Ho Chi Minh City fines 8 real estate businesses

8 business enterprises real estate: Nha Mo Joint Stock Company, Dai An Housing Development Company – Saigon Tourist, Hung Ngan House Joint Stock Company, Binh Dong Real Estate Investment Company Limited, Son Thuan Investment Joint Stock Company, Investment and Development Joint Stock Company An Nhan Development Company, Nova Rivergate Co., Ltd., Phu Son Thuan Construction Investment Joint Stock Company were administratively sanctioned by the People’s Committee of Ho Chi Minh City related to violations such as selling houses against regulations, leaving the project behind schedule, did not deliver the house on time, did not allocate enough maintenance funds to residents.

The total administrative fine for 8 violating enterprises is 2.64 billion VND, the lowest level of fines for violations is 180 million VND, the highest is 500 million VND.

In addition, some businesses that violate the contract to buy and sell houses formed in the future when they have not been certified by the Department of Construction of their business conditions are also suspended from doing business in real estate for a period of 4 days. ,5 months at the offending project.

At the same time, violating businesses are forced to take remedial measures such as handing over the full maintenance budget as prescribed.

Specifically, the People’s Committee of Ho Chi Minh City has issued a decision to administratively sanction Nha Mo Joint Stock Company (11/29 Thoai Ngoc Hau Street, Hoa Thanh Ward, Tan Phu District) with an amount of 500 million VND. The reason is that this business deals in real estate, but that real estate does not meet the prescribed conditions, such as signing a contract to buy and sell future houses at the Phu Hung Phat apartment project. trade name is Dream Home Luxury at 87/59, 59th Street, Go Vap District) when it has not been confirmed by the Department of Construction to be eligible to put into business according to regulations.

At the same time, the City People’s Committee suspended real estate business for 4.5 months for the Phu Hung Phat apartment project.

The People’s Committee of Ho Chi Minh City also issued a decision to administratively sanction Hung Ngan House Joint Stock Company (51 Hoang Dieu, Ward 10, Phu Nhuan District) with an amount of 500 million VND for implementing the construction of a housing project behind schedule. approved in a high-rise housing complex combined with a commercial complex in Tan Chanh Hiep ward, district 12. The project was approved by the People’s Committee of Ho Chi Minh City for a progress of up to 6 years (from 2014), but until now it has been completed. Nearly 8 years the project has not been implemented yet.

Dai An Housing Development Co., Ltd – Saigon Tourist was administratively fined VND 500 million due to the delayed construction of the approved housing project at the apartment building at 101 Binh Quoi Street, Ward 27, District Binh Thanh. In 2010, the project was approved by the Department of Construction of Ho Chi Minh City for an apartment project. According to the schedule in March 2015, it must be completed, but so far the project is still an empty land.

At the Oriental Plaza apartment building, the People’s Committee of Ho Chi Minh City sanctioned Son Thuan Investment Joint Stock Company for handing over an insufficient amount of apartment maintenance funds to the building’s management board of more than VND 29.8 billion. With this violation, the People’s Committee of Ho Chi Minh City fined the investor 180 million VND and was forced to hand over enough funds to the building’s management board according to the provisions of Decree 16 in 2022 of the Government.

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