Steering Committee strengthens property sale regulation

Misrepresentation and the dissemination of false information are key areas that will be discussed.

According to Hong Kong Information Services Department, the Steering Committee on the Regulation of the Sale of First-hand Residential Properties by Legislation will table its recommendations to the Secretary for Transport & Housing by October.

Permanent Secretary for Transport & Housing Duncan Pescod told legislators today the committee has been deliberating since its formation in November on how to strengthen the regulation of the sale of first-hand private residential properties.

He said misrepresentation and the dissemination of false information are key areas members will discuss. The bureau's target is to take forward the subsequent consultation in the form of a White Bill to expedite the process.

Under the existing mechanism, for uncompleted first-hand residential properties approved for pre-sale under the Consent Scheme of the Lands Department, developers must comply with he requirements under the Consent Scheme, which are also found in the guidelines issued by the Real Estate Developers Association.