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Authorities attempt to lift property market

Update: March, 01/2014 - 09:33
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HCM CITY  (VNS)— City authorities have asked the central government to approve several measures to revive the HCM City property market, as the sector's growth rate fell by 5.5 per cent last year.

The city has proposed that the government reduce the annual interest rate to three percent from the current five percent for sales or rental of social housing or residential apartments priced below VND15 million per sq m with 15-year term loans, according to documents submitted to the Central Steering Committee on Housing Policy and the Real Estate Market.

Another city proposal would reduce the Value-Added Tax for buyers of their first house.

City officials have also asked the government to establish a housing savings bank to create favourable conditions for individuals in Viet Nam to buy or repair their houses.

The city has also requested that the Government readjust its policy to allow investors to reduce the number of apartments and convert commercial housing to social housing.

They have also asked the government to extend the timeline of its VND3 trillion property package from 36 to 60 months.

In recent years, the city and central government have launched stimulus packages to kickstart the property market, but results have been uneven.

Companies in HCM City have more than 10,000 apartments in stock worth VND17.6 trillion, a reduction of 30.6 per cent against 2012.

In another matter, the HCM City People's Committee plans to buy 1,050 unsold apartments in Binh Thanh District to resettle people who had to give up their land for the project to build Phan Chu Trinh Bridge, which is scheduled to be completed in December.

The apartments will be handed over to resettled residents in two phases in June and September.

At least 498 public-works projects now under construction in the city will affect 120,000 households who will have to resettle to other locations, according to a HCM City interdisciplinary survey team. — VNS

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