The Housing, Planning & Lands Bureau says there is adequate legislation sanctioning acts of anyone, including developers, guilty of fraud or misrepresentation.

In response to media enquiries on a buyer claiming to have been misled by information released by developer, the bureau said fraudulent behaviour is a criminal offence and offenders are liable to prosecution. In terms of civil liability, where a misrepresentation amounts to fraud, damages for deceit are possible.

The bureau considers it unnecessary to separately introduce legislation relating only to developers' acts involving fraud or misrepresentation.

Caution advised

It urged prospective purchasers not to make decisions lightly or hastily. They should be aware of their rights and obligations, and take all reasonable care to protect their interests, such as reading the contents of the Agreement for Sales & Purchase closely.

They should look up the actual prices of comparable transactions in the market and check the comparable transactions registered with the Land Registry. Where necessary, they should seek professional advice to better protect their interest before signing the agreement.

The bureau said the Real Estate Developers' Association has been operating a self-regulatory regime and has stepped up enforcement action and further improve the professionalism and calibre of estate agents. The Government, in conjunction with the Consumer Council and the Estate Agents Authority, will to meet regularly with the association to find room for further improvement in property sales.