HCMC seeks to tame property prices The Saigon Times Daily Landed houses and condo buildings are seen in HCMC’s District 7. The HCMC government seeks to tame property prices – PHOTO: THANH HOA HCMC – The HCMC government has asked the municipal police to launch an investigation to determine who is responsible for spreading rumors that have recently destabilized the local property market, causing a spike in housing prices. The city’s move is intended to tame rising property prices, cooling the fever that could lead to a property market bubble . Speculators have been blamed for blowing up housing prices, particularly for landed houses and land lots attached to residential development projects. At the same time, the HCMC People’s Committee has asked the Construction Department to work with the Department of Natural Resources and Environment and relevant agencies to publicize information on the city’s urban zoning and the construction progress of property projects in the city. The city ordered districts to tighten their management of land plot separation activities to ensure they are handled correctly by the right people. According to the city government, the recent housing price spike might have been caused by speculators and brokers who manipulated the market with inaccurate information, artificially increased prices and then transferred property to enjoy high profits. In some areas, land surged 70% compared with the same period last year, going far beyond its actual value.