23.10.2012 - VietNam: Property market freezing, developers shoot the moon
Not only small real estate developers, but the big guys have also got involved in troubles, when they cannot implement their projects and pay buyers money back. The Hanoi Police has recently searched the head office of the Hong Ha Building Material Import – Export Company to clarify the denouncement of “betraying trust, appropriating others’ assets.” Though the company’s project on developing a residential quarter for the ancient streets’ dwellers to move to and settle down was not approved by the competent agencies, the company still put its projected apartments on sale. To date, the company has received 200 billion dong from buyers paid for the apartments on paper...............................................Full Article: Source
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