On January 6, 2022, the Government issued Decree No. 02/2022/ND-CP detailing the implementation of a number of articles of the Law on Real Estate Business. This Decree details the conditions of organizations and individuals trading real estate, including the following conditions:
– Must establish an enterprise in accordance with the law on enterprises or a cooperative in accordance with the law on cooperatives, having a business in real estate;
– Must be publicized on the enterprise’s website, at the headquarters of the Project Management Board (for real estate investment projects), at the real estate trading floor (for business cases) business through the real estate exchange information:
+ Information about the enterprise, including name, head office address, contact phone number, name of the legal representative);
+ Information about real estate put into the business in accordance with the law, including Type of real estate; Real estate location; Information on planning related to real estate; The size of the property; Characteristics, properties, usability, and quality of real estate; information on each type of use purpose and common use area for real estate that is a mixed-use building, apartment building; Actual situation of infrastructure works and services related to real estate; Dossiers and papers on ownership of houses, construction works, land use rights and papers related to real estate investment and construction; guarantee contract, written permission to sell, lease-purchase by a competent state agency for the sale, lease-purchase of houses to be formed in the future;
+ Restrictions on ownership, right to use real estate (if any); Price of the real estate sale, transfer, lease, sublease, lease purchase;
+ Information on the mortgage of houses, construction works, real estate projects put into business (if any);
+ Information on the quantity and type of real estate products being traded, the quantity and type of real estate products sold, transferred, lease-purchased, and the remaining quantity and types of products that are still being traded;
(For the publicly available information specified at this point, which then changes, it must be promptly updated immediately after the change).
+ Only trade in real estate that fully meets the requirements of the Law on Real Estate Business.
In addition, for the investor selected as the investor of a real estate project according to the provisions of law, that investor must have equity (i) not less than 20% of the total investment capital for projects with a land-use scale of fewer than 20 hectares; (ii) not less than 15% of the total investment capital for projects with a land-use scale of 20 hectares or more.
This Decree takes effect from March 1, 2022.
