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District calls for land transaction ban to be lifted as property rush cools

Update: September, 27/2018 - 15:46
A real estate agency in Vạn Ninh District, Khánh Hòa Province. The district said the management of land in the district had been strengthened. - Photo nld.com.vn
Viet Nam News

HÀ NỘI — The People’s Committee in Khánh Hòa Province’s Vạn Ninh District has asked provincial authorities to lift a ban on land transactions in the district.

Land use right transfers, conversion of land use purposes and land splits have been banned in the district since May to prevent a land fever caused by speculation of the district developing the Bắc Vân Phong Special Administrative – Economic Zone that would make land very profitable.

At the time, the draft Law on Special Administrative – Economic Zones was being discussed and was expected to be passed, in which three special zones would be developed with preferential policies to attract investments, including Bắc Vân Phong (Khánh Hòa Province), Vân Đồn (Quảng Ninh Province) and Phú Quốc (Kiên Giang Province).

The National Assembly then decided to delay passing the law to the sixth meeting of the 14th National Assembly which is scheduled at the end of this year because the draft law needed more discussions and revisions.

The district’s People Committee said that management of land in the district had been brought under control and the property fever had cooled.

The district asked the provincial People’s Committee and the Department of Natural Resources and Environment to allow land transactions to resume.

In the first three months of this year when the land fever peaked, the district received and handled nearly 2,260 land transactions. — VNS

 

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