HCMC: REQUIREMENTS FOR STRICT CONTROL OF FOREIGN INVESTMENT IN THE REAL ESTATE SECTOR.
Recently, the Ho Chi Minh City People's Committee has assigned the DONRE to coordinate with relevant departments and branches and the District People's Committee to inspect and review real estate projects that have been allocated land or approved investment policies before the Prime Minister's Decision No. 04 / QD-TTg dated January 10, 2020, especially high-end real estate projects.
The Department of Planning and Investment is also assigned to coordinate with the State Bank to strictly control foreign investment capital in real estate, remittance of money collected from real estate to abroad in order to prevent money laundering, transfer pricing, tax evasion, and real estate transactions in cash.
The Department of Construction is required to strengthen the handling of violations of real estate investment and business, projects that have violations on construction, projects that do not provide guarantees in real estate trading…
The State Bank will also closely monitor the credit granting to the real estate sector, limit lending to investment in luxury real estate, resort real estate and speculation in this field. According to the city leaders, increasing loan inspection with large-scale real estate projects, especially high-end projects, plays a role in limiting risks for the banking system and the real estate market.