Part of the land that state-owned Tan Thuan Company sells to property developer Quoc Cuong Gia Lai. Photo by VnExpress/Tuyet Nguyen He allegedly enabled a state-owned company to sell a riverside piece for only a fifth of its market price. A top official of Ho Chi Minh City is facing disciplinary actions after the city's inspectors on Sunday concluded that he was responsible for approving an "intransparent" public land sale. Tat Thanh Cang, deputy chief of the city's Party unit, is required to explain himself for allowing the Party unit's Tan Thuan Investment and Construction Company to sell a 32-hectare (80-acre) plot of public land in Nha Be District for just VND419 billion ($18.4 million). At the time the deal was approved, the position of the city's Party unit chief was vacant as its former holder Dinh La Thang had just been fired and transferred to the Central Economic Commission. Cang was therefore responsible for the approval of the deal as acting chief of the Party … [Read more...] about HCMC’s deputy leader in hot water for approving cheap public land sale
La times hot property
The past two months, the stock market made people looking back on the late 2007's scenario, which bounced the property price to high levels. Project land prices soar strongly In HCM City last week, fluctuations of project land prices, in the Sai Gon new urban area, were recorded each day. From mid-May until now, land prices increased by 20-30%. Not only projects benefiting from infrastructure, but also normal projects pushed their prices to some millions per square meter. According to many experts, the land price hikes are occurring because of optimistic resonances from the stock market. In early May, 2009, when the Nguyen Van Cu bridge was opened to traffic, the foundation land prices in the Trung Son project (the most benefiting from this bridge), especially for "prime" land plots, were under VND40 million/sq/m. The remainder areas were around VND30-35 million per square meter. One month later, the whole house and villa foundations for this project have approximately surged by VND10 … [Read more...] about Real estate market report (June 5th, 2009 – June 11th, 2009) The property market is “hot” again
Last week, the property market in Hanoi and HCMCity continued to be 'hot" in some areas. However, many experts warned that when the more property prices increase partially, the more prudent buyers must be to avoid falling into "price inflation" trap of brokers and investors. According to information from the speculators, from early June, 2009, foundation land prices in Van Khe urban area (Ha Dong) have risen by VND5 million - VND7 million per sqm compared to late 1st quarter, 2009. In other urban areas such as Van Quan, Xa La or Van Canh (Hoai Duc), foundation land prices have also increased from some millions to ten millions per sqm. Foundation land prices in Duong Noi urban area (Ha Dong) have risen by 20%-30% because of sponging on Le Van Luong and Le Trong Tan streets. Similarly, right in Highway 32 (section from Nhon to Son Tay), transactions adjacent to Tan Tay Do urban area project have also been busy, rising from VND8 million - VND16 million per sqm. The auctions in Cau Giay … [Read more...] about Real estate market report (June 19th, 2009 – June 25th, 2009) Are property prices “being inflated”?
This is clearly proved in Ha Dong, Ha Tay areas which have recently been merged into Ha Noi. According to speculators, foundation land prices in Van Khe urban area (Ha Dong), in early June, 2009, increase by VND5 million - VND7 million per sqm compared to late 1st quarter, 2009. In other urban areas such as Van Quan, Xa La or Van Canh (Hoai Duc), foundation land prices also soar about 20% - 30% because of sponging on Le Van Luong, Le Trong Tan streets. Similarly, right in Highway 32 (section from Nhon to Son Tay), transactions of land plots adjacent to Tan Tay Do urban area project are also very busy, about VND8 million - VND16 million per sqm to "welcome" the event that this route has been opened to traffic in late June, 2009. There are 2 reasons for "price fever" in this area. Firstly, some key traffic routes are going to finish and a series of property projects are preparing to "be launched". However, according to Nguyen Tran Nam, deputy minister of Construction Ministry, it's more … [Read more...] about Real estate market report (June 26th, 2009 – July 2nd, 2009) Property market is “hot” basing on progress of road works
Opinions differ over fuel market problems Authorities reiterated fuel prices had been regulated in a transparent way, but fuel wholesalers disagreed, heard an online meeting on the Government web portal on Thursday. Nguyen Anh Tuan, deputy director of the Department of Price Management under the Ministry of Finance, said the mechanism for fuel price management was very transparent with clear and specific documents on price components and price stabilization fund. Deputy Minister of Industry and Trade Nguyen Cam Tu said fuel base prices calculated according to the formula of the Finance Ministry were publicized every day. "Those who think fuel prices are not transparent, please take a second look at any Thi Truong issue, they are all there," he said at the meeting. However, Bui Ngoc Bao, chairman of Petrolimex, the fuel trading company with a 48% market share, expressed a different view. "It's true that press briefings were held every time fuel prices were adjusted to reveal price … [Read more...] about BUSINESS IN BRIEF 26/12