PEOPLE who buy property overseas should be provided with the same level of protection they receive in Hong Kong, according to Democratic Party legislator Dr Huang Chen-ya.
Dr Huang has suggested local money invested in foreign property developments be placed in a special trust account which would be administered by Hong Kong lawyers.
The money in these accounts would only be released to overseas developers 'bit by bit', once they had shown that the property development project was being built, he said.
'There is no such accountability for projects which are now being built outside Hong Kong,' Dr Huang said.
'It is about time these developers were held accountable to the same rules which apply in Hong Kong,' he said.
Estate agents said that in many instances, mainland developers took deposits from Hong Kong investors and spent the money on unrelated projects.