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Steering Committee on the Regulation of the Sale of First-hand Residential Properties by Legislation submits report (with photo)
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     The Steering Committee on the Regulation of the Sale of First-hand Residential Properties by Legislation (the Steering Committee) has completed its work and submitted its report to the Secretary for Transport and Housing, Ms Eva Cheng, today (October 10).

     The Report sets out the Steering Committee's recommendations on how to regulate the sale of first-hand residential properties by legislation, including the scope of the legislation; requirements on the sales brochure, price lists, sales arrangements, sales order and show flats; prohibition of misrepresentation; the nature and levels of penalties; and the proposed set up of an enforcement agency. It gives a thorough account of the deliberations by the Committee Members in all these major areas and sets out their recommendations.

     "I am grateful to Members of the Steering Committee and the three subcommittees for their time, effort and contributions in the past year.  The Report is an important step to further enhancing the transparency and fairness of the sale of first-hand residential properties," the Permanent Secretary for Transport and Housing (Housing) and the Chairman of the Steering Committee, Mr D W Pescod, said.

     The Report will be considered by Ms Eva Cheng.  The Transport and Housing Bureau (THB) will launch a public consultation in the form of a White Bill shortly in order to expedite the legislative process.

     The Steering Committee was set up in October 2010 following the announcement of its establishment by the Chief Executive in the Policy Address of October 2010.  Three subcommittees, namely the Subcommittee on Property Information and Show Flats, the Subcommittee on Sales Arrangements and Practices, and the Subcommittee on Enforcement Mechanism and Penalties, were set up to study the relevant issues in detail.  The Steering Committee and its three subcommittees have worked intensively and held 20 meetings in the past 12 months.  

     The Steering Committee comprises representatives of the Consumer Council, the Estate Agents Authority, the Law Society of Hong Kong, the Real Estate Developers Association of Hong Kong and the Hong Kong Institute of Surveyors; Legislative Council Members; academics; professionals and representatives of relevant bureaux/departments.  The Hong Kong Institute of Architects was co-opted into the three subcommittees to provide professional advice.

     The Report can be viewed at THB's website via www.thb.gov.hk/eng/policy/housing/policy/firstsaleresidential/report2011-e.pdf.

Ends/Monday, October 10, 2011
Issued at HKT 17:56

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