City seeks to calm land speculation

May 24, 2017 | 09:35 AM GMT+7

The HCM City People’s Committee has instructed relevant authorities to develop software that will allow the public to obtain land-use plans on their mobile phones as a means to avoid the land “fever” that occurs periodically.

City seeks to calm land speculation
A software aims to keep land fever in loop. Photo: Internet

“The recent land fever in HCM City has occurred because of several reasons and the city needs to respond immediately to stop it,” Lê Văn Khoa, deputy chairman of the People’s Committee, told a recent meeting to review the phenomenon.

He pointed out four causes for it: a lot of infrastructure was built recently, directly affecting prices of land nearby; media reports about some big plans in Cần Giờ and Củ Chi districts; last year the city rescinded many public works that had been on paper for many years, preventing people from buying or selling the lands earmarked for the projects, and prices shot up as a result; and speculation.

“We must publicly announce all land-use master plans from commune to district levels and all should be accessible by mobile phone.”

He instructed the Master Plan and Architecture Department in co-operation with districts Thủ Đức and 12 to ready the software by the end of this year.

He confirmed that the city does not have any plans to upgrade Nhà Bè, Bình Chánh and Hóc Môn districts into downtown districts.

“We have the Government’s decision to build Cần Giờ Bridge to replace the Bình Khánh ferry, but from policy to reality takes a very long time.

He was implying that people should not buy land thinking the bridge construction would push up land prices.

“The city People’s Committee did not approve the Marina City project in Trung An Commune, Củ Chi District, as was rumoured, not even the road along the river in the commune,” he said.

The People’s Committee has instructed all districts to improve land management and stop people from carving up lands into plots for selling without approval.

It also called on the State Bank of Việt Nam’s HCM City office to instruct all banks to tighten lending to the property sector.

Tất Thành Cang, deputy secretary of the city Party Committee, said: “The city Party Committee will issue instructions for the real estate market and guide related authorities in making land-related notifications.

“City spokespersons should make official announcements immediately if any problems crop up and not wait for meetings because if we provide accurate information the media will help the public know about them.”

He also agreed to publicise the land use master plan in every commune and district and called on relevant authorities to create favourable conditions for the public to know about it.

“All HCM City socio-economic, urban and infrastructure development must follow the approved master plan.”

The Party Committee would get the police to investigate those who spread rumours to benefit from them.