ENG-2007 — Page 258

210 Housing

Estate Agents

The Estate Agents Authority (EAA) is an independent statutory body responsible for licensing and regulating estate agents. Under the Estate Agents Ordinance and the Estate Agents (Licensing) Regulation, all estate agents are required to have a licence to practise.

Two other sets of regulations the Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulation and the Estate Agents (Determination of Commission Disputes) Regulation - also govern the industry. The former relates to the conduct, duties and practice of licensed estate agents. The latter prescribes rules and procedures for the EAA to mediate in disputes between estate agents and their clients over commissions and fees. There is also the Estate Agents (Registration of Determination and Appeal) Regulation which prescribes the procedural rules for lodging appeals to the District Court against EAA decisions.

Sale of Uncompleted Residential Properties

Developers of private residential units may apply for consent from the Director of Lands to put up units for sale before completion. The Real Estate Developers. Association of Hong Kong (REDA) has set up a self-regulatory system under which guidelines were issued requiring its members to provide sufficient and accurate information in their price lists and sale brochures for prospective buyers. The guidelines are reviewed regularly. In 2007, REDA issued improved guidelines requiring developers to disclose in price list saleable area of units, as well as the area of other facilities, such as the balcony, bay window, utility platform, etc. REDA, the Government, the Consumer Council and the EAA work closely to maintain the smooth operation of the self-regulatory system and to make improvements to it when necessary.

Websites

Transport and Housing Bureau: www.thb.gov.hk

Hong Kong Housing Authority/Housing Department:

www.housingauthority.gov.hk

Hong Kong Housing Society: www.hkhs.com