Nha Trang residents tricked into buying mortgaged villas

Created 19 June 2017
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

Buyers who purchased units in a luxury villa complex project in the famous beach city of Nha Trang are panicking after finding out the properties have already been mortgaged by the developer.

A villa at the Ocean View Nha Trang project in the south-central province of Khanh Hoa.

 

Clients of the Ocean View Nha Trang Villa Complex in Nha Trang, Khanh Hoa Province, reported the problem to competent authorities in the hope that the problem with be resolved and justice will be served.

The provincial People’s Committee granted approval to Thien Nhan II Company in 2004 to begin construction on a 7.2 hectare piece of land at the end of Tran Phu Street in Vinh Truong Ward, overlooking the Nha Trang Bay.

The project, advertised to meet international standards, currently only contains a few complete villas scattered among unfinished structures and empty plots.

According to Nguyen Van Thong, deputy director of the Khanh Hoa Land Registration Office, the developer is only allowed to sell their villas after they have been completed and evaluated by the provincial Department of Construction.

However, Thien Nhan II chose to ignore these regulations and has already signed contracts to sell many of the uncompleted houses in a scheme to mobilize capital.

Purchasers have since uncovered that many either did not receive their property as promised or were handed the property without sufficient paperwork to prove their ownership.

The firm has been found to be selling the same piece of land to multiple clients or offering mortgaged properties.

Given the violations, the Khanh Hoa Land Registration Office stated that it will be difficult to transfer the land ownership from Thien Nhan II to their buyers.

Reports from the land office show that the company had mortgaged 40 out of 69 soon-to-be-finished villas to a bank in Ho Chi Minh City.

As the mortgage has yet to be paid, buyer of these properties are now unable to register for paperwork to prove their ownership.

Victims also say they are unable to contact the developer to discuss their contracts.

Reporters of Tuoi Tre (Youth) newspaper were unable to reach Nguyen Viet Hung, director of the company, as his provided phone number does not exist.

According to Nguyen Hong Ha, vice-president of Khanh Hoa Bar Association, developer of a project has to meet several strict requirements before being allowed to sell a house to clients, which is determined by the local department of construction.

If the property has been mortgaged, the seller has to present a written document proving that the loan has been paid.

Any sign of fraudulent in the mobilization of capital shall be charged in accordance with the Penal Code, Ha said.

 

Source: Tuoi Tre News

Maybe You Also Interesting :

» Mortgaged project list to boost transparency

Real estate developers, consultants, and insiders are debating over the controversial list of 77 projects registered as mortgaged at local land...

» Businesses lack access to bank loans due to 2013 Land Law

 Enterprises in industrial zones (IZs) say they cannot borrow money from banks because of provisions stipulated in the 2013 Land Law.

» Where’s the cash gone?

Commercial banks keep offering high interest rates to attract more deposits from the public. The business circle affirms it is thirsty for capital, while...
loading...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet