On 6 January 2022, the Government issued Decree No. 02/2022/ND-CP ("Decree 02/2022") amending certain articles of the Law on Real Estate Business No. 66/2014/QH13 dated 25 November 2014 ("Law on Real Estate Business"). Decree 02/2022, which replaces Decree 76/2015/ND-CP ("Decree 76/2015"), took effect from 1 March 2022.
Decree 02/2022 sets out new eligibility conditions to conduct real estate business including establishing an enterprise or co-operative with a business line related to real estate, publicly disclosing and updating changes to certain specified information about the enterprise and its real estate business (e.g. real estate or real estate projects to be put out on the market and are being traded, etc.), and the requirement to only trade in eligible real estate. There is no requirement on the minimum legal capital for organisations and individuals intending to participate in real estate business.
Six types of individuals, households and enterprises who sell, lease or lease-purchase real estate in small scale and/or infrequently are exempted under Decree 02/2022 from complying with the conditions for participating in the real estate business.
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