HoREA Warns Of Phishing In Property Market

According to HoREA, the project has not been approved 1/500 detailed plan, has not been cleared, not infrastructure, but Alibaba Real Estate Company still publicly offered to sell and raise capital in the form of deposit reservation.

HCM City Real Estate Association (HoREA) has issued emergency warnings to customers and investors secondary real estate to avoid possible damage to the false information about the real estate. Alibaba Northwest Joint Stock Company Ho Chi Minh City and Alibaba Real Estate Joint Stock Company are self-proclaimed investors.

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Specifically, these two companies announced the sale of the house floor, the collection of customer deposits in the project “Northwestern urban area Cu Chi region VIII – 3, area of 97.58 ha, legal: red book 100% residential area, located in Tay Bac urban area, Tan Phu Trung commune, Cu Chi district, HCMC.

According to HoREA, Alibaba Northwest Joint Stock Company and Alibaba Real Estate Joint Stock Company is headquartered at 321 Dien Bien Phu Street, Ward 15, Binh Thanh District, but operates regularly at its 120 branch -122 Kha Van Can, Hiep Binh Chanh Ward, Thu Duc district.

Alibaba Northwest Joint Stock Company Ho Chi Minh City and Alibaba Real Estate Joint Stock Company are self-proclaimed investors.

According to HoREA, “Investment Management Board – Construction of North West urban area” on the project of low-rise residential building and urban services in Zone VIII – 3 in the North West urban area. This is also one of 133 projects announced at the Investment Promotion Conference in Ho Chi Minh City on 11/10/2017, as follows:

– Location and area: The project covers an area of 91.45 ha, part of Zone VIII, Tay Bac urban area, Tan Phu Trung commune, Cu Chi district;

– Limit: East, borders VIII – 2; In the west, it borders on Zone VII; In the south, it borders on zone VIII – 4; To the north, it borders on Highway 22.

– Project Objective: Build low-rise housing, urban services, health.

– Floor height: 1 – 4 floors; Construction density: 40 – 75%; Land use coefficient: 0.8 – 3 times.

– The status of the land area: The land has not made compensation, ground clearance, no technical infrastructure. Transport infrastructure is connected to other investment projects.

– Requirements for selected investors: The selected investor will finance the development of urban planning in accordance with the orientation of the city for the project formulation area and at the same time implement the compensation, (if any), investment in technical infrastructure and social infrastructure in this land. After completion of the technical infrastructure within the area will be handed over to the city manager without requiring the city to repay the investment capital.

– Investment capital: The capital of the selected investor.

– The party calling for tenders: The Management Board of Investment – Construction of Northwest Urban Area “.

“Investment Management Board – Construction of North West urban area” on the project of low-rise residential area, urban services in Zone VIII – 3 of North West urban area

From the above, HoREA affirmed that: The project of a low-rise residential area and urban services in Zone VIII – 3 in Tay Bac Urban Area is being called for investment by the city and has not been cleared yet. Detailed planning 1/500 so it is not possible to have the map floor plots for sale.

In addition, this project has not yet carried out procedures to select investors, Alibaba Northwest Joint Stock Company Ho Chi Minh City and Alibaba Real Estate Joint Stock Company does not have the status of the self-proclaimed investor.

In addition, the Alibaba Real Estate Joint Stock Company (“Alibaba Real Estate Joint Stock Company”) clearly states, “Note: This is an expected map and information pending. The North West of Cu Chi is in the process of handing over to Alibaba Real Estate Joint Stock Company as an investor, so it is expected that the first quarter of 2018 will be implemented as infrastructure.

According to Horea, this means that the two companies are not projected, investors. This project has not yet been approved for detailed planning 1/500, not yet cleared, not infrastructure yet, not yet approved by the Department of Construction to qualify for capital mobilization when selling the foundation. In the future, according to the Law on Real Estate Business, Urban Planning Law, Alibaba Real Estate Joint Stock Company, Alibaba Northwest Joint Stock Company in Ho Chi Minh City has no right to disclose. It does not have the right to mobilize capital, including deposit.

The situation was reported HoREA (No. 129 / CV-HoREA on November 14) to the People’s Committee of Ho Chi Minh City.

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