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Hong Kong Tightens Property Agency Practices

Category: Real estate, Posted:09 May 2011 | 06:00 am

Hong Kong's property watchdog Estate Agents Authority has issued new guidelines that brokers and agencies must obtain developers consent for any promotional materials issued.
A high profile incident early in the year provoked the issue over what was termed "rubbish flats". Purchasers created a series of mass complaints over unfinished units and the project filled with garbage.
The developer was forced to offer refunds to angry buyer as the local media jumped on the bandwagon.
Strong penalties have been imposed which ranges from mandated re-training to revocation of brokerage licenses.

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