Prior to the approval of the policy of land allocation, the investor of the project of Bac Rach Chiec residential area signed a contract with a series of secondary enterprises that allowed the subdivision to sell the land.
The case shows signs of violation of state regulations involving many individuals. One of the transferees is Him Lam.
Not approved the project, has invited a secondary business!
At the conclusion of the inspection of the management, land use and progress of the North Rach Chiec Residential Area (District 9, HCMC), the HCM City Inspectorate has indicated The mistakes of investors in the use of capital as well as the contract with secondary enterprises participating in the project.
Accordingly, the North Rach Chiec KDC project was assigned by the Prime Minister to Real Estate 10 JSC (RES 10 Company, a member of Saigon Real Estate Company Limited) in accordance with Decision 282 / QĐ- TTg dated March 15, 2001 to build the main technical infrastructure. Once completed, RES 10 Company must hand over the land to the City for delivery to other investors.
However, prior to the allocation of land, individuals at RES 10 and the parent company signed contracts with a number of companies with the content of these units “are entitled to organize their own business.” According to Ho Chi Minh City Inspectorate, this provision has led to businesses claiming that they are allocated and mobilized capital from customers. The behavior of individuals showing signs of doing illegal state regulations, transferring files to the City Police.
Among the businesses are individuals in RES 10 Company “preferential” contract before the land is assigned Him Lam Trading Co. (Him Lam Company).
“Behavior of individuals in District 10 Construction and Real Estate Services Company signed an economic contract with the Maritime Development Company and Him Lam Trading Company Limited to become a secondary investor before North Rach Chiec residential area has decided to allocate land of the Prime Minister … “(extracted from the inspection conclusions).
While the whole of North Rach Chiec KDC is deserted, commercial projects of secondary businesses have been stagnant, including the project of Him Lam.
According to the research, in 2017 and before, the legal representative and director of Him Lam company is Mr. Duong Cong Minh. The company is located at 234 Ngo Tat To Street, Ward 22, Binh Thanh District, Ho Chi Minh City, this is also the headquarters of Him Lam Land JSC.
Him Lam has three founding shareholders, namely Duong Cong Minh, Duong Thi Liem and Tran Van Tinh, who are based in Ho Chi Minh City. Of the total VND900 billion of charter capital of this business, Duong Cong Minh contributed 99%, equivalent to VND891 billion.
Financial information in 2016 showed that net sales of goods and services of Him Lam reached VND1,879.4 billion, after tax profit of more than VND 72 billion. Him Lam Land is a company that has signed a contract with RES 10 company in North Chach KDC project but Him Lam Land is deploying residential area in North Rach Chiec. Project scale is 2.1 hectares; with 34 floors and total investment capital of VND 50 billion.
The transaction price of land at North Lam Chiec residential area project of Him Lam Land is high. A local broker is selling land plot garden view overlooking the river area of 360 sqm, price VND11.5 billion. Plot 270 sqm front of urban roads 12 meters wide, cost VND7 billion. Garden villa garden view in this project is now VND34 million /sqm.
For violations of the individuals involved, North Rach Chiec residential area (District 9), Chairman of the People’s Committee of Ho Chi Minh City. Nguyen Thanh Phong has directed the transfer of the entire dossier to the investigation agency.
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