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Overseas property complaints low

November 22, 2017

The Estate Agents Authority and the Consumer Council received 10 and 13 complaints on average per year on the sale of non-local residential properties between 2014 and 2016.


Secretary for Transport & Housing Frank Chan told legislators today the low number of complaints indicates the effectiveness of enhancing public education on the sale of overseas properties.


He said the sale of non-local property involves laws and regulations and tax regimes of different jurisdictions, as well as various stakeholders which can cause complications.


The use of the Internet by vendors to carry out sale and promotional activities also increases the difficulties in law enforcement.


Mr Chan said: "The Government considers that enhancing public education, with a view to reminding investors and the public alike (of the) the risks involved and the issues they need to pay attention to in purchasing non-local properties (especially uncompleted properties), should be a more effective way."


The authority is preparing a set of guidelines for issue later this year to remind estate agents and salespeople of the matters they need to comply with and monitor in handling the sale of uncompleted non-local properties.


Regarding an incident in which some Hong Kong people are believed to have been cheated when purchasing uncompleted housing units from a UK developer in 2015, Mr Chan said Police have received reports from 35 people.


Police are liaising with British authorities on the case, he added.

Sales of First-hand Residential Properties Authority