Khanh Hoa warns about illegal sale of tourism property to foreigners
The Khanh Hoa Province Department of Construction has warned over the illegal sale of tourism properties to foreigners, asking project developers to comply with the established laws.
In a document sent to 129 property developers in mid-month, the department asked developers not to sell tourism property products to foreign individuals and organisations, except cases in which foreign-invested firms bought tourism properties to serve as their business establishments.
The department said that tourism property was not housing, thus, it was not regulated by the Law on Housing 2014 but regulated by the Law on Real Estate Business 2014.
Accordingly, project developers could not sell tourism property products to foreign individuals and organisations, as regulated by the Law on Real Estate Business 2014,
The department also asked property developers to regularly report their sales following the Government’s decree about the development, management and use of the information system of the housing and real estate market.
In its inspection in October, the department found two companies, Thanh Yen Joint Stock Company (headquartered in Long An Province’s Ben Luc District) and Tiger Khareal (headquartered in Nha Trang City’s Vinh Phuoc Ward) illegally sold 45 apartments at Gold Coast and 20 apartments at Napoleon Castle, respectively, in Nha Trang City to foreigners.
The provincial construction department requested the two companies to terminate the above purchase contracts.
Tourism property projects were mainly located in Nha Trang, Bai Dai, Cam Lam and Cam Ranh, the department said.