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February 16, 2023 | 06:25

Property developers may be able to transfer projects without completing financial obligations

Ban Mai

Transferee would be responsible for covering costs under HoREA proposal.

Property developers may be able to transfer projects without completing financial obligations

The Ho Chi Minh City Real Estate Association (HoREA) has proposed allowing real estate investors to transfer their projects even when they are unable to fulfill their financial obligations.

Financial obligations include land use taxes, land rents, and related taxes, fees, and charges.

When investors are yet to fulfil their financial duties when transferring a project or part of a project, the transferee will be responsible for covering costs, the association said in offering feedback to the draft revised Law on Real Estate Business.

The Ministry of Construction recently released the draft revised law for public comment and feedback.

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