HONG KONG, Oct. 20 (Xinhua) -- A steering committee were formed by the Hong Kong government here on Wednesday to look into regulating first-hand residential property sales through legislation.
The committee will start work soon, and the government will present the committee's recommendations in the form of a White Paper for public consultation, said a governmental news release.
The Permanent Secretary for Transport & Housing will chair the committee, which is expected to come up with their suggestions within one year.
The committee includes representatives from relevant professional organisations including the Consumer Council, Law Society of Hong Kong, Hong Kong Institute of Surveyors, Estate Agents Authority and Real Estate Developers Association, Secretary for Transport & Housing Eva Cheng told news.gov.hk.
Other members include the Director of Buildings or his representative, Director of Lands or her representative, Deputy Secretary for Transport & Housing (Housing), two lawmakers, two academics professors and a lawyer.
According to Cheng, the issues to be discussed by the committee are the scope of legislative framework, for example the definition of first-hand properties to be covered under the legislation; the key features to be regulated under the proposed legislation, including sales practices, price lists, show flats and saleable area; and how the legislation will be enforced, and penalties for breaches.
"Our intention is to speed up the whole process, because we know the whole community is very concerned about the issue," Cheng said.