Property Strict penalties needed to fight fraudulent property firms By Le Anh Monday, Oct 14, 2019,10:47 (GMT+7) Strict penalties needed to fight fraudulent property firmsBy Le Anh Real estate projects in HCMC. Heavy penalties are needed to address violations by fraudulent property firms – PHOTO: LE ANH HCMC – It is necessary to develop strict penalties to combat those operating fraudulent real estate businesses to protect the legitimate rights of consumers and legitimate firms, according to executives from real estate firms and experts. The HCMC government has urged the Ministry of Construction to propose the Government issue regulations forcing real estate firms to publicize information about their projects and impose heavy penalties on those deliberately violating regulations. Ngo Quang Phuc, general director of Phu Dong Group, said he supports the proposal, as real estate is a conditional business sector and enterprises must meet conditions therein. Heavy penalties are aimed at ensuring that the market is transparent. If regulations are not strict enough, law-abiding firms will lose their confidence in State management agencies, while those with fraudulent business activities will benefit, Phuc added. The leader of another property firm said penalties should be imposed cautiously, as an investor may develop multiple projects. If the information… Read full this story
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