Business Times - 21 Nov 2009
HK clamps down on marketing of apartments
(Hong Kong)
HONG KONG plans to tighten restrictions on marketing of uncompleted apartments, responding to concerns that misleading sales tactics by property developers have contributed to a surge in prices this year.
The measures will require developers to provide more transparency about the square footage of apartments they are selling before completing, as well as information on floor numbering, said a statement from the Transport and Housing Bureau.
Chief Executive Donald Tsang told reporters yesterday about the rules, which were reached in an agreement with the Real Estate Developers Association of Hong Kong.
Hong Kong said developers will need to spell out the usable square footage inside the homes. It also will require that developers 'provide floor numbering information in a more prominent manner in the sales brochures'.
Hong Kong developers also will need to publicly disclose transactions of uncompleted apartments within five working days of signing a preliminary sales agreement, down from the current one month. -- Bloomberg
Saturday, November 21, 2009
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