Two real estate frauds exposed
Two real estate frauds exposed
The HCM City Department of Natural Resources and Environment on Monday issued a warning to customers and secondary real estate investors about illegal activity of Alibaba Real Estate Joint-Stock Company and Alibaba Tay Bac HCM City Joint-Stock Company.
The HCM City Real Estate Association also issued a warning about inaccurate information about the two companies, which claim they are investors in certain housing projects. The companies sold housing plots illegally and collected deposits from customers.
The city’s Tay Bac Urban Area management board also sent a document to the city’s People’s Committee about Alibaba Real Estate’s illegal sales of land plots.
The management board said the project was among 133 projects announced at an investment promotion conference in HCM City on October 11.
The housing project, covering more than 92 hectares, is located in the Tay Bac urban area in Cu Chi District’s Tan Phu Trung Commune. It is expected to provide healthcare and other urban services.
However, site clearance and compensation have not been completed, and technical infrastructure has not been built.
Traffic infrastructure projects connecting it with surrounding areas are still waiting for investors.
In addition, the project does not have 1/500 scale detailed planning, so it is impossible for any company to have a map and divide the land into smaller plots for sale.
The city’s People’s Committee has not completed the procedures to choose the investor, so the Alibaba companies have no right to call themselves investors and sell plots or collect deposits.
The city’s Department of Construction has begun inspections of Alibaba Company and its misconduct.
After the city’s warning, Alibaba Real Estate JSC issued an apology letter to customers and secondary real estate investors.
The company has also illegally sold land plots at projects in the provinces of Dong Nai, Ba Ria–Vung Tau, Binh Duong and Long An.
The headquarters of Alibaba Real Estate JSC and Alibaba Tay Bac HCM City JSC are located at 312 Dien Bien Phu Street in HCM City’s Binh Thanh District.
But they usually operate out of a building at 120-122 Kha Van Can Street in HCM City’s Thu Duc District, according to the city’s Department of Natural Resources and Environment.
