Thursday , May 26 2022

Hanoi sells 600 century-old villas for funding


Hanoi is putting 600 downtown villas built before 1954 on sale, the municipal People’s Committee said.

The move is among policies made by the committee to manage and put public villas built before 1954 to use.

All 600 villas are under the management of the Hanoi Housing Management and Development company. Most of them are in Ba Dinh, Hoan Kiem, Hai Ba Trung, Dong Da and Tay Ho districts.

Hanoi said selling the villas would help create funds to renovate and restore ancient structures in the city.

Certain state-owned villas are not for sale but are being considered to be put on auction in future, Hanoi added.

The capital currently has around 1,216 villas, including 367 state-owned ones, 117 privately owned and some a mix between public and private ownership, or co-owned by several households.

Hanoi said many of the villas have become dilapidated over the years and there were not enough funds to repair and renovate them. The majority of the villas have been around for a century, it added.

By 2025, the capital aims to renovate 60 villas and other structures managed by the city and government.

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