Ninh Binh authorities investigate abnormal land auction prices

Authorities in Ly Nhan commune, Ninh Binh province, have launched an investigation into an unusual land auction held on November 7. During the auction of 70 rural land plots, several bids reached unprecedented levels, ranging from 850 million VND to nearly 1.468 billion VND per square meter.

Some plots had starting prices of less than 10 million VND per square meter. For instance, plot LK01-1, with a starting price of approximately 9.625 million VND per square meter, saw a bid of 1.468 billion VND per square meter, which would bring the total value of the 182-square-meter plot to over 267 billion VND.

Local officials, including Ly Nhan Commune Chairman Truong Tuan Luc, stated that the commune police, the Economic Department, and the auction organizer, Phuc Hung Partnership Auction Company, are working together to verify the incident. Some participants have claimed they made mistakes by misinterpreting the bidding rules, potentially confusing the price per square meter with the total price for the entire plot. The local government plans to report the matter to Ninh Binh provincial leaders for further direction.