REDA to implement nine new measures on uncompleted first-hand private residential properties, while working to resolve details regarding completed properties

The Real Estate Developers Association of Hong Kong (REDA) today said that it was pleased to proceed with the issuance of the nine new measures, proposed by the Transport and Housing Bureau, to its members regarding uncompleted residential property projects. It will ask its members to adopt them in selling such projects.

REDA believes that the new measures will add a greater degree of transparency concerning sales of uncompleted properties and will help to bolster consumer protection and public confidence. Whilst agreeing in principle with the general direction of the Government, REDA considers that there are still some outstanding technical details and legal issues regarding the implementation of some of these measures on completed properties.

REDA is making every effort to resolve these issues with the Transport and Housing Bureau. REDA and its members are always ready and willing to work with the Government in its efforts to better regulate while applying transparency and best practices in the property market.

REDA’s willingness to adopt the nine measures for uncompleted flats further demonstrates that openness. REDA welcomes further discussion with the Government to iron out all outstanding issues related to completed residential properties as soon as possible.