Ground broken: Hong Kong property developer fined HK$200,000 for sales malpractice
Case marks first successful prosecution under residential properties law meant to deter false or misleading information
A local property developer was fined HK$200,000 by a Hong Kong court after admitting to a string of malpractices that included an omission in its sales brochures about the presence of public toilets and a power plant near the housing development.
Oriental Style Limited, a subsidiary of Lai Sun Development, pleaded guilty to 13 summons charges before principal magistrate Ernest Lin Kam-hung at Kwun Tong Court.
But the developer also denied six other charges, which alleged it had published newspaper advertisements containing false or misleading information stating that its units would be sold at a discount of 10 per cent.
The property – called Ocean One – housed 124 residential units in Yau Tong following its completion in 2013 at a development cost of HK$730 million, according to its annual report.