Headquarters of Da Lat Real Estate Joint Stock Company
The People’s Committee of Lam Dong Province has assigned 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 of public assets, specifically the villas leased to Da Lat Real Estate Joint Stock Company.
Subleasing Dozens of Government-Owned Villas
According to documents obtained by our reporters, Da Lat Real Estate Joint Stock Company has been leasing dozens of villas and houses in the heart of Da Lat City from the government. However, instead of directly operating businesses in these properties, the company has been subleasing them to other enterprises.
Specifically, the company was granted a 50-year lease on Villa No. 02 Nguyen Khuyen and a cluster of 14 villas on Le Lai Street for the purpose of developing a tourism and resort area. Nonetheless, they chose to sublease these properties to Tan An Tourism Joint Stock Company for 50 years, charging over VND 433 million per year for the 15 villas.
Additionally, several other villas leased by the Da Lat Real Estate Joint Stock Company from the government have also been subleased to different businesses: House No. 02 Ly Tu Trong is subleased to DNTN Ngoc Dung for VND 220 million per year for a period of 20 years; House No. 07 on 3rd of April Street is subleased to Aimer Co., Ltd. for VND 1.26 billion per year for a term of 10 years (2022-2032); House No. 16 Hung Vuong is subleased to an individual for over VND 1.9 billion for the years 2022-2024 and more than VND 1 billion per year starting from August 2024 onwards.
House No. 22 Hung Vuong has been subleased to Khai Minh Trading and Service Co., Ltd., and subsequently to Kien Dai Viet Construction and Investment Joint Stock Company, for a period of 5 years with a rent of VND 400 million per lease term, with adjustments for subsequent terms; House No. 30 Hung Vuong was subleased to Hoang Gia Garden Company from 2017 to 2022 for VND 270 million per year.
House No. 32-34 Hung Vuong was subleased to Yen Sao Khanh Hoa Company until 2018, after which it was leased to Green Park Company until 2023 for VND 750 million per term, with subsequent adjustments; House No. 36 Hung Vuong was subleased to Loc Anh Dat Limited Liability Company for 10 years (2020-2030) for nearly VND 1.5 billion for the entire period, with subsequent adjustments;
House No. 43 Hung Vuong was subleased to Tien Cuong Limited Liability Company for VND 240 million per year (2016-2020), later adjusted to VND 2.1 billion for 5 years. Meanwhile, House No. 28 Tran Hung Dao is currently not in use.
To ensure that 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 of Lam Dong Province to direct an inspection of the company’s use of the land leased from the government on an annual payment basis.
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