New rules on property trading
Nguyen Manh Ha, director of the Housing and Real Estate Market Management Department, spoke with Dau Tu (Investment) newspaper about plans to tighten the management of real estate trading floors. Circular 13 provides guidance on real estate trading floor transactions. Under it, real estate businesses must carry out the sale, transfer, lease or rent of real estate via property trading floors (except social housing projects pursuant to the Law on Housing). What impact have these trading floors have since the circular came into effect nearly two years ago?
Property trading floors initially contributed to making real estate trading companies transparent. An increasing number of real estate projects are being put on sale on these floors, making it easier for investors to find the properties they are after. This combination has contributed to raising the liquidity of the real estate market.
However, some trading floors are yet to make any transactions and others are offering property for sale without the necessary legal documentation.
How many trading floors are currently operating across the country?
The country has nearly 400 registered property trading floors. They are mainly based in large urban areas like Ha Noi, HCM City, Binh Duong and Da Nang.
The Ministry of Public Security, in collaboration with inspectors from the Ministry of Construction, has recently conducted inspections of property trading floors. What were the purpose of these inspections?
The inspections targeted trading floors that are implementing the sale of new urban developments.
The result of the inspections will help the Ministry of Construction and other relevant offices adjust existing management policies on the housing and real estate market to bring them line with the current climate.
Some property investors have set up trading floors to carry out their own transactions. How does this impact on the transparency of property deals?
It is not wrong in principle. The thing is that all property trading floors must comply with trading regulations. When contracted by an investor to carry out real estate transactions, trading floors must publicise related information via mass media and on their floors. They must ensure the legitimacy of the property and take responsibility for all transactions that they take on.
Circular 13 doesn't prohibit investors from setting up trading floors or the use of those floors for the exclusive sale of specific properties or those available on the general market.
The Ministry of Construction is considering further regulations for property trading floors. Could you elaborate on the subject?
The ministry is working to regulate the operation of property trading floors. By doing so, trading floors will run more successfully while people will be able to verify their transparency. For example, trading floors must make available information on their number of monthly or quarterly transactions.
More criteria are also being drafted to help facilitate this. — VNS