nirvanatgr
Super Pirate
Joined: 11 May 2011
Posts: 1617
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 Posted: Thu May 31, 2012 9:51 am Post subject: Companies abandon land amid economic downturn |
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Due to market slump, several real estate investors have abandoned projects to lease their land for football to earn money.
The number of vacant lots on the rise
Many of these football fields have appeared recently in Cau Giay, Thanh Xuan and Tu Liem districts, after a number of investors ran out of capital and banks tightened credit policies.
One example is the apartment and parking lot project planned by Vi Yen Company in Thuong Thanh Ward, Long Bien District, which has been abandoned for a long time. The land law stated that 12 months after being allocated the land, if the enterprise does not put it into use or if the progress is 24 months slower than the planned, city authorities would withdraw the land. However 24 months have passed since 2010 and the land, still owned by Vi Yen Company, continues to sit idle.
Hoang Van Luc, Deputy Chairman of Thuong Thanh Ward People's Committee said, "The decision to allocate land belongs to city authorities. Our ward is not the project owner. Our responsibility is to clear the ground and handover the lot. If there are any problems the owners should report to us themselves."
In early May, Hanoi authorities issued an office document to its Department of Natural Resources and Environment, along with local authorities, to inspect and deal with stagnant reaTravel to Vietnam
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