Updated  
March, 20 2012 14:34:45

Land use rights up for auction

HA NOI – The capital city expects to make VND2,500 billion (US$119 million) from auctioning off more than 360,000 ha of land use rights for the development of 53 new projects this year, according to the city's Natural Resources and Environment Department.

The municipal People's Committee has assigned the chairmen of people's committees in relevant districts and townships to begin auctioning land use rights as of the first quarter of this year.

It is reported that there is still a total of VND707 billion ($33.7 million) in overdue debt from previous auctions, which has resulted in a loss of State budget revenue. The two districts with the highest debt include Gia Lam with VND504 billion and Dong Anh with VND160 billion.

A department representative explained that auctioned rights had not yet attracted investors due to a real-estate market affected by the global economic degradation and low profits.

He added that highly increased bank interests and tightened loan policies for real-estate projects had caused businesses difficulties in selling and mobilising capital.

According to Deputy Chairman of the Ha Noi People's Committee Vu Hong Khanh, debts were partially caused by irresolute advice from local authorities and a number of businesses brazenly refusing to pay into the State budget. Meanwhile, those who did want to pay faced difficulties due to relevant irresponsible and bureaucratic sectors.

Khanh said the committee would seriously deal with slow projects in accordance with the Law on Land. As for businesses with overdue debt, especially in Dong Anh and Gia Lam, the city would cancel their auction winning results and reopen bidding. -- VNS

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