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Following is a speech by the Secretary for Housing, Mr Dominic Wong, in moving a resolution to amend the Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulation laid on the table of the Legislative Council on May 26, 1999 at the Legislative Council meeting today (Wednesday):

Madam President,

I move the resolution printed on the Agenda.

The Estate Agents Ordinance, passed in May 1997, aims to improve the competence and professional conduct of estate agents, and to give greater protection to consumers involved in property transactions. The establishment of a licensing and regulatory system for the trade is a milestone in the development of estate agency trade in Hong Kong. The Estate Agents (Licensing) Regulation, which sets out the licensing requirements and other miscellanous matters on licensing procedures, was passed by this Council on November 18, 1998. The licensing system was implemented on January 1, 1999.

To ensure that transactions will be conducted in a fair, open and honest manner and that the interests of both consumers and estate agents will be better protected, the Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulation has been made by the Estate Agents Authority, with the approval of the Secretary for Housing, and laid on the table of this Council on May 26, 1999. The Regulation stipulates detailed rules relating to the conduct, duties and practice of licensed estate agents. A Sub-Committee of this Council was subseqently set up to examine the Regulation. I am grateful to the Honourable Raymond Ho Chung-tai, the Chairman, and other members of the Sub-Committee for their useful comments and advice. In particular, members suggested that the various prescribed forms for public use should be simplified as far as possible. The amendments I propose aim mainly to simplify, clarify and improve wording and the presentation of these forms. These amendments have already been discussed and agreed by the Sub-Committee. There are also minor amendments to rectify typographical errors.

Madam President, I beg to move.

End/Wednesday, June 30, 1999

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