HCM City will resolve the difficulties faced by property developers and projects this month, Nguyễn Thành Phong, chairman of the city People’s Committee, has promised. VNS Photo Văn Châu

HCM CITY – The HCM City People’s Committee chairman Nguyễn Thành Phong held a meeting with the heads of various government departments to discuss how to rescue real estate projects that have been delayed due to various difficulties.

They considered the difficulties faced by the Dam Sen Complex Project in District 11, licensed in 2014.

It has a land area of ​​54,568.3sq.m, and apartment towers, a hotel and office buildings will be built by C and T International Joint Stock Company.

It has been caught up in long delays related to compensation payment and site clearance, and District 11 and other related authorities offered to assist with those and resettlement of people living in the area so that the construction could begin implemented soon.

The Water Bay, a project being developed by Novaland Group, and Vạn Phúc City by Vạn Phúc Group, both in District 2, have been delayed because of legal difficulties.

Lê Hòang Châu, chairman of the HCM City Real Estate Association, said most developers with delayed projects are big players who have been waiting for years to resume work.

They only need approval from authorities and nothing more, he said.

Phong promised that from now through the end of this month the city would consider and resolve all difficulties faced by projects and developers since property has been identified as a key sector that contributes significantly to the city's economic development but has been plagued by difficulties, lost revenues and failed to meet targets.

The city would draft plans to support the industry and focus on developing large property corporations to improve their competitiveness.

This is in fact one of the major orientations to stimulate the city’s development, he added. – VNS