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DXG: Signs of public land sale at low cost in Luxgarden project

Saturday - 07/07/2018 20:26
Ask for clarification of wrong doing in some real estate projects. Office of Ho Chi Minh City People's Committee has the document 7059 / VP to the city police, city inspectorate, related departments suggested clarification of the transfer of land of Ho Chi Minh City Metal Corporation and violations in the area North Chach Chiec resident.
Specifically, for Ho Chi Minh City Metals Corporation (HMC), the City People's Committee proposed clarifying this information about the transfer of the land project 9,255m2 in Phu Thuan Ward, District 7 for Dat Xanh Group Company (DXG).

It is a state-owned company with 51% of charter capital, assignment of land without auction, signs of selling public land of the State at cheap prices. The land has become two 25 storey buildings called Luxgarden.

Northern Rach Chiec residential area project in Phuoc Long A Ward, District 9, Ho Chi Minh City by Real Estate 10 Joint Stock Company (Res 10) as an investor was assigned by the Prime Minister since 2001.

According to the regulations, after the construction of complete infrastructure, Res 10 must return to the People's Committee of Ho Chi Minh City to allocate land to investors.

However, even though the project has not invested in infrastructure yet, Res 10 still signs economic contracts with some units that have the content for these units "are entitled to self-organizing business", leading to the This unit allocates and mobilizes capital (essentially selling the land) to individuals.

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