Social housing projects get bank guarantees

Update: September, 12/2015 - 09:37

HCM CITY (VNS)— Hoang Quan Real Estate Corporation recently signed an agreement with BIDV to provide bank guarantees for buyers of its three social housing projects.

These projects were HQC Plaza in HCM City, HQC Hoc Mon in HCM City and HQC Nha Trang in the central Khanh Hoa Province, the first social housing projects in the country to obtain bank guarantees for future property purchases.

The revised Law on Real Estate Business, which went into effect at the start of July, made bank guarantees compulsory for selling or renting the houses that will be built in the future.

Recently, the central bank listed the names of 38 commercial banks that qualified for providing guarantees. — VNS