Tighter rules on flat sales in works for developers
(11-20 19:16)
Hong Kong plans to tighten rules on marketing of uncompleted apartments, responding to concerns that misleading sales tactics by developers have contributed to a surge in prices this year.
The measures will require developers to provide more transparency about the square footage of apartments they are selling before completing, as well as information on floor numbering, the Transport and Housing Bureau said.
Chief Executive Donald Tsang Yam-kuen said the rules were reached in an agreement with the Real Estate Developers Association of Hong Kong.
Hong Kong said developers will need to spell out the usable square footage inside the homes.
It also will require that developers provide floor numbering information in a more prominent manner in the sales brochures.
Developers will also need to publicly disclose transactions of uncompleted apartments within five working days of signing a preliminary sales agreement, down from the current one month.
The government is deeply concerned about some recent sales tactics in the first-hand uncompleted residential property market and confusing market information, the Transport and Housing Bureau said.
The new measures will further enhance the transparency of transactions of uncompleted first-hand residential properties and the clarity of property information.
AGENCIES |
|
|
|
