VietNamnet Bridge – 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 big guys summoned to appear in court
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.
Hundreds of customers, who registered
to buy La Fontana apartments, developed by the Gia Tue Investment Company, have
also decided to withdraw their money form the project. The buyers paid for the
registered apartments monthly, which has been used by the company as the
capital to execute the project.
While buyers fulfill their
commitments by making payment monthly, the developer still has not delivered
products as committed before, though the deadline came many days ago.
Finally, the buyers have asked
the developer to pay money back to them. However, the investor has been trying
to hide themselves to avoid the buyers.
The customers of Ecopark Tuan
Chau have also been put on tenterhooks. The site clearance work has not been
completed over the last 18 months, while the 1/500 project program has not been
approved, and technical infrastructure works have not been set up yet.
The developer of Mekong Plaza
project in Geleximco urban area – Mekong Land – is also facing the same
problem. Customers, who registered to buy the apartments here, have demanded
money back after they realized that no action has been taken by the investor to
implement the project.
Tens of buyers have decided to
take legal proceedings against Viglacera, after their failed efforts to claim
for their benefits.
The customers said Viglacera,
which is the developer of the Xuan Phuong project, did not fulfill its
commitments made to customers. Meanwhile, ignoring the complaints by customers,
the investor keeps quiet and refuses to fulfill its duties. Since the developer
has been slow in implementing the project and in delivering apartments,
customers say, it has to pay interests for the sums of capital contributed by
the customers.
The Hanoi Time Tower project
developed by PVCR has also fallen into trouble. The customers said they began
contributing capital for the project implementation in 2010. However, the
ground floor still had not been completed by September 2012.
A lot of other projects run by
the enterprises in the oil and gas sector have also been left “untouched.”
The conflicts between contractors and developers
People believed that there always
exists a close relation between developers and contractors, because they were
on the same boat. However, even contractors have also been refused to pay money
for their works. As a result, contractors have to go to law against the
developers.
Some days ago, the Energy
Industry Development Company sent a letter to press agencies, denouncing the
Song Da Urban Development Company for deliberately delaying the payment of 11
billion dong, which is the pay for the works the company completed for the Song
Da project in Ha Dong district.
Meanwhile, the Long Giang
Investment and Urban Development Company has sued AZ Land, claiming the payment
of 1.8 billion dong. An executive of the company said it has to take legal
proceedings to get money back, because they company itself now needs money to
pay to its partners.
Nam Phong
Business & Investment Opportunities
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