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Image : US unemployment lowest in 9 years as job creation continues

US unemployment lowest in 9 years as job creation continues

person Orange Themes access_time Dec 02,2016

The US unemployment rate in November fell to its lowest level since August 2007 as the economy continued to add new jobs, all but guaranteeing an interest rate hike this month. The jobless rate fell three-tenths to 4.6 percent, with a solid 178,000

Image : Discovering underground market in Saigon

Discovering underground market in Saigon

person Orange Themes access_time Mar 15,2017

EN VietNamNet - Sense Market, a newly established shopping center and food court, has attracted lots of locals and foreign tourists.

Image : Mexican cement maker ready to help Trump build border wall

Mexican cement maker ready to help Trump build border wall

person Orange Themes access_time Nov 23,2016

By Roberto Aguilar and Noe Torres MEXICO CITY (Reuters) - A Mexican cement maker is ready to lend its services to U.S. President-elect Donald Trump to build the wall he wants to erect on the southern border of the United States to curb immigration.

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Real estate developers want legal 'identity card’ for officetels

access_time May 19,2017 chat_bubble_outline 24 views
Though officetels and condotels are selling in the market, they still do not have positions in legal documents.

Real estate developers want legal 'identity card’ for officetels

Condotels (condominimum + hotel) and officetels (office + hotel) have been increasing in number in recent years.
Officetels is a working office incorporated with a residence. Each office is designed to be self-contained, ensuring both office and residential functions (eating, sleeping and resting). They can be owned by private owners. 
When developing real estate projects in large cities, investors usually reserve area for officetels. 
Though officetels and condotels are selling in the market, they still do not have positions in legal documents.

In HCMC alone, since 2008, when the first project with officetels – The Manor in Binh Thanh district - was implemented, tens of thousands of officetels have been sold. However, ownership of them has not been recognized.
Condotels exist in many of the resorts in Da Nang, Phu Quoc and Nha Trang. The projects with condotels are in high demand with investors in CocoBay (Da Nang), Aloha (Phan Thiet) and Panorama (Nha Trang). However, the buyers cannot obtain ownership certificate because condotels are not mentioned in legal documents.
Nguyen Van Duc, deputy general director of Dat Lanh Real Estate, compared officetels with the child who still cannot get a certificate of birth though he was born years ago. 
Since officetels have not been legally tecognized, a lot of problems have arisen. 
Clients are interested in officetels because it can serve both as office and residence. However, there is a conflict between residents in normal apartments and officetel owners because the people pay fees at different levels.
A senior official of the HCMC Construction Department said that the city is witnessing an ‘officetel boom’. 
Pham Ngoc Lien from the HCMC Department of Natural Resources and the Environment confirmed that no officetel owner has been granted ownership certificate in the city, saying that the department is still awaiting guidance from the ministry.
Meanwhile, a source from the Ministry of Construction’s House & Real Estate Market Management Agency said the agency has sent a document to large cities, asking to consider the legitimacy of officetels and condotels. 
The document said though they are not mentioned in current laws, the type of real estate is in demand. In other countries, they exist in buildings with apartments, supermarkets and offices.  
The chair of a real estate firm in HCMC commented that the early recognition of the new types of real estate would make it easier for state agencies to manage. The agencies, for example, can control the business registration and tax payments when businesses lease officetels.


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