A series of slow-moving real estate projects, used by the “big guys” of corporations and corporations

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The State Auditor said that in 2020, the unit audited the financial statements and activities related to the management and use of state capital in 2019 of 160 enterprises belonging to 17 Groups and Corporations. TCT)

The audit results show that, 17/17 corporations, audited corporations have profitable production and business, the rate of return on equity in some units is relatively high.

However, the audit agency pointed out that the management and use of capital and assets of the audited enterprises still had some limitations and existed.

Specifically, some real estate investment units have completed the construction work but have not sold/exploited, delayed putting into operation, reducing the efficiency of capital use.

Saigon Real Estate Corporation has land at 481 Ben Ba Dinh, Ward 9, District 8 and completed the apartment building since 2010, until now, there are 242/350 vacant apartments, reducing the efficiency of capital use.

Accordingly, the parent company – Saigon Real Estate Corporation has land at 481 Ben Ba Dinh Ward 9, District 8 and completed the apartment building since 2010, until now, 242/350 apartments are vacant; Land area number 339/34A (old number 157/R8) To Hien Thanh, Ward 12, District 10 has 119 vacant apartments since 2013.

According to the audit, in some units, there are still a number of projects that have been stopped for many years, behind schedule, and ineffective.

Specifically, for the project stopped for many years, at Vietnam Oil Corporation (PVOIL) – The parent company has the project of bonded warehouse, national petroleum reserve in Phu Quoc, the condensate processing plant expansion project in Cai Mep – Ba Ria Vung Tau industrial park, Cai Lan petroleum warehouse expansion project phase 2. The Technical and Investment Trade Center has a Cai Mep port warehouse project in phase 2 of VND 56.16 billion, a land project of Ba Tai – Hai Phong Lagoon of VND 0.82 billion, an integrated project on petroleum store cargo management of VND 0.2 billion, an export automation project – Hoa Hiep Enterprise of VND 0.11 billion.

At the Central Power Corporation (EVNCPC), Electricity Investment Joint Stock Company 3 has a project of Song Tranh 5 hydropower project with a value of VND 2.9 billion; PetroVietnam Power Corporation (PVPower) has a sub-zone 2 project in Nhon Trach; Hanoi Construction Corporation (Hancorp) has a project of Autoclaved Aerated Concrete Brick Factory; Hanoi Housing Development and Investment Corporation (Handico) has a project of 174 Ha Huy Tap, Yen Vien, Hanoi and 51.89 hectares in a small and medium industrial cluster in Soc Son district.

For the project behind schedule, at the Urban Infrastructure Development Corporation (UDIC), there is an investment project to develop technical infrastructure in Yen Hoa new urban area, Cau Giay, Hanoi has been overdue for more than 16 years but so far has not been extended by the People’s Committee of Hanoi to implement the project.

Audits show that many Hancrop projects are slow to implement.

Hanoi Construction Corporation (Hancorp) has a project of Cao Xanh New Urban Area – Ha Khanh B 10 years behind, Project N01 – T8 6 years behind, Villa project 3 years behind, project N04.A 2 years late; Saigon Real Estate Corporation has the Khuong Viet apartment project 2 years behind.

Saigon Water Supply Corporation (Sawaco) has a project to install the second level pipeline on Tran Dai Nghia street 3 years late, the project to install the 2nd grade pipeline on National Highway 50 from Tan Liem to Long An border 2 years late, The project of installing grade 1 pipeline on Huynh Tan Phat street is 3 years behind, the project of installing a level 2 pipeline on Le Dinh Can street – Chien Luong hamlet is 1 year late, the project installing a level 2 pipeline on Do Van Day street from Quang Trung to Kenh Xang, Hoc Mon district is 3 years behind, the project of Installing a level 2 pipeline on Duong Thi Muoi street from To Ky to Nguyen Anh Thu, District 12 is 3 years behind, the project of constructing a segment of a clean water transmission pipeline. D2400mm Thu Duc – Binh Thai 8 years behind.

For inefficient projects at PVOIL, there is a project of headquarters building and office for sale and lease at 148 Hoang Quoc Viet, Hanoi operates accumulated loss leasing until December 31, 2019 is VND 11.97 billion.

Source: ndh.vn – Translated by fintel.vn