Why property sales ordinance is necessary in Hong Kong

It enhances transparency in property sales.

According to a report, The Sales of First-hand Residential Properties Authority says requirements imposed on vendors are necessary and reasonable.

In response to media enquiries, the authority said today it has provided guidelines, practice notes and frequently asked questions and answers to help developers comply with the Residential Properties (First-hand Sales) Ordinance, which came into effect on April 29.

Its primary objective is to enhance transparency and fairness in property sales to strengthen buyer protection. It requires information in a sales brochure to be accurate and up to date, allowing for revisions to take place at least once every three months.

The authority said sales brochures and documents have largely complied with these requirements, showing vendors have a good understanding of the ordinance.

It will continue to work closely with the trade, and later this month will meet the Real Estate Developers Association to exchange views, as well as organising another round of workshops for the trade.