Previously, HCMC Real Estate Association (Horea) issued a document warning customers and secondary investors against wrong information about the project, which Alibaba Tay Bac HCMC Joint Stock Company and Alibaba Property Company have claimed themselves investor, sold housing plots and collected deposits.
According to Tay Bac Urban Area Investment and Construction Management Board, the project is among 133 projects announced at the investment promotion conference to HCMC on October 11, locating in Tay Bac urban area, Tan Phu Trung commune, Cu Chi district over 91.45 hectares. It will develop houses and provide urban and health services.
Still, site clearance and compensation have not completed and technical infrastructure has not been built for the land parcel. Traffic infrastructures connecting it with surrounding areas are still waiting for investors.
Without detail plan 1:500, it is impossible for the project’s developers to have a map and divide the land parcel into smaller plots for sale. Moreover, procedures to choose investor have not been done so Alibaba companies has no capacity to claim themselves investor.
The Department of Construction has not issued a document to confirm that the companies are eligible for mobilizing capital for a future housing project according to the Real Estate Trading Law and Urban Planning Law. Therefore, they have no rights to collect deposits, said chairman of Horea Le Hoang Chau.