The People’s Committee of Lam Dong Province has recently instructed the Department of Finance to coordinate with the Departments of Natural Resources and Environment, Construction, and the People’s Committee of Da Lat City to review and consolidate the management status of public assets, specifically a collection of villas, which have been leased to Da Lat Real Estate Joint Stock Company.
 Headquarters of Da Lat Real Estate Joint Stock Company. |
Based on this review, the People’s Committee will propose to the Provincial Party Committee Standing Board to assign the Provincial Inspectorate to inspect and supplement the 2024 inspection plan or update the 2025 plan. This inspection will comprehensively cover the management and use of the villas and other public assets by the Da Lat Real Estate Joint Stock Company within Da Lat City.
Leasing and “Subletting” of Government Villas
According to our sources, the Da Lat Real Estate Joint Stock Company has been leased dozens of villas and houses in the heart of Da Lat by the state. However, instead of directly operating businesses in these properties, the company has subleased them to other enterprises.
Specifically, the company was leased Villa No. 02 on Nguyen Khuyen Street and a collection of 14 villas on Le Lai Street for 50 years, with the purpose of developing a tourism and resort area. Nevertheless, they subleased these properties to Tan An Tourism Joint Stock Company for 50 years, charging over VND 433 million per year for 15 villas.
Additionally, several other villas leased by the Da Lat Real Estate Joint Stock Company from the state have also been subleased: House No. 02 on Ly Tu Trong Street was subleased to DNTN Ngoc Dung for VND 220 million per year for a period of 20 years; House No. 07 on 3rd Street was leased to Aimer Co., Ltd. for VND 1.26 billion per year for a term of 10 years (2022-2032); House No. 16 Hung Vuong was leased to an individual for over VND 1.9 billion for 2 years (2022-2024) and over VND 1 billion per year from August 2024 onwards.
House No. 22 Hung Vuong was subleased to QT Khai Minh Trading Co., Ltd., and later to TVHH Construction and Investment Joint Stock Company, for 5 years at VND 400 million per lease, with adjustments for subsequent periods; House No. 30 Hung Vuong was leased to Hoang Gia Garden Company from 2017 to 2022 for VND 270 million per year.
Houses No. 32-34 Hung Vuong were subleased to Khanh Hoa Bird’s Nest Company until 2018, after which Green Park Co., Ltd. continued the lease until 2023 for VND 750 million per period, with subsequent adjustments; House No. 36 Hung Vuong was leased to Loc Anh Dat Co., Ltd. for 10 years (2020-2030) at nearly VND 1.5 billion for the entire period, with subsequent adjustments;
House No. 43 Hung Vuong was subleased to Tien Cuong Co., Ltd. for VND 240 million per year (2016-2020), later adjusted to VND 2.1 billion for 5 years. As for House No. 28 on Tran Hung Dao Street, there is currently no information on its operation.
To ensure that the Da Lat Real Estate Joint Stock Company’s use of leased land complies with regulations and to minimize disputes arising from subleasing, the authorities have requested the People’s Committee to direct an inspection of the company’s use of state-leased land, for which they pay annual land rent.
Truong Nguyen
