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 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.
"Source: Vietnam Investment Review"
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