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WEDNESDAY, NOVEMBER 24, 1993
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THESE RULES AGAIN REQUIRE THE APPROVAL OF THE SECURITIES AND FUTURES COMMISSION. IT WILL ALSO MAKE REGULATION UNDER THE SECURITIES ORDINANCE, IN THE ABSENCE OF WHICH OPTION TRADING IS PROHIBITED.
MR TAM SAID IT WAS DIFFICULT TO PROJECT THE GROWTH RATE OF TRANSACTIONS IN DERIVATIVES SINCE THE ACTIVITIES DEPENDED ON A NUMBER OF CONDITIONS SUCH AS THE OVERALL INVESTMENT SENTIMENT.
GROW
"IN GENERAL, THE VOLUME OF ACTIVITIES CAN BE EXPECTED TO IN FUTURE, POSSIBLY IN LINE WITH THE GROWTH IN THE FINANCIAL MARKETS," HE SAID.
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STUDY ON UNCOMPLETED FLATS SALE UNDER WAY
A SUB-COMMITTEE OF THE LAW REFORM COMMISSION IS STUDYING THE SUBJECT OF DISCLOSURE OF INFORMATION FOR SALE OF UNCOMPLETED UNITS ΤΟ ENSURE THAT SUFFICIENT INFORMATION IS AVAILABLE TO THE PROSPECTIVE PURCHASERS.
THE SUB-COMMITTEE 18 NOW FINALISING A REPORT AND RECOMMENDATIONS WILL BE CAREFULLY STUDIED BY THE GOVERNMENT.
ITS
AND
THIS WAS STATED BY THE SECRETARY FOR PLANNING, ENVIRONMENT LANDS, MR TONY EASON, IN A WRITTEN REPLY TO A QUESTION BY THE HON EDWARD HO SING-TIN IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MR EASON SAID SALABLE AREA, COMMONLY REFERRED THE FLOOR AREA EXCLUSIVELY ALLOCATED TO A UNIT BUT EXCLUDING COMMON AREAS SUCH AS STAIRS AND LIFT SHAFTS, WAS ONE OF A NUMBER OF MANDATORY ITEMS TO BE DISCLOSED IN SALES BROCHURES FOR SALE OF UNCOMPLETED UNITS IN DEVELOPMENTS SUBJECT TO THE CONSENT SCHEME.
HOWEVER, FOR NON-CONSENT SCHEME DEVELOPMENTS, IT IS AT PRESENT UP TO THE DEVELOPER TO DECIDE WHETHER OR NOT TO DISCLOSE SALABLE AREAS IN THE SALES BROCHURE.
IF
IN ALL CASES, MR EASON SAID, THE PROSPECTIVE PURCHASER OR TENANT SHOULD STUDY CAREFULLY ALL AVAILABLE INFORMATION AND POSSIBLE, INSPECT THE PREMISES.
"HE SHOULD ALSO TAKE HIS OWN PRIVATE LEGAL ADVICE AND, IF NECESSARY, INSTRUCT AN ARCHITECT OR SURVEYOR TO GIVE HIM AN EXPERT OPINION ON THE PREMISES.
MR
EASON POINTED OUT THAT THE CONSENT SCHEME OPERATED BY THE LANDS DEPARTMENT HAD ADOPTED A STANDARD FORM OF AGREEMENT FOR SALE AND PURCHASE IN WHICH A DEFINITION OF "SALABLE AREA" WAS SET OUT, AND THE LAW SOCIETY HAD ALSO ADOPTED A SIMILAR DEFINITION FOR NON-CONSENT CASES.
"THEREFORE, AT THE TIME OF SIGNING THE FORMAL AGREEMENT FOR SALE AND PURCHASE IN CONSENT AND NON-CONSENT CASES, PURCHASERS BE WELL AWARE OF THE PRECISE SALABLE AREA OF THE UNIT.'
SHOULD
"THEY SHOULD ALSO CHECK THE FLOOR PLAN ATTACHED ΤΟ THE AGREEMENT," HE SAID.
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