In many cases, enterprises have bid high prices at land auctions and then cancelled the purchases. This has created artificial land prices which has allowed them to corner the market, and buy and sell other land plots for illegal profiteering.

A festival of hot air balloons, yachts and water sports activities celebrating the first anniversary of the founding of Thu Duc City opened at the Saigon River Tunnel in Thu Duc City on January 22-23.

Commercial banks do not grant credit to four real estate businesses that won the auction of land use rights in the new urban area.

The auction of four land lots in the Thu Thiem New Urban Area in HCMC’s Thu Duc City has many loopholes, which may negatively impact the local real estate sector and the economy, according to the HCMC Real Estate Association (HoREA).

HCMC is set to report a plan to penalize 66 officials who committed violations related to the Thu Thiem New Urban Area in the city’s District 2 to the Inspection Commission of the Party Central Committee this month.

HCM City’s administration has approved a policy of compensation and resettlement for households in a 4.3ha area located outside the original boundary of the Thu Thiem new urban area project in the city’s District 2.

The Party Central Committee’s Inspection Commission held the 43rd session in Hanoi from March 2 to 4, during which it proposed that the Standing Board of the Ho Chi Minh City Party Committee in the 2010-2015 tenure be disciplined for its violations.

The announcement of an auction for 55 land plots in Thu Thiem New Urban Area in District 2 of HCM City is expected to ­encourage foreign developers through the wide land area offered, the transparent conditions, and the low risks.

The HCMC government plans to invite experienced international experts to get involved in the process of selecting designs for a pedestrian bridge linking District 1 and the Thu Thiem New Urban Area in District 2 over the Saigon River.

The Government Inspectorate has delivered its report on the controversial implementation of the master plan and land and construction management at the Thu Thiem New Urban Area in HCM City’s District 2.