The Consumer Council recently issued a research report suggesting the establishment of a licensing system. All real estate agents and salespersons engaged in the sale of overseas first-hand properties must be licensed. However, the Bureau of Transport and Housing did not respond positively afterwards.
The Chairman of the Consumer Council, Lin Dingguo, was interviewed today (31st) on the TVB program "Clarify the Truth", denying that the authorities "poured cold water", and said that the focus is on whether the real estate information provided by real estate agents is sufficient. The Consumer Council will do so later. Lobbying work, hoping that the licensing system can be launched within a reasonable time: "The sooner the implementation, the better."
He also provided a list of "tips", suggesting that prospective buyers of overseas home buyers can check with the agent about financial arrangements and local taxation. It is also necessary to understand the background of the developer and pay attention to the actual location of the property. For example, he pointed out that many British properties claim to be located in London: "Does Zone 1 decide Zone 5 first?"
The chairman of the Consumer Council, Lin Dingguo, pointed out that lobbying work will be carried out later, hoping to introduce a licensing system within a reasonable time, "the sooner it is implemented, the better."
(Photo by Li Zetong)
The Consumer Council has recently issued a report on the protection of overseas home ownership, recommending that it be regulated by a licensing system, requiring all agents engaged in the sale of overseas first-hand residential properties to be licensed. The Transport and Housing Bureau responded afterwards that the supervision of real estate agents cannot solve the problems caused by developers. The problem is that it may not be reasonable to pass the responsibility to the agent.
Lin Dingguo: The focus is on whether citizens have truly informed choices before accepting relevant risks
Lin Dingguo disagrees with the authorities’ statement of “pouring cold water”. He admits that many cases show that overseas properties have accidents, and the source may not be related to real estate agents. However, because of the high risk of purchasing overseas properties, the Consumer Council’s focus is on whether the citizens are exposed to the relevant risks before they Really informed choices include obtaining sufficient information and risk warnings. Therefore, whether the real estate agent fulfills its responsibilities is the key, so it is proposed to use a licensing system for supervision.
He also pointed out that the activities of non-regulated real estate agents overseas are aimed at their domestic sales behavior. The practice is consistent with the current regulations of licensed agents by the Bureau of Land Supervision, including whether due diligence reports have been conducted, and the background of developers and local non-compliances have been collected. Restrictions on buying and selling by local residents, etc.
He emphasized that real estate agents do not have to be familiar with the laws and regulations of various overseas places, but they must provide accurate and reliable information, and the licensing details will be submitted to the authorities and industry insiders for study.
Describe the Consumer Council’s recommendation to exercise restraint and consider the government’s situation
Among the five recommendations put forward by the Consumer Council, including a gradual approach, mandatory sales of all foreign first-hand residential properties by licensed real estate agents or salespersons, but the response of the authorities pointed out that it may violate the principle of free trade.
Lin Dingguo countered that freedom is not absolute, and real estate agents are also responsible for the sale of first-hand properties in Hong Kong, but he also said that he understands the government's position, "so (this proposal) is the last", he described the proposal to exercise restraint and consider the government's situation. .
As for the timetable, he said that the proposed report is only the first step. It will do a good job of lobbying and strengthen communication with stakeholders, hoping to implement it as soon as possible.
The Bangkok Tower is 40 kilometers away from Bangkok
Lin Dingguo also mentioned that before the Consumer Council formulated its research report, it sent many colleagues from the Legal Department to serve as mystery customers to "snake snakes." It was discovered that real estate agents were suspected of misleading when selling properties in Bangkok. But it turned out to be in another province, 40 kilometers away from Bangkok. If you don’t ask for it, you will think it’s in the center of Bangkok.” When some real estate agents were selling uncompleted flats, they showed photos that claimed to be real objects. It's a show flat. "Also, it's an uncompleted apartment. It's not ready. Will there be a physical map?"
It's the Bangkok Building, but it turned out to be in another province, 40 kilometers away from Bangkok. If you don't ask clearly, you will think it is in the center of Bangkok.
Lin Dingguo
He pointed out that citizens should ask more questions before buying overseas properties. The key points to ask include financial arrangements and taxation, such as mortgage restrictions for non-local residents, etc. They also need to understand the background of the developer. Is it a new company?" He reminded that we must also know the location of the property. For example, he pointed out that many British properties claim to be located in London.
New Crown Vaccine｜Director of Social Welfare Liang Songtai and Social Security Council Cai Haiwei are vaccinated today to call on the social welfare sector to get an early injection [Relief Measures] Social Security Council Cai Haiwei welcomes new measures to believe that the government hopes to resolve deep-seated conflicts [District Council Election] Cai Haiwei and Mo Yiduan call on the government as scheduled If the district is selected, the society will be more restless [fugitive offenders regulations] Tang Yingnian recommends herself to host the cultural dialogue platform Cai Haiwei appeals to accept the demands first
01News
