The Real Estate Developers Association of Hong Kong (“REDA”) has and always will be a staunch supporter of the rule of law in Hong Kong.
From the outset, REDA has never ceased proclaiming its support for the Administration’s efforts to legislate the regulation of the sale of first hand uncompleted properties. We have taken no action to delay or sabotage the legislation. Instead, we have strived to point out legitimate concerns that we, as an industry association, and our legal counsel have identified as weaknesses in the Bill.
REDA is, therefore, disappointed that the majority of our suggestions, all of which have been put forward with the well-being of the Hong Kong economy and the efficient operation of the property market in mind, have gone largely ignored.
REDA remains concerned with the many unsolved problems in the legislation, which will cause unnecessary confusion in the property market. In fact, the Law Society of Hong Kong submitted a letter to the Legislative Council on 27 June to raise similar concerns.
REDA remains hopeful that, as the new law is put into effect over the coming months, the future Administration will keep the door open for amendments that would address the imperfections in the law as passed today.
As ever, REDA is willing to work with the Administration to provide its expert advice and counsel on any matters that affect the long-term health of Hong Kong’s economy.