Homebuyers' Interests Protected

The Sales of First-hand Residential Properties Authority (SRPA) will require developers to list out discount, financial advantage or benefit of sold residential properties in monetary terms in the Register of Transactions.

Secretary for Transport & Housing Frank Chan made the remarks today in response to questions from a lawmaker concerning a lack of information transparency in the sale of units by way of tender.

Mr Chan said the move is to further enhance the trade's compliance with the Residential Properties (First-hand Sales) Ordinance.

The authority intends to issue a Best Practice for the Trade in the near future illustrating how a developer should list out various discount, financial advantage or benefit in monetary terms in the register in a clear and orderly manner.

It will also upload case examples on its website to elaborate on methods of calculating the actual unit price for prospective buyers to make a decision.

The SRPA and the Estate Agents Authority will monitor closely the sales of first-hand residential properties by tender and take necessary measures to ensure the level of transparency of the property sales by tender is the same as that for open sales with price lists to safeguard consumer interests, he added.

Mr Chan also said the SRPA has completed evidence collection and initiated prosecution on a case involving residential properties sold by tender recently. The case will be heard on July 9.

The authority is also taking follow up action on the rest of the cases and does not rule out the possibility of further prosecution action, he added.