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Deputy PM rejects proposal to stop new projects

Update: May, 10/2014 - 09:47

HA NOI  (VNS) — Deputy Prime Minister Hoang Trung Hai and head of the Central Steering Committee on Housing Policy and Real Estate Market has instructed to continue allowing new residential projects this year.

In a document responding to the Ministry of Construction's proposal to stop new property projects, Hai required the localities to keep the limit of new commercial housing projects to a maximum but not forbid it.

In addition, he asked the ministry to implement administrative reforms in investments of social housing projects to ease the difficulties for businesses.

The ministry stated that the proposal was raised 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. — VNS

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