Standard definitions for purchase contracts aim to protect homebuyers
In a bid to prevent property developers from releasing misleading market information, the government has introduced a standard definition of sales terms for new homes.
This comes after a controversy in April when a man said he was duped into buying flats in a development because he believed other flats in the block had been sold, when, in fact, the sales had not been completed.
The measure was released by Thomas Chan Chun-yuen, permanent secretary of Housing, Planning and Lands at a press conference yesterday.
This followed an earlier motion in the Legislative Council which called for legislation to force developers to publish sales brochures when they put uncompleted residential projects on sale.
The motion, moved by Democrat Martin Lee Chu-ming, was opposed by The Alliance and Liberal Party legislators.