The Sales of First-hand Residential Properties Authority today issued a Reminder for the Trade and Frequently Asked Questions & Answers requiring vendors to set out full details of the terms of payment in the Register of Transactions of first-hand residential developments.

The move was made after some individual first-hand residential properties were found to be sold by way of tender where the sales process was undesirable and not transparent enough.

The Transport & Housing Bureau said in the sales of first-hand residential properties, if vendors have offered any discount, gift, financial advantage or benefit to purchasers, they should set out the full details of the terms of payment as agreed between vendor and purchaser for the purchase of each specified residential property.

The Register of Transactions should also be self-contained so prospective purchasers do not have to refer to other documents for details of the terms of payments.

Meanwhile, the Estate Agents Authority also issued a Letter to Licensees reminding them to comply with the relevant ordinances and guidelines when participating in the sales of first-hand residential properties by tender.

The Government will continue to closely monitor the sales of first-hand residential properties by tender and will take measures when necessary to ensure an acceptable level of transparency.