The Da Nang government has issued an official dispatch assigning the Department of Construction to monitor the real estate market and propose to the municipal administration more effective measures for the sake of stable and healthy real estate market.

At the same time, functional local bodies will inspect the implementation of the law on real estate business, organise the inspection and review of real estate business projects in order to withdraw, suspend, adjust, convert and transfer real estate business projects.

The Da Nang Branch of the State Bank of Viet Nam shall take measures to require commercial banks not to allow debt reversal or the revaluation of mortgaged land use rights, tighten real estate credit, strictly handle cases of violations against regulations on real estate credit loans, and inspect credit institutions that lend money to investors for their participation in land auctions in the city in a bid to ensure credit safety.

Heed will be paid to inspecting the implementation of legal provisions on auction of land use rights, and levying heavy penalties on violations that go against the law on auction and profiteer in the auction of land use rights.

When detecting any signs and violations of the regulations on auctioning off both the rights to land use and associated properties, the above-mentioned localities shall coordinate with the local police to handle offenders according to law provisions.

Reporting by HOANG HIEP – Translating by A.THU