The seventh auction of the former Chi Lăng Stadium land in Da Nang failed on October 29, CafeF reports. The Da Nang Asset Auction Service Center said the site, which covers 10 land certificates and 14 plots in Hải Châu ward, still has no buyer.
The starting price was VND 8.55 trillion with a VND 90 billion bid step. That was VND 270 billion below the previous round's VND 8.82 trillion and more than VND 1.15 trillion below the first round in April, which opened above VND 9.7 trillion. CafeF notes that an earlier round was also postponed.
The land is being sold to enforce a criminal judgment. According to CafeF, the court ordered the former owner group to repay the bank more than VND 4.13 trillion in principal. About VND 467 billion has been collected, leaving more than VND 3.66 trillion in principal unpaid, plus interest.
A winning bidder would also have to pay about VND 139 billion in back-dated land-use fees within 30 days, under a city decision of July 1, 2024. CafeF links this to a Government Inspectorate finding that a 10 percent reduction in the project's land-use fees was improper. The report says the amount has not yet been repaid.
CafeF says the failed sale means the handling of the asset for enforcement will continue to face difficulties. It does not say when an eighth round will be held.
Sources
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