District calls for land transaction ban to be lifted as property rush cools
District calls for land transaction ban to be lifted as property rush cools
The People’s Committee in Khanh Hoa Province’s Van Ninh District has asked
provincial authorities to lift a ban on land transactions in the district.
Land use right transfers, conversion of land use purposes and land splits have been banned in the district since May to prevent a land fever caused by speculation of the district developing the Bac Van Phong Special Administrative – Economic Zone that would make land very profitable.
At the time, the draft Law on Special Administrative – Economic Zones was being discussed and was expected to be passed, in which three special zones would be developed with preferential policies to attract investments, including Bac Van Phong (Khanh Hoa Province), Van Don (Quang Ninh Province) and Phu Quoc (Kien Giang Province).
The National Assembly then decided to delay passing the law to the sixth meeting of the 14th National Assembly which is scheduled at the end of this year because the draft law needed more discussions and revisions.
The district’s People Committee said that management of land in the district had been brought under control and the property fever had cooled.
The district asked the provincial People’s Committee and the Department of Natural Resources and Environment to allow land transactions to resume.
In the first three months of this year when the land fever peaked, the district received and handled nearly 2,260 land transactions.
