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No Substructure Construction, They Received Customer’s 80% Deposit

Diamond Riverside

The Diamond Riverside project has not completed piling foundation but still accepts the deposit of 80% of apartments. This is in violation of Article 55 of the Law on Real Estate Business.

On 8 February, Doan Tuong Trieu, Managing Director of Nam Bay Bay Investment Joint Stock Company, signed the explanation of business results in the fourth quarter of 2016 and sent it to the State Securities Commission and the Department Ho Chi Minh City Stock Exchange.

According to the separate financial statement, the company’s net revenue for the fourth quarter of 2016 reached VND5,556 billion, down 48% y / y. Meanwhile, after-tax profit reached VND57,318 billion, 331% over the same period of 2015.

According to the consolidated report, after-tax profit of the Year Seven reached VND43,227 billion, up 19,041% over the same period in 2015.

Diamond Riverside Project
The Diamond Riverside project is just a meadow with meandering machines

Doan Tuong Dieu commented the profit after tax increase is due to financial revenue in 2016 increased sharply over the same period in 2015. Currently, the project is deployed and very active.

Citygate Tower project is preparing to hand over apartments to customers. The Diamond Riverside project has completed more than 80% of deposits to buy apartments.

What is said, despite the deposit of more than 80% of customers Diamond Riverside project is still empty land with some machines lying motionless. This project covers an area of 41,496.8 m2 and is located on Vo Van Kiet Street, District 8, Ho Chi Minh City.

You can read more information at Vietnam Real Estate Market

According to the provisions of Article 55 on the condition of real estate formed in the future to be entered into the business of the amended Real Estate Business Law, effective from July 1, 2015, the investor must complete The new project is open for sale.

At Point a, Clause 2, Article 19 of Decree No. 99 – 2015 guiding the Housing Law, the investor shall not be allowed to apply the form of capital mobilization for dividing house products or posting priority about sign, deposit, enjoying the right to buy houses or to distribute land use rights in the project to the capital mobilized.

Thus, Nam Bay Bay Investment Joint Stock Company signed deposit contract with customers to mobilize construction capital. It is in violation of the law.

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No Substructure Construction, They Received Customer’s 80% Deposit
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