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.
Accordingly, there are some changes in the conditions of organizations and individuals doing real estate business. Specifically, organizations and individuals trading real estate must meet 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 about the business, information about real estate put into the business,... (New content)
- Only trade in real estate that fully meets the conditions specified in Article 9, Article 55 of the Law on Real Estate Business. (New content)
In case an investor is selected to be the investor of a real estate project following the law, such investor must have an equity capital of not less than 20% of the total investment capital for a project with a land-use scale is less than 20 hectares, not less than 15% of the total investment capital, for projects with the land use scale of 20 hectares or more.
(Currently, organizations and individuals doing real estate business must have a legal capital not lower than 20 billion VND).
Decree 02/2022/ND-CP takes effect from March 1, 2022, replacing Decree 76/2015/ND-CP.
