The Real Estate Developers Association of Hong Kong met today (4 April 2019) to discuss the sale of properties in first-hand residential developments. All members present agreed that the following practices will be adopted with immediate effect:
- To enhance transparency, tender documents with full details including all benefit plans available to the purchaser will be uploaded to the subject development’s website and provided to the Sales of First-hand Residential Properties Authority;
- Information regarding the transaction price and any benefit plan eventually chosen by the purchaser will be updated in the Register of Transactions as soon as such information becomes available; and
- For non-luxury residential developments, the first sale will be conducted by way of public sale and a price list with no less than 20% of the total number of units in the development or in the phase of the development will be publicised in accordance with the requirements of the Residential Properties (First-hand Sales) Ordinance.