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NA debates housing laws, bills of exchange

Update: August, 06/2005 - 00:00

NA debates housing laws, bills of exchange

(06-08-2005)

High-rise buildings under construction in My Dinh Urban Zone in the capital city. — VNS Photo Doan Tung

HA NOI — National Assembly deputies continued their debates on draft laws on housing and negotiable instruments, now called the draft law on the Bills of Exchange, focusing on granting house ownership and land-use certificates, yesterday, at NA’s seventh session.

Discussing the Law of Housing yesterday, the National Assembly Standing Committee gave three options to deputies for granting certificates, including combining both land-use and ownership certificates or providing separate certificates for both, and suggested granting certificates for leased land and tenement houses.

In addition, the NA Standing Committee proposed another option to grant a common certificate for houses of other categories.

While referring to houses for sale, the NA Standing Committee said it was the subject of the real estate market, stressing on the draft law which states that selling, buying or renting property had to be negotiated by parties involved.

Participating in the debate, NA Deputy Chairman Nguyen Van Yeu asked concerned ministries to sit together and work out solutions for granting certificates, and not to inconvenience residents.

Agreeing with Yeu, deputy Nguyen Thi Bach Mai insisted on a combined housing and land-use certificate, that can also be used for real estate registration. "This will be convenient for residents, and in tune with administrative reforms being carried out," Mai said, reminding the Government of fulfilling their commitment of granting certificates to rural people by 2015.

Affordable housing

Almost 100 poor households in Ha Noi will have a chance to buy apartments by instalment this month.
The apartments are to come up in the new urban centre of Nghia Do in the city’s Cau Giay District and their availability follows a decision by the Ha Noi People’s Committee to allow them to be sold by time payment.
Each of five floors of the six-storey building has 18 apartments ranging from 35 to 36sq.m with the ground floor a shopping precinct.
The estate is the first example of the city’s decision to provide housing for designated poor households in its inner districts.
The project is expected to reduce the gap between supply and demand.
Ha Noi Department of Labour, Invalids and Social Affairs deputy director Nguyen Dinh Duc said yesterday his department was surveying districts to list households qualified to buy an apartment.
Households would be entitled to an apartment if they were yet to receive help with housing; had many generations living together; had no alternative accommodation; their living area averaged less than 2.5sq.m and they could make the payments.
Beneficiaries would pay 20 per cent of the apartment’s cost after signing the sales contract. The remainder would be paid over 50 years.
Full payment will entitle the purchaser to a 20 percent discount and immediate ownership and land-use certificates. — VNS

While Deputy Do Phuong Thao called for fixing deadlines for local People’s Committees for granting certificates in under 20 days, many others voiced their concern of granting house ownership certificate to those who bought tenements in lands leased for 50 years by investors. Replying to the query, NA Deputy Chairman Yeu confirmed that ownership of tenements belonged to buyers after the lease period.

After heated discussions, the NA Standing Committee also decided to change the name of the draft law on Negotiable Instruments to the law on Bills of Exchange in accordance with international rules and regulations.

While many deputies, including Tran Thi Kim Dan from Nam Dinh Province insisted on retaining the old name, arguing that the new name failed to do justice to all subjects under the law like cheques and treasury bonds, others contended that the proposed name amply covered all subjects in its ambit.

Majority of European and some Asian countries, except China, had a law on the Bills of Exchange, said Deputy Duong Thu Huong from Ha Nam, arguing that it was easily distinguishable from the law on securities to be submitted and debated next year.

Deputy Nguyen Thi Hang Nga of HCM City called for simplifying the language with expressions in common use before being approved. Deputies also discussed risks and regulations relating to issuing and circulating treasury bonds.

Both laws are expected to be submitted to the National Assembly for approval by the end of this year. — VNS

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