Illustrative photo. The HCM City government is set to check and fine developers of high-end property projects for violations. — VNS Photo Văn Châu

HCM CITY — The HCM City Department of Natural Resources and Environment plans to review the progress of high-end property projects and fine or even withdraw the licences of those found violating regulations.

If they are excessively late, their land might be repossessed as permitted by the law.

At the same time, the city’s authorities will publicise the mortgaged projects, according to the city People’s Committee.

It has instructed the Department of Planning and Investment to tighten control over foreign investment in property and the repatriation of profits to prevent money laundering and tax evasion.

The city will also review mortgaged and long-delayed projects facing obstacles caused by land regulations, delay in paying land-use fees or the slow handover of house use right certificates.

The Department of Construction has been ordered to keep a close watch on the property market to avoid price bubbles.

The directives seek to redress the imbalance in the housing market caused by the huge supply of high-end apartments and shortage of housing for low-income people.

The shortage of social housing and mid- and low-priced houses is making it hard to ensure social welfare, according to a recent report by the HCM City Real Estate Association.

It has called on developers to increase their investment in the mid- and low-priced segments to address the imbalance. — VNS