Khanh Hoa Province ordered the developer to terminate 20 contracts with foreigners to buy apartments in the building under construction in Nha Trang
The 40-storey Napoleon Castle building will have 1,000 apartments and will be located 550m from the Nha Trang coastline. Although the construction is not yet complete, the development company Cat Tiger Khareal has already sold 200 apartments. This is against Vietnamese law. The firm was fined 55 million VND (2 375 USD). And ordered to terminate all contracts with foreign buyers before next month.
Meanwhile, the provincial construction department will see if the area is in the interest of the Ministry of Defense. If yes, the project will be banned from selling apartments to foreigners.
In 2015, citizens of other countries were allowed to buy real estate in Vietnam. At the same time, foreigners can buy no more than 30% of the residential area or apartment building. And the purchased territory should not be strategically important for the country’s defense capability.
Source: VnExpress. Translation: Nikita Grebennikov.