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engaging in estate agency work are required to possess licences issued by the Estate Agents Authority (EAA). As at the end of 2009, there were about 25 800 individual licence holders and about 2 000 company licence holders. The principal functions of the EAA, which was set up in 1997, are to issue licences, promulgate best practices, conduct inspections, investigate complaints, impose penalties on licensees who break the rules, provide training and promote consumer education.

The aim is to raise the standard of services provided by estate agents, enhance consumer protection, and encourage open, fair and honest property transactions. The practice and conduct of estate agents are governed by the Estate Agents Ordinance and its subsidiary legislation.

Sale of Uncompleted Residential Properties

Developers of private residential units may apply to the Director of Lands for consent to put up units for sale before completion. In approving pre-sale applications from developers, the Lands Department will require the concerned developer to provide specified property information in the sales brochures. The Real Estate Developers Association of Hong Kong (REDA) issues guidelines to require its members to provide prescribed property information in the sales brochures and price. lists.

In 2009, the Government worked with REDA on new rules for developers to follow when selling their uncompleted properties. They must make public their transactions of uncompleted first-hand residential properties within five working days of the signing of the Preliminary Agreements for Sale and Purchase, show the price per square foot in 'saleable area' of individual flats and state floor numbering information prominently in their sales brochures, and not include any promotional materials in the sales brochures.

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