Hong Kong Consumer Agency Warns On Thai Property Sales
Hong Kong's Consumer Council is receiving an increased number of complaints about Thai property transactions including Phuket. According to the SCMP a recent case concerned a villa purchaser who purchased a unit which included a guaranteed return of 12% for 8 years and usage of one month. The property failed to complete despite claims by the developer of bad weather and title problems.
Currently the existing ordinance does not mandate that agents who sell overseas property have an estate agents license. This policy is now under review and amendments look to be on the horizon. The Hong Kong Estate Agents Ordinance as written has rigorous requirements and clearly would see greater enforcement if this would now cover these types of transactions. The complaints this year have all been from villa buyers through the same agent.