In a document sent to 129 property developers in mid-month, the department asked developers not to sell tourism property products to foreign individuals and organizations, except cases in which foreign-invested firms bought tourism properties to serve as their business establishments.
According to the department, tourism real estate is not housing, not regulated by the Law on Housing 2014.
Therefore, when investors put this real estate into a business, they must comply with the Law on Real Estate Business 2014.
As this reason, project developers are not allowed to sell tourism real estate such as condotel, villa, ect. to foreign individuals and organizations, excepting for in case a foreign-invested enterprise to purchase types of tourism real estate to serve as their business and service establishment in accordance with its utility pursuant to regulation in Clause 2, Article 14, Law on Real Estate Business 2014.
The department also asked property developers to regularly report their sales following the Government’s decree about the development, management and use of the information system of the housing and real estate market.
In its inspection in October, the department found two companies, Thanh Yen Joint Stock Company (headquartered in Long An Province’s Ben Luc District) and Tiger Khareal (headquartered in Nha Trang City’s Vinh Phuoc Ward) illegally sold 45 apartments at Gold Coast and 20 apartments at Napoleon Castle, respectively, in Nha Trang City to foreigners.
The provincial construction department requested the two companies to terminate the above purchase contracts.
Tourism property projects were mainly located in Nha Trang, Bai Dai, Cam Lam and Cam Ranh, the department said.
In the related news, the People's Committee of Khanh Hoa province has just sent an official letter to the Prime Minister about suspending the plan of the Special Administrative-Economic
Unit of Bac Van Phong (Northern Van Phong Special Economic Zones); and allowing the locality to adjust the general planning of Van Phong Economic Zone until 2030 in accordance with the current situation to create favorable conditions for calling for investment.
