The State Bank of Viet Nam’s branch in Khanh Hoa has asked credit institutions in the province to report on outstanding loans, payments and guarantees for real estate developer Hoang Quan relating to its stagnant social housing project HQC.

This was one of the largest social housing projects in Khanh Hoa Province.

The project has now missed its deadline to hand apartments to buyers by two years. The contracts stipulate buyers could move into the apartments by the third quarter of 2016, but they remain unfinished.

The project is under inspection by the provincial Department of Construction, which will finish on October 15, according to the department.

In response to the anger of buyers, Hoang Quan promised to pay banking interest fees to buyers accumulated starting from July 2017 and a sum of VND1.5 million for house rent from July 2018 for buyers of social housing apartments.

The developer said it would strive to hand over the apartments in December this year.

The 1,002-unit project started construction in April 2015 in an area of 10,800 sq.m with a total investment of VND500 billion (US$21.7 million).

On June 19, the developer was fined VND275 million for slow construction of the project. — VNS