The People’s Committee of Quang Nam Province has instructed the provincial police to investigate and take action against organizations and individuals suspected of fraud, market manipulation, and destabilizing the real estate market following recent merger rumors.

On April 1, the Office of the Quang Nam People’s Committee confirmed that Vice Chairman Tran Nam Hung had signed an official directive to strengthen management of the local real estate market.

Recently, several areas in Quang Nam have shown signs of a “virtual fever” or artificial price inflation in land transactions. These activities have negatively impacted residents, posing risks of disputes, complaints, public disorder, and damage to the investment climate.

The directive mandates that departments, agencies, and localities strictly comply with the province’s prior regulations and guidance. Specifically, the Department of Construction is required to direct its inspectors to increase monitoring and take strong action against violations of laws concerning housing, real estate business, and construction.

The provincial police have also been tasked with closely monitoring real estate developers, especially those marketing or selling projects without meeting legal prerequisites. They are to intervene early and deal with individuals or organizations that show signs of fraud, market manipulation, incitement, or activities causing real estate market instability.

District, town, and city-level governments have been directed to actively monitor and identify illegal advertising, deposit-taking, or listing of land plots and housing project lots that have not yet met eligibility conditions, and to take corrective measures.

Previously reported by VietNamNet, rumors about a potential merger between Quang Nam and Da Nang have been exploited by speculators, triggering a “virtual fever” in land prices - particularly in border areas between the two localities. Prices have been inflated by hundreds of millions of dong per lot (tens of thousands of dollars), creating widespread market disruption.

Ha Nam