HCM City (VNS/VNA) –Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong has helda meeting with the heads of various government departments to discuss howto rescue real estate projects that have been delayed due to variousdifficulties.

They considered thedifficulties faced by the Dam Sen Complex Project in district 11, licensed in2014.

It has a land area of 54,568.3sq.m, and apartment towers, ahotel and office buildings will be built by C and T International Joint StockCompany.

It has been caught up in longdelays related to compensation payment and site clearance, and district 11 andother related authorities offered to assist with those and resettlement ofpeople living in the area so that the construction could begin implementedsoon.

The Water Bay, a project beingdeveloped by Novaland Group, and Van Phuc City by Van Phuc Group, both in district2, have been delayed because of legal difficulties.

Le Hoang Chau, Chairman of theHCM City Real Estate Association, said most developers with delayed projectsare big players who have been waiting for years to resume work.

They only need approval fromauthorities and nothing more, he said.

Phong promised that from nowthrough the end of this month the city would consider and resolve alldifficulties faced by projects and developers since property has beenidentified as a key sector that contributes significantly to the city'seconomic development but has been plagued by difficulties, lost revenues andfailed to meet targets.

The city would draft plans tosupport the industry and focus on developing large property corporations toimprove their competitiveness.

This is in fact one of themajor orientations to stimulate the city’s development, he added./.