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Only people who own two houses or more are liable to pay the tax. Q solved his problem by arranging the paperwork necessary to convey the first house to his son. Once it was in his son’s name, Q sold the house for 2.5 billion dong without having to share one dong with the tax office.
In a press release last week, the company said that Vietnam was the group’s potential fourth pillar of growth in addition to its core markets of China, Singapore and Australia.
“Vietnam is a key Asian market for CapitaLand Group. The country’s strong economic growth and rapid urbanisation have creasted many opportunities for international real estate companies like CapitaLand,” says the press release.
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Market bounces back
The real estate market in Hanoi has begun to gain momentum since May with areas of land in Ha Dong, My Dinh, An Khanh and Thang Long seeing a sharp increase in price.
The head of planning and foreign investment in Vietnam is predicting that the country’s tourism real estate market will see a boom in five years time and declared he has no worries about exploiting beautiful areas.
Phan Huu Thang is encouraging developers to promote property investment in real estate resorts to foreign buyers as this will be a key part of the growth of Vietnam’s property sector.
‘Investment in real estate has been increasing significantly in the last two years, responding to many changes in the land laws. Foreign investors have shown special interest in real estate projects that will serve the tourism sector,’ he said.
Participants will discuss solutions for sustainably developing the country’s real estate market.
They will hear a number of speeches on low income housing and Ho Chi Minh City’s architectural development strategy.
The conference, the first of its kind in Vietnam, is part of a national programme to promote the country’s real estate in 2009.