Real estate enterprises are required to have legal capital of 20 billion VND.

Decree No. 76/2015 stipulates that real estate businesses must have a minimum legal capital of 20 billion VND.

In Decree 76/2015 of the Government detailing the implementation of a number of articles of the Law on Real Estate Business, the Government affirms that real estate businesses must have a minimum legal capital of 20 billion VND (except for real estate service businesses or small-scale, irregular sales, transfers, leases, and lease-purchases of real estate).

The Government affirms that real estate businesses must have a minimum legal capital of 20 billion VND (Illustration photo: KT)

Real estate businesses that do not have enough legal capital can continue to operate, but must supplement enough capital before July 1, 2016.

Another notable content is the regulation allowing organizations and individuals who have not yet submitted applications for a Red Book to continue transferring contracts for the sale and purchase of future housing.

Contracts for sale, transfer, lease, lease-purchase of real estate, project transfer, and contract transfer documents signed before November 1, 2015 shall continue to be implemented without having to be re-signed according to the model contracts and following the procedures of this Decree.

This Decree takes effect from November 1, 2015./

According to VOV.VN