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Ministry wants new housing projects stopped

Update: April, 12/2014 - 09:57

HA NOI (VNS)  — The Ministry of Construction has made a proposal to Prime Minister Nguyen Tan Dung about requiring localities to stop allowing new residential projects this year.

The ministry said the proposal was being made due to a large inventory in the property market, and that the supply of high-end housing was higher than the supply of low and middle-level segments.

Reports from 61 localities from across the country showed that there are around 3,200 housing projects being constructed, accounting for 81 per cent of the total with an area of 81,500ha. Fifty-two provinces and cities in the country have requested adjusted planning of 45 projects with an area of 21,000ha.— VNS

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