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The Transport and Housing Bureau (THB) announced today (March 13) that it will introduce the Residential Properties (First-hand Sales) Bill (the Bill) into the Legislative Council for first reading on March 21.
The THB also released today the "Report on the Public Consultation on the Proposed Legislation to Regulate the Sale of First-Hand Residential Properties".
The THB published a consultation paper on November 29, 2011, to invite public views on the legislative proposals to regulate the sale of first-hand residential properties in the form of draft legislation. The public consultation period ended on January 28, 2012. A total of 959 submissions were received during the two-month public consultation period.
Feedback received in the public consultation exercise shows that there is widespread support for the proposed legislation. There is also a clear consensus that the proposed legislation should be enacted as soon as possible. Having taken into account views received during the public consultation exercise, the THB refined the proposed legislation.
The Bill to be introduced into the Legislative Council is primarily based on the recommendations of the Steering Committee on the Regulation of the Sale of First-hand Residential Properties by Legislation (the Steering Committee). The Steering Committee comprised Legislative Council members, relevant professional organisations and stakeholders. It came up with practical recommendations on how to regulate the sale of first-hand residential properties in October 2011 after a year's hard work.
Major features of the Bill include:
- regulating the sale of all first-hand residential properties;
- setting out comprehensive, detailed and practical requirements for sales brochures, price lists, show flats and sales arrangements;
- requiring that saleable area be the only basis to quote property size and property price per square foot/metre in sales brochures, price lists and advertisements;
- stipulating the time frame within which transaction information must be disclosed;
- making acts of misrepresentation and disseminating false or misleading information offences; and
- setting out the penalties for offences, with the maximum penalty being a fine of $5 million and imprisonment for up to seven years.
The THB will work closely with the Legislative Council in the months ahead in order for the Bill to be enacted as soon as possible.
The public consultation report can be obtained from the 18 District Offices and downloaded from the THB's webpage (www.thb.gov.hk). The Bill can be downloaded from the THB's website after it is gazetted on March 16. Submissions received during the public consultation period, and records of the two public forums held during that period, can be viewed at the THB's webpage and the public enquiry service centres of the District Offices.
Ends/Tuesday, March 13, 2012
Issued at HKT 17:00
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