Ha Noi - (VNS) A multi-ministry team will inspect real-estate projects in cities and provinces across Viet Nam next month to determine which to close down.
Ministry of Construction Deputy Minister Nguyen Tran Nam said representatives from construction, finance, government office, investment and planning and natural resources and environment ministries would take part.
Nam said inspectors would examine on-going and delayed projects, deciding which to close down and which to be allowed to continue or be restructured.
He added that many property investors had developed luxury residential projects with the co-operation of local authorities who had ignored real market demand.
Many developers built luxury complexes in areas with poor infrastructure and social services, such as lack of safe water, schools and markets. This was why no one was interested in buying their properties, Nam said.
Selling plots of land to attract capital from housing developers created over-heated land prices and a fake increase in demand.
Experts said developers should build small apartments for first-home buyers rather than targeting the rich and speculators. - VNS