XN000022-1991-08-07 — Page 2

WEDNESDAY, AUGUST 7, 1991

MEASURES TO CURB PROPERTY SPECULATION ANNOUNCED

THE GOVERNMENT TODAY (WEDNESDAY} ANNOUNCED A

PACKAGE

OF

ΤΟ MEASURES

REGULATE THE SALE OF UNCOMPLETED FLATS COVERED BY THE REGISTRAR GENERAL (LAND OFFICER)'S CONSENT SCHEME.

ANNOUNCING THE DETAILS AT A PRESS CONFERENCE, THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS, MR GRAHAM BARNES, SAID THE GOVERNMENT HAD FOR SOME TIME BEEN DETERMINED TO CURB UNSCRUPULOUS TRADING AND PREVENT PUBLIC DISORDER ASSOCIATED WITH THE SALE OF THIS TYPE OF FLATS.

IT ALSO APPRECIATES THE PUBLIC CONCERN ABOUT THIS COMPLEX SUBJECT WHICH,

AND HE SAID, WARRANTS THE INTRODUCTION OF IMPROVED ADDITIONAL MEASURES.

THE NEW MEASURES WHICH WILL BE INCORPORATED IN THE CONDITIONS OF CONSENT IN FUTURE ARE:

THE MINIMUM INITIAL DEPOSIT PAYABLE BY THE PURCHASER UPON SIGNING THE PRELIMINARY SALE AND PURCHASE AGREEMENT WILL BE FIXED AT FIVE PER CENT OF THE FLAT PRICE AND THE FORFEITURE AMOUNT AT THREE PER CENT. IF THE SITUATION WARRANTS, CONSIDERATION WILL BE GIVEN TO FURTHER RAISING THE INITIAL DEPOSIT TO 10 PER CENT AND THE FORFEITURE AMOUNT TO FIVE PËR CENT. (AT PRESENT, THE INITIAL DEPOSIT IS 1.5 TO FIVE PER CENT AND THE FORFEITURE UP TO 1.5 PER CENT.)

THIS MEANS PRE- DURING

DEVELOPERS WILL BE REQUIRED TO REARRANGE THE REGISTRATION NUMBERS BEFORE THE ACTUAL SELECTION OF FLATS. THAT THE FIRST ONES TO QUEUE UP AND REGISTER SALES ARE NOT NECESSARILY THE FIRST TO HAVE THE RIGHT TO CHOOSE FLATS AND THUS THE COMPETITION FOR THE FIRST 60 OR 100 PLACES IN THE QUEUE SHOULD BE SIGNIFICANTLY REDUCED. THIS REQUIREMENT SHOULD GO A LONG WAY TOWARDS MEETING THE

OF CONCERNS

BOTH THE PROSPECTIVE FLAT BUYERS AND THE DEVELOPERS. THE SITUATION WILL BE REVIEWED FROM TIME TO TIME TO CONSIDER WHETHER STRAIGHT BALLOTING IS WARRANTED PARTICULAR CIRCUMSTANCES.

IN

DEVELOPERS WILL BE REQUIRED TO ALLOW ONLY ONE REGISTRATION ALLOWING PER PERSON AND IN PERSON DURING PRE-SALES, WITHOUT FOR PROXY AND POWER OF ATTORNEY.

* DEVELOPERS WILL BE REQUIRED TO LIMIT PURCHASES TO ONE FLAT

PER EACH REGISTERED PERSON.

OF

* DEVELOPERS WILL BE REQUIRED TO ANNOUNCE THE TOTAL NUMBER

FLATS OFFERED FOR SALE IN A PARTICULAR SALE EXERCISE, TOGETHER WITH THE NUMBER OF FLATS RESERVED BY THEN FOR SALE TO PRIVATE PURCHASERS. THE EXACT UNITS RESERVED SHOULD ALSO PRE- BE DISPLAYED AT THE SITE AND SALE OFFICES PRIOR TO THE SALE REGISTRATION AND SELECTION OF FLATS.

/*

A PURCHASER