HO CHI MINH CITY ASKED TO DOUBLE HOUSING OWNERSHIP PERIOD FOR FOREIGNERS

China-based real estate heavyweight E-House Holdings Limited proposed the Ho Chi Minh City People’s Committee to permit foreigners to own homes in the city for up to 100 years from the current 50.

The proposal was made at the meeting of the Chinese firm and the Vietnamese Fatherland Front in Ho Chi Minh City on April 24.

Speaking at the meeting, Ding Zuyu, general director of E-House Holdings Limited, revealed that the company is investing in some projects in Vietnam and plans to expand real estate business in Ho Chi Minh City.

According to newswire Thanh Nien, Le Huynh Mai, deputy director of the Ho Chi Minh City Department of Planning and Investment, said that the current Law on Housing allows foreigners to buy houses in Vietnam, but they have to meet certain requirements.

Mai also said the extension of ownership is only applied for particularly important projects affecting Vietnam’s development and must be considered by the prime minister.

Currently, Chinese enterprises have 202 investment projects in Ho Chi Minh City worth $130 million, with the largest project taking up $30 million in itself. With this total investment capital, China ranks 20th among the 96 foreign investors in the city.

Source: VIR