The Government Proposes Raising the Deposit for Land Auctions to 50%.
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The draft law proposes fundamental solutions to rectify the market. Specifically, the percentage of deposit required in land use right auctions for residential land allocation to individuals will be raised from 20% to 50%. (Press release No. 02, 2nd Session, 16th National Assembly) The National Assembly worked on many draft laws, including the Law on Auctioning Assets. It also promoted thorough decentralization and unlocked resources for socio-e…
On October 19th, acting on behalf of the Prime Minister, Minister of Justice Hoang Thanh Tung submitted a draft amendment to the Law on Auctioning Assets.
The government has proposed increasing the deposit rate to between 20% and 50% of the starting price in land use right auctions for allocating residential land to individuals.
(Civil Rights) - Along with the proposal to raise the rate of land auction deposits to 50%, the Government proposes to prohibit participation in land auctions with people who “win but leave the deposit”, overcoming the status of participation in auctions for profit.
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