Cases Where Investors Are Allowed to Become Project Owners of Commercial Housing

Translation:

cases of selecting, approving investors to be the project owners of commercial housing construction in Draft Decree amending and supplementing several provisions of Decree 99/2015/ND-CP dated October 20, 2015 of the Government of Vietnam detailing and guiding the implementation of several provisions of the Housing Law as follows:

Cases when investors are project owners of commercial housing projects (illustration)

- Case 1: For commercial housing construction investment projects that are subject to land use rights auction or bidding for project owner selection according to legal regulations, investors participating in the auction or bidding must meet the conditions to be project owners as stipulated in Article 21 of the Housing Law and have the necessary conditions to be allocated land or leased land to implement the project under the provisions of the land law.

- Case 2: Organizations, households, and individuals with legal homestead land use rights and other types of land permitted by competent state agencies to change the land use purpose to homestead land, provided that they meet the conditions to be project owners as stipulated in Article 21 of the Housing Law and have the necessary conditions to be allocated land or leased land to implement the project under the provisions of the land law, shall be approved as project owners for housing construction projects.

- Case 3: For housing construction investment projects with multiple investors approved for investment policies following the legal provisions on investment, the investors must authorize one investor who meets the conditions stipulated in Article 21 of the Housing Law and has the necessary conditions to be allocated land or leased land to implement the project under the provisions of the land law as the project owner. The authorized project owner is responsible for carrying out the construction investment, business of the project in accordance with the construction law, housing law, and real estate business law; the participating investors share the profits in cash or shares of the project according to the agreement.

See details at Draft Decree amending and supplementing several provisions of Decree 99/2015/ND-CP.

Long Binh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE