Customers who have a right to buy a house at Vinaland Tower have to pay an additional VND12.535 million / sqm or receive a deposit of 9% per annum.
Tran Binh Long, Chairman, and General Director of Vietnam Real Estate Investment Joint Stock Company – Vinaland has sent a letter to the State Securities Commission and the Hanoi Stock Exchange about the development construction of the Vinaland Tower project and debt settlement of the right to buy a house.
Accordingly, Vinaland would like to thank the customers who shared the same company during the difficult times. Vinaland’s board of directors also apologized to customers owning their home purchase right certificates for failing to comply with the 2009 House Savings Policy.
In 2015 and 2016, the company has paid more than 60% of total outstanding loans of the customers by swapping the certificates of debts to receive business at Phuoc Long market, District 7.
The company also received the land allocation and construction permit for the Vinaland Tower apartment and commercial project in Phu My ward, District 7. The project will be completed by the end of the first quarter of 2017 and handed over the apartment by the end of 2018.
Vinaland offers two options for customers who own the right to buy a house. Option one is to convert debt to buy apartments in Vinaland Tower. The construction cost for each customer is VND 12,353 million / sqm.
The second way is that the company will pay back the principal and interest, starting from the date Vianland issues the certificate to the lender by January 9, 2014. From January 9, 2014, until the company pays the customer. The interest rate will be 5% for both principal and interest.
Vinaland customers pay for the period of March – 2017. Customers wishing to receive the money or receive the apartment must send a written form to Vinaland before December 30 for the company to pay the debt.
Previously, as we have seen, hundreds of people are at risk of losing their savings through Vinaland’s 6 years ago.
The advantage of this certificate is to accumulate monthly VND 5-10 million to convert to real estate without having a large amount of money. If there are unexpected jobs without contribution, the interests of the sender are still guaranteed. Buyers can easily control the price of real estate purchased in the future, high liquidity …
However, since then, Vinaland Tower has not been completed. The term of the contract has expired, many customers find Vinaland to recover money but not resolved.
In 2009, Vinaland’s plan to issue Vinaland’s right to buy properties has attracted the attention of the market. This is a product needed for many people, is a solution to raise capital of enterprises. However, the legal basis, this type of certificate has many different opinions …
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After that, the inspection team of the State Bank came to work in Vinaland. According to Vinaland’s regulations, if after 9th January 2014, the company has not yet built a house, the customer has the right to request the company to repay all the contributed money and interest at the rate of 200% of the interest rate issued by the State Bank or continue to wait to buy the company’s house.
The inspection team believes that the above interest rate is not in line with the interest rate stipulated in Item 1, Article 476 of the 2005 Civil Code is the interest rate agreed by the parties, but not exceeding 150% of the basic interest rate State goods.
Following the conclusions of the State Bank Inspection Team, Vinaland also stopped issuing certificates of the right to buy houses and could not build the Vinaland Tower project as promised.
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