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Flurry of complaints against Hong Kong agents selling overseas homes sparks licensing call; misleading adverts, withholding cash among grievances
- Consumer Council says need for regulation more pressing than ever with thirst for buying property outside the city growing among its residents
- Number of complaints relating to the sale in Hong Kong of overseas and mainland Chinese properties climbed 60 per cent last year, new figures reveal
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Hong Kong’s consumer watchdog has urged the government to plug a long-decried loophole in the regulation of local property agents who sell overseas homes following a sharp rise in disputes and growing demand for the bricks-and-mortar investments.
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The Consumer Council on Thursday said agents handling the sale of new residential properties abroad and in mainland China should be licensed, bringing them into line with existing requirements for those dealing with local transactions.
In a 163-page report on enhancing consumer protection, the watchdog also called for the protective net to be extended to cover the advertising in Hong Kong of first-hand homes being sold outside the city.
Consumer Council chairman Paul Lam Ting-kwok said wide-ranging efforts were necessary to tighten the regulatory regime.
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“We strongly recommend that all estate agents carrying out such activities should be licensed,” he said.
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