Traps for buying social housing at a higher price
Recently, Hanoi has continuously started many social housing projects, attracting great attention from the people. However, along with the heat of the market, a series of profiteering tricks have broken out.
While researching the Rice City Thuong Thanh social housing project (also known as Rice City Long Chau) in Long Bien district, posing as someone who wants to buy social housing, the reporter approached a broker. This person did not hesitate to affirm that if he only spent 350 million VND in difference, the house purchase price would certainly be in hand.
The group of reporters was taken by the man to BLS Infrastructure Construction Company (on Trich Sai Street, Tay Ho District, Hanoi) for a direct exchange. Here, he introduced a lot of cosmetic information about the project and affirmed that he has a close relationship with the investor.
"I work as a social housing broker in many projects. With Rice City Thuong Thanh, I have a very deep relationship with the investor, so the purchase is guaranteed to be a success. If buyers draw by themselves, the probability is only 1%," the man said.
This person added that since January 2025, hundreds of people have been interested in the project, if they do not quickly "cast money", there will be no chance. After the elaborate introduction, the broker immediately issued a contract called a "Reward Contract", as a sure commitment for the home purchase.
According to the contract, home buyers will reward the broker with VND 350 million. To reassure buyers about the legality, the man said: "These people should consider this 350 million VND as a deposit that is guaranteed to buy an apartment, this price is cheap compared to other parties. Currently, most parties are offering prices above 400 million VND".
Although the transaction took place at the office of BLS Infrastructure Construction and Installation Company, the legal entity in the contract was VP Prosperity Investment and Trading Service Development Joint Stock Company. This merger raises a big question mark about the legality of the transaction.
Taking risks to deposit
Continuing to investigate, the reporter approached a group of people who wanted to buy social housing on the land under construction of the Rice City Thuong Thanh project (Long Bien, Hanoi). The unnamed man said he had deposited 50 million VND in advance to the broker to keep the apartment's purchase spot.
This person revealed that the broker introduced him to buy a social housing difference for 400 million VND. With this price, he cannot choose the location of the apartment but will be able to choose the location of the floor.
The new Thuong Thanh social housing project is in the process of constructing the basement of CT1 building. It is expected that in the second quarter of 2025, the consortium of companies (BIC Vietnam & Him Lam Thu Do) will organize free consultation for customers on the documents and procedures for purchasing, leasing and renting social housing. The application collection period is expected to start from the third quarter of 2025. However, the man said that before Tet, the broker had told him that his social housing purchase quota was about to expire, so buyers need to make a quick decision. Therefore, he trusted and deposited money with the broker.
When the reporter asked us about the transaction fees, this man showed us the transaction contract between the two sides. Although he knew the contract was sketchy and lacked transparency, this person still accepted because he wanted to get a place to buy social housing.
"They gave me a consulting contract to sign, not a deposit contract. This contract was not notarized and only signed between the two parties. After signing the contract, they sealed it because they could not make it widely public due to sensitive factors. Buying and selling through a broker must accept the risk, but I have to take risks to get a place to buy a house," said Mr. Minh.
Investors warn
Speaking with Lao Dong, Mr. Bui Duy Thanh - Head of Business - Marketing Department, BIC Vietnam Joint Stock Company said that not only Thinh Vuong Company, but also BIC Vietnam Joint Stock Company has received many complaints from the media and customers about real estate platforms and individual brokers collecting fees for consulting documents and apartment purchase difference at the Rice City Long Chau social housing project implemented by the joint venture of investors Himlam Thu Do Joint Stock Company and BIC Vietnam Joint Stock Company.
"The impersonation of cooperation with our company is completely unfounded and violates the law, seriously affecting the company's image. This is considered an act of taking advantage of the State's social housing policy," Mr. Bui Duy Thanh shared.
After reviewing the "promised reward contract" of VP Thinh Vuong Investment and Trade Development Joint Stock Company regarding customers having to pay a difference of up to VND 350,000,000 for the project, the representative of BIC Vietnam Joint Stock Company commented that the consulting contracts do not have a reward clause but only buyers suffered losses, if they cannot buy an apartment, people will lose the document consultation amount of VND 50,000,000, and if they buy an apartment, they will lose an additional VND 300,000,000.
"Bocering platforms all use this trick to gather customers. Of the 20 customers they unfortunately gathered, there were 1-2 customers who won the lottery, so the brokerage would say that it was because they were "grateful" to the relationship, while those who did not win would be returned 300,000,000 VND, but the brokerage still profited 50,000,000 VND. For customers who have won, they will earn 350,000,000 VND," Mr. Thanh analyzed.
The company recommends that customers should only contact the company directly by hotline or through direct consultation at the investor's business office. All consultation information is free of charge and is the responsibility of the investor. In addition, the company has continuously published on the company's media such as the company's website, project website, and the company's social networks about the forms of taking advantage of social housing policies of some brokerage platforms so that people can understand.
A representative of BIC Vietnam Joint Stock Company said that they have sent a direct warning letter to the brokerage platforms when they have specific evidence that the brokerage platform receives transaction money from customers. The company has also gathered documents to report to the Inspection Agency, the Police Agency and the Long Bien District Government to have ways to prevent the acts of taking advantage of social housing by these brokerage platforms.
