Ministry Tightens Supervision on Property Market

4:32:51 PM | 8/28/2012

The Construction Ministry has decided to set up an interdisciplinary inspection panel to check real estate market management activities as specified in the Prime Minister’s Directive No. 2196/2011 on reviewed contents of underway housing development projects and delayed housing projects.
The panel will classify ongoing housing development projects, suspended housing projects and adjusted projects.
Deputy Minister Nguyen Tran Nam, head of the inspection panel, said: The real estate market has developed in both quality and quantity in the past time but it is prone to weaknesses, volatility and unpredictability.
Vacated or suspended projects are quite many in Hanoi and Ho Chi Minh City. Notably, nearly 500 real estate projects in Hanoi are subjected to review but the affair has not been agreed by the Prime Minister. Hence, in this inspection, the ministry will focus on disqualified and law-violating projects.