UNSCRUPULOUS property developers face possible jail terms - and massive fines - under tough legislation outlined yesterday to stop cheating and malpractice in the real estate industry.
A Law Reform Commission sub-committee said it believed it was now imperative to provide greater protection to flat buyers.
Its chairman, Professor Derek Roebuck, said many purchasers of uncompleted residential units had been buying ''blind'' and were unable to verify the exact details of their dwelling.
He also expressed surprise consumer protection laws did not already exist in Hong Kong for property purchases.
The Consumer Council last night said a key plank of the report - the proposal for full disclosure for ''buy-back'' arrangements under internal sales - might serve to counter the apparent hoarding of flats and reduce speculative pressure in the market.
''We have been persuaded that there is a need for those people who buy flats to have access to accurate information,'' Professor Roebuck said.