A project invested by IMG Hue Investment Joint Stock Company in Hue City

On May 20, the Provincial People's Committee announced that it had issued a decision to impose an administrative penalty on IMG Hue Investment Joint Stock Company (located at Road 7, An Cuu New Urban Area, An Dong Ward, Hue City) for violations in the field of real estate business. The decision was signed by Vice Chairman of the Provincial People's Committee Hoang Hai Minh.

IMG Hue Investment Joint Stock Company is the investor of An Cuu New Urban Area project (An Dong ward, Hue city), the legal representative of this company is Mr. Nguyen Hong Phuc.

The reason for the penalty is that IMG Hue Investment Joint Stock Company conducted real estate business without fully ensuring the conditions as prescribed or was not allowed to put it into business as prescribed.

Specifically, the investor sold the M21, N26, and S21 townhouses of the An Cuu New Urban Area project in the form of selling future housing but did not notify the provincial housing management agency that the housing was eligible for sale, and the Department of Construction did not issue a written approval allowing the sale.

Selling future housing without written confirmation from the Department of Construction that the housing is eligible for sale or lease-purchase is not in accordance with the provisions of Article 55 of the 2014 Law on Real Estate Business.

Based on the above behavior, the Provincial People's Committee has decided to impose an administrative fine of VND 500 million on IMG Hue Investment Joint Stock Company. At the same time, it has applied an additional penalty of suspending the real estate business activities of the An Cuu New Urban Area project for 4 months and 15 days, from the date of receipt of the decision.

It is known that An Cuu New Urban Area is a model urban project following the model of Phu My Hung urban area implemented by IMG Hue Investment Joint Stock Company with a total area of 32.3 hectares within the 1,700-hectare master plan of An Van Duong new urban area.

News and photos: HA NGUYEN