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The Residential Properties (First-hand Sales) Ordinance (Commencement) Notice (the Commencement Notice) was published in the Gazette today (February 1).
The Commencement Notice announces that various provisions in the Residential Properties (First-hand Sales) Ordinance will come into effect on April 2. They include provisions on the commencement day, interpretation of the Ordinance, and the provision for the Secretary for Transport and Housing (STH) to appoint public officers to be responsible for, and assist in, implementing the Ordinance.
The Commencement Notice also announces that the remaining provisions of the Ordinance will come into effect on April 29. These include provisions on sales brochures, price lists, show flats, viewing of first-hand completed residential properties, the register of transactions, advertisements for first-hand residential properties, sales arrangements, preliminary agreements for sales and purchase and agreements for sales and purchase, misrepresentation, and dissemination of false or misleading information.
To ensure that the Ordinance is implemented effectively, the Sales of First-hand Residential Properties Authority (SRPA) will be set up under the Transport and Housing Bureau. Functions of the SRPA will include issuing guidelines, taking enforcement action, handling complaints and public enquiries, conducting publicity and educational programmes, and establishing an electronic database on first-hand residential properties.
The arrangements for the Ordinance to be implemented in two stages will enable the STH to appoint a public officer to be the Authority on or after April 2. The Authority will then be able to perform its functions under the Ordinance, in particular to issue guidelines to the trade. It is essential that guidelines are made available to vendors of first-hand residential properties and relevant stakeholders before April 29 so that they will know in advance how to comply with various requirements in the Ordinance.
The Ordinance was passed by the Legislative Council on June 29, 2012, and was published in the Gazette on July 6, 2012. The objective of the Ordinance is to further enhance the transparency and fairness of the sales arrangements of first-hand residential properties, and consumer protection. The maximum penalty for contravening the Ordinance is a fine of $5 million and imprisonment for seven years.
Ends/Friday, February 1, 2013
Issued at HKT 10:56
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