Cheung Kong vows to stamp out illicit trading, tells firms to comply with the rules as it kicks off marketing Legend
Cheung Kong (Holdings) is keen to demonstrate compliance with government calls for better regulation of internal sales in new development projects as it begins marketing its new luxury residential property at Jardine's Lookout, the Legend.
In an open letter to property agents released yesterday, the developer vowed to stamp out illicit trading in flats and warned that agents had no authority to make agreements with flat buyers on the 376-unit development before presale consent was received from the Lands Department.
'In the event that we discover your firm purportedly doing so, this will result in your firm not being able to participate in the sales work of the Legend,' the developer said in the letter, which agents described as 'unusual'.
Major developers are widely believed to have encouraged such activities in the past.
'The developers can gather much more market information and secure buying power in the market by doing this,' said a director of a major real estate agency.
'They never actually appoint us to do it, but are usually helpful. They often provide flat layouts and sometimes an indicative deposit requirement.'