A property agency director has been convicted by the District Court of conspiring with others to defraud a developer of commissions worth $460,000 in relation to the sale of flats at a Ho Man Tin residential estate.

Kingswood Property Agency director Lau Hin-shing, 42, was found guilty of one count of conspiracy to defraud. Deputy Judge Eddie Yip adjourned sentencing to December 4 pending a background report, remanding the defendant in custody.

Parc Palais, a residential estate jointly developed by New World Development Company and four other companies, opened for sale in late 2003. The developers offered 1.25% of the purchase price of each flat to the property agent. The developers' employees were not entitled to any commissions.

The court heard four buyers approached the sales office of New World to buy five flats worth $37 million. Two New World salespeople proposed to the defendant his name should be stated as the "introducing agent" on the documents to claim commissions, though he did not introduce the buyers. The salespersons then told the defendant remit part of the commissions to them. The defendant agreed.

Between late 2003 and June 2004 the defendant was falsely represented as the "introducing agent" of five transactions of Parc Palais flats.