220 | Housing
from developers, the Lands Department will require the concerned developer to provide, among other things, specified property information in the sales brochures, and price lists. The Real Estate Developers Association of Hong Kong issues guidelines for its members to follow similar requirements.
To enhance the transparency of the sale of first-hand private residential properties, the Government has implemented measures to make price lists, sales brochures, sales arrangements and transaction information clearer and show flats more representative. To strengthen further the regulation of the sale of first-hand residential properties, the THB has established a 'Steering Committee on the Regulation of the Sale of First-hand Residential Properties' to make recommendations on how to regulate the sale of those properties through legislation to the Secretary for Transport and Housing. The committee is expected to complete its work in October 2011 and its recommendations will be published in the form of a White Paper for public consultation.
Estate Agents
The vast majority of residential property transactions in Hong Kong are conducted through estate agents. All individuals or companies engaging in estate. agency work are required to possess licences issued by the Estate Agents Authority (EAA). At the end of 2010, there were about 31 300 individual licence holders and about 2 400 company licence holders. The EAA's main functions include the issuing of licences, promulgating best practices, conducting inspections, investigating complaints, imposing penalties on licensees who break the rules, provide training and promote consumer education.
The practice and conduct of estate agents are governed by the Estate Agents Ordinance and its subsidiary legislation.
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
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