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With effect from August 12, developers of first-hand uncompleted private residential properties will be required to state the estimated date of completion of the development when making public the transaction information. Developers will also be required to provide information on cancelled transactions within five working days after the Agreements for Sale and Purchase (ASPs) are cancelled.
A spokesman for the Transport and Housing Bureau said today (August 10): "At present, developers are required under the Lands Department's Consent Scheme and the guidelines of the Real Estate Developers Association of Hong Kong (REDA) to make available in the sales offices and on the developers' websites transaction information on uncompleted first-hand residential properties within five working days after the signing of the Preliminary Agreements for Sale and Purchase. The information required include the date of the ASPs, the units being sold, the transacted amount and those transactions which involve members of the board of the developers, and their immediate family members.
"To further enhance the transparency on transaction information, with effect from August 12, developers will be required under the Consent Scheme and REDA's guidelines to indicate the estimated date of completion of the development as an additional piece of transaction information to be made public. Also, when there are changes to the estimated date of completion of the development, developers are required to update the information within five working days. The information will help the public know roughly when the completion of the sale and purchase may take place."
Following the completion of the development and upon the issue of the Certificate of Compliance or the consent of the Director of Lands to assign, whichever is the earlier, the developer shall within one month notify the purchasers in writing that it is in a position validly to assign the units. The sale and purchase shall be completed within 14 days of the date of the developer's notification to the purchasers.
"Also, in the light of public concern about the recent failure of individual developers to make public information on cancelled transactions of private residential properties in a timely manner, we require developers to make public any cancellation of ASPs within five working days after the ASPs are cancelled, with effect from August 12," the spokesman said.
Ends/Tuesday, August 10, 2010
Issued at HKT 15:25
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