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Home ownership extensions rejected

Update: February, 13/2015 - 09:22
Da Nang City . — File Photo

HA NOI (VNS) — The Ministry of Construction has rejected a proposal from the People's Committee of central Da Nang City to allow foreigners buy and own houses for up to 70 years instead of the present 50.

It said this was in line with the Land Law of 2013 and the amended Housing Law.

In a related movement, the ministry gave the green light to a city plan requiring buyers of social housing to make the payment in one installment.

According to the People's Committee, a one-time payment enables investors to quickly recover capital and re-invest.

The amended Law on Housing, which takes effect on July 1, is expected to attract more foreigners to come to live and work in the country. — VNS

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