Ho Chi Minh City investigation into public land transaction
Secretary of Ho Chi Minh City's Party Committee, Nguyen Thien Nhan, has just asked the city's Inspection Commission to urgently investigate possible violations in public land transactions in Nha Be District.
Nhan asked the commission to report on the case by May 8.
Last June, the state-owned Tan Thuan Investment and Construction Company signed an agreement to transfer over 30 hectares of public land in Nha Be District's Phuoc Kien Commune to the Quoc Cuong Gia Lai Company for just VND1.29 million (USD56.85) per square metre.
The Quoc Cuong Gia Lai Company bought the 32-hectare land lot to add to their 50-hectare Phuoc Kien housing project in Nguyen Huu Tho Street which lies in an ideal location near many modern urban areas and Hiep Phuoc Port Urban Area.
According to experts, the price paid for the land was much lower than the average price of between VND8-11 million per square metre in that area and that the deal raised concerns.
The Standing Committee of the HCM City Party Committee on April 18 held an urgent meeting with the two companies and ordered them to cancel the transaction.
"The transaction violates the regulations on the management and usage of buildings and land owned by state-owned companies," the committee concluded at the meeting.
Meanwhile, Chairman of Quoc Cuong Gia Lai Company, Nguyen Thi Nhu Loan insisted that the land was not public land but owned by local residents.
"I will bring the case to court if our transaction deal with Tan Thuan Company is cancelled," Loan said.
30 hectares of public land in Nha Be District was transferred to the Quoc Cuong Gia Lai Company for just VND1.29 million (USD56.85) per square metre
Nhan asked the commission to report on the case by May 8.
Last June, the state-owned Tan Thuan Investment and Construction Company signed an agreement to transfer over 30 hectares of public land in Nha Be District's Phuoc Kien Commune to the Quoc Cuong Gia Lai Company for just VND1.29 million (USD56.85) per square metre.
The Quoc Cuong Gia Lai Company bought the 32-hectare land lot to add to their 50-hectare Phuoc Kien housing project in Nguyen Huu Tho Street which lies in an ideal location near many modern urban areas and Hiep Phuoc Port Urban Area.
According to experts, the price paid for the land was much lower than the average price of between VND8-11 million per square metre in that area and that the deal raised concerns.
The Standing Committee of the HCM City Party Committee on April 18 held an urgent meeting with the two companies and ordered them to cancel the transaction.
"The transaction violates the regulations on the management and usage of buildings and land owned by state-owned companies," the committee concluded at the meeting.
Meanwhile, Chairman of Quoc Cuong Gia Lai Company, Nguyen Thi Nhu Loan insisted that the land was not public land but owned by local residents.
"I will bring the case to court if our transaction deal with Tan Thuan Company is cancelled," Loan said.
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