HCMC property developers fined for selling under-construction housing without permission
Authorities in Ho Chi Minh City have fined real estate developers Gamuda Land and Khai Thinh for selling incomplete housing projects without permission.
The Malaysian-backed Gamuda Land has been fined VND900 million ($38,400) for selling properties at a housing project that is still under construction in Tan Phu district without a Construction Department license.
A Gamuda Land housing project in Ho Chi Minh City’s Tan Phu district. Photo courtesy of Youth newspaper
Khai Thinh has been fined VND500 million ($21,300) for the same reason. The Vietnamese developer had sold apartments at its Khai Vy residential project in District 7 without permission.
The decision also includes a 4.5-month ban on trading at the project.
In addition, the HCMC People's Committee has issued a decision to force Vietnamese developer PPI Group to pay a VND900 million ($38,400) fine that it has so far yet to hand over.
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