Thu Thiem land auction
All four investors who won the bid at Thu Thiem auction in HCM City have ‘quit the game’, accepting their loss of deposit money.
At a meeting on March 21 between the department and the two firms, representatives of the two companies said they were trying to mobilize funds for the payments, the local media reported.
Inflating land prices via auctions is one of the biggest problems of the real estate market. It creates an artificial land fever in the market and deprives people of opportunities to own accommodations.
Though the winners of Thu Thiem land auctions withdrew their purchase contracts, the land market in HCM City remains hot, and the prices of some projects are escalating.
After Tan Hoang Minh Group, Binh Minh Trading and Development Investment Co. Ltd., which won the auction for the land lot coded 3-9 in the Thu Thiem New Urban Area in HCMC’s Thu Duc City, has proposed canceling a contract to buy the land lot.