The HCM City Department of Natural Resources and Environment plans to review the progress of high-end property projects and fine or even withdraw the licences of those found violating regulations.
The property industry in HCM City, and in fact the country in general, faces several problems that need urgent solutions, especially with regard to legal provisions.
The challenges that property developers face in HCM City were discussed at a meeting between the People’s Committee, relevant departments and developers last week.
Large retail formats will dominate the retail property market in HCM City, especially destination and lifestyle malls in township projects, market researchers have predicted.
Property speculation and a lack of roads and facilities such as hospitals, schools and shopping malls have led to a number of so-called “deserted towns” in real estate hotspots in HCM City.
Many property developers in HCM City are moving to neighbouring provinces and cities and even as far away as the central region as city authorities are issuing fewer licences and legal procedures elsewhere are simpler.
Real estate companies headquartered in HCM City voiced challenges and difficulties they have faced during a meeting between the HCM City Real Estate Association and the city authorities on January 23.
Alpha King, a foreign-owned property developer and consultancy, officially launched in HCM City on Wednesday nearly two years after first coming to the country.
Visa waivers for property developers investing in HCM City have been recommended by the HCM City Real Estate Association to the Government to develop the city''s property market.