12 January 2013
Alan Yip is advising the Real Estate Developers Association of Hong Kong (REDA) on the legal impact of the Residential Properties (First-hand Sales) Ordinance, which was passed by the Legislative Council in mid-2012 and is scheduled to come into effect on 29 April 2013.
Once in effect, the Ordinance will introduce fundamental changes to the preparation of first-hand sales of all residential properties in Hong Kong; also, contravention of the Ordinance would constitute a criminal offence.
The Government's Transport and Housing Bureau recently prepared draft Practice Notes and FAQs for circulation around the property industry. These were issued with the intention of facilitating a smooth transition and to set out the best practices for developers to follow. However, some parts of the first drafts of the Practice Notes and FAQs appear to be inconsistent with the provisions of the Ordinance.
Alan represented REDA to make submissions to the Bureau at a meeting held (on 11 January 2013) to provide REDA with the opportunity to express its views on the draft Practice Notes and FAQs.