XN000022-1996-09-12 — Page 18

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The sub-committee had come to the interim conclusion that these materials should be subject to regulation, he said.

The sub-committee would welcome submissions on the proposals contained in the consultation paper, he said, inviting the public to make their views known in writing by November 18. The sub-committee will present their final proposals to the Commission after taking into account views on consultation.

The main recommendations in the consultation paper are:

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Any vendor of overseas uncompleted residential property must engage a licensed estate agent in Hong Kong. However, this requirement shall not apply to the sale of a single dwelling.

No media in Hong Kong (including television, radio and printed media) shall publish an advertisement for sale of overseas uncompleted residential property unless it refers to a licensed estate agent in Hong Kong, together with the estate agent's licence number. However, the requirements shall not apply to advertisements for the sale of a single dwelling, nor to advertisements of overseas property not put up for sale in Hong Kong.

The estate agent who is referred to in the advertisement shall be liable for all false or misleading information in the advertisement and in all sales brochures not forming part of the advertisement.

Anything in any advertisement or sales brochure which is false or misleading should constitute a breach of the proposed legislation.

Up-to-date sales brochures must be made available to prospective purchasers. It should be the licensed estate agent's responsibility to make available the sales brochure.

If there are

The sales brochure must be available in Chinese. discrepancies between the Chinese and any other version of the sales brochure, purchasers can choose which version or part thereof is applicable.

The sales brochure must state the date of the property being ready for occupation and the grounds on which the date of completion can be extended.