored and had to wait for hours before being allowed to return to Hoang Long Conference and Wedding Center, without going to see the house or land as originally promised.
Dai Hung Vuong again?
During the meeting on January 7, when we asked employee Nguyen Tan Loc about the company he was working for to check if it was reputable enough, he said he was working for a large corporation, then said he worked for a department of a real estate company that sells products. However, after many times of questioning, Loc said he was working for a company called Dai Hung Vuong but did not reveal anything more.
Regarding Dai Hung Vuong Company, in March 2024, Nguoi Lao Dong Newspaper published an article reflecting that a company also named Dai Hung Vuong advertised a project for sale on Tran Quoc Thao Street, District 3, but took customers all the way to Binh Duong to sell land in the project, also named Smart City.
Source: https://nld.com.vn/su-that-loi-moi-goi-nha-dat-ngop-can-ban-196250120211230125.htm
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