ABSTRACT
The Authority's undertaking of public education on matters relating to the sales of first-hand residential properties is a major progress of the new regulatory regime and complements the Ordinance's efforts to create transparency in the real estate market. For anyone who is interested in how innovated commercial practices have stimulated the continuous development of a regulatory regime, Hong Kong offers a most persuasive example with the evolution of its regulatory regime over sales of first-hand residential properties by legislation. The administrative Scheme kept evolving to address novel challenges for a market of higher transparency while maintaining certain balance of interests among all the stakeholders. The continuous efforts culminated in the enactment of the Ordinance in 2012. All in all, collective efforts have been made in the new regulatory regime by both the Sales of First-hand Residential Properties Authority (SRPA) and the Consumer Council to enhance consumer protection in the residential market.
