Sales of First-hand Residential Properties Authority Director Eugene Fung says the Residential Properties (First-hand Sales) Ordinance has been effective in boosting transparency and fairness in first-hand property sales and enhancing consumer protection since it was fully implemented on April 29, 2013.
Mr Fung told a press conference today that the authority has spared no effort to ensure that vendors comply with the ordinance's requirements and encouraged vendors to go the extra mile whenever possible.
The authority issued a practice note last year advising vendors to display a "consumption table" in sales offices and update it as appropriate to the sales situation.
The initiative lets prospective buyers easily know which residential properties are still available for purchase. Most vendors have followed the authority's advice.
The authority examined 850 sales brochures, 2,600 price lists, 2,200 sales arrangements documents, 8,900 printed advertisements, and inspected 3,300 transactions registers and 2,600 sales offices and show flats.
It also carried out investigations on all suspected contraventions and has been referring the results to the Department of Justice. So far, a development's vendor has been prosecuted on 19 offences.
Mr Fung reminded prospective buyers to carefully go through sales documents before making a purchase, including sales brochures and price information, discounts offered under different payment terms and financial benefits.
