Manipulation in the real estate market is very sophisticated.

This morning (October 31), the National Assembly discussed in the Hall the draft revised Law on Real Estate Business.

Manipulation in real estate is no less dangerous than manipulation in stocks

Commenting on prohibited acts in real estate business activities in the draft revised Law on Real Estate Business, delegate Trinh Lam Sinh - National Assembly Delegation of An Giang province - suggested that the Drafting Committee add more regulations on acts of manipulating and disrupting the real estate market, clearly defining the signs of manipulation and disruption of the real estate market.

Because in the past, manipulative behavior has destabilized the real estate market and affected the socio-economic development of the country.

Sharing the same view, delegate Trinh Xuan An (National Assembly delegation of Dong Nai province) suggested that it is necessary to continue to regulate and clarify the acts of banning, manipulating, and fixing prices in the real estate market. According to Mr. An, the acts of manipulation in the real estate market are no less dangerous than the acts of manipulation in the stock market.

"Currently, manipulation in the real estate market is very sophisticated, there is a bubble situation, prices are sky-high compared to reality," Mr. An emphasized and suggested prohibiting this behavior in the law and having regulations to eliminate it.

Thao túng trong thị trường kinh doanh bất động sản rất tinh vi - 1 — Delegate Trinh Xuan An said that it is necessary to clarify the acts of banning, manipulating, and fixing prices in the real estate market (Photo: Quochoi.vn).

Mr. An pointed out that manipulating the real estate market is not only through bidding at high prices and waiving deposits, but also using the price of one project to boost the price of another project and increase the price level very high.

This delegate believes that if this issue is not thoroughly dealt with, it will create a bubble. Therefore, it is necessary to stipulate the prohibition of price manipulation in this draft law.

It is necessary to regulate the behavior of prohibiting price manipulation.

Delegate Nguyen Huu Thong (National Assembly delegation of Binh Thuan province) also proposed adding regulations prohibiting acts of manipulating and disrupting the real estate market, including collusion in land use rights auctions and auctions to inflate land prices in surrounding areas.

Because according to Mr. Thong, in reality, this behavior has been common in recent times, causing land prices to increase, and people who really need housing and real estate cannot buy land and build houses.

Thao túng trong thị trường kinh doanh bất động sản rất tinh vi - 2 — Delegate Nguyen Huu Thong requested stricter regulations on real estate information disclosure (Photo: Quochoi.vn).

"This provision needs to be revised to be more stringent, creating conditions for people to easily access necessary information," Mr. Thong emphasized.

In the Report on receiving, explaining and revising the draft revised Law on Real Estate Business, the Standing Committee of the National Assembly said that the acts of "brokers having direct interests in real estate without disclosing them to buyers; arbitrarily increasing prices, setting prices to profit against the wishes of the parties involved in the transaction; not fully and honestly informing the parties involved in the transaction of information related to real estate", "posting and selling other people's real estate without permission", "manipulating and disrupting the real estate market", "inflating prices", "creating waves", "creating virtual fever"... are included in the provisions of Clause 3, Article 8 of the draft Law on prohibiting the acts of "Fraud, deception, and fraud in real estate business".

According to the National Assembly Standing Committee, listing behaviors too specifically will not ensure full adjustment of diverse situations arising in reality, which may lead to omission of illegal behaviors.

Source