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Hong Kong property agents still up to old tricks despite new rules on adverts for flats

In Hong Kong’s sky-high property market, looking for a home can be frustrating, especially when an agent tells an excited flat-hunter that an advertised bargain is actually out of date.It will be even more exasperating if the agent then floods the potential buyer with offers that are not as good, in the hope of closing a pricier deal.It was tactics such as this which led industry watchdog the Estate Agents Authority (EAA) to bring in new rules against misleading or inaccurate property… Source link

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Hong Kong property agents drum up demand for car parking spaces in Greater Bay Area, tout low investment of US$30,000

Hong Kong’s small property agents have found a new investment avenue that has piqued the interest of investors – car parking spaces in the Greater Bay Area (GBA) for as low as 200,000 yuan (US$30,000).“We see a lot of Hong Kong investors would like to capitalise on the property boom in GBA,” said Stephen Sum, an investment consultant at V+ Property, which is focused on GBA. “In order to grab a bigger share of the lucrative market, we have to look for something unique to attract customers… Source link

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Huawei accuses US agents of hacking into its servers as it launches lawsuit against federal ban on gear

Huawei Technologies, which on Thursday slapped the US government with a lawsuit in a bid to overturn a federal ban on its gear, also accused the US of previously hacking into its servers though it provided no fresh evidence to support the charge.“The US government has long branded Huawei a threat. It has hacked our servers and stolen our emails and source code,” Guo Ping, Huawei’s rotating chairman, said in a press conference in Shenzhen on Thursday to announce the lawsuit against the US.Guo… Source link

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Property 

UK property agents at gloomiest for 10 years in latest monthly Royal Institution of Chartered Surveyors snapshot

Brexit uncertainty and a lack of affordability in some areas continue to stifle the UK housing market, leaving Britain’s property agents with their gloomiest view of property values in 10 years.The latest monthly snapshot from the Royal Institution of Chartered Surveyors (Rics) shows a further weakening of the market, with demand, prices and sales expectations all down.The industry survey came as the latest government figures showed annual house price growth across the UK had slowed to its… Source link

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Singapore 

Chiropractor, 2 agents charged over insurance fraud involving more than $14,000, Singapore News

SINGAPORE – A chiropractor was taken to court on Tuesday (Jan 22) after he allegedly worked with two insurance agents to cheat Manulife Singapore of more than $14,000 by submitting bogus personal accident claims by 12 people who were covered by the insurer. Shareholder of Chiropractic Focus Group Charles Loo Boon Ann, 29, is accused of committing the offences with Priscilla Tien Ling, 27, and Mike Chew Jun Yong, 36. Loo was charged with 17 counts of cheating while Tien faces 12 charges for similar offences. Chew was handed nine…

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Sino Land’s first sale of year gets off to slow start as Hong Kong developer feels backlash after slashing agents’ fees

Hong Kong developer Sino Land’s first property sale of 2019 got off to a lacklustre start, after a dispute with sales agents over commission sapped their motivation amid a market downturn. The developer had sold just 39 of 118 of its Grand Central flats on offer, priced between HK$9 million (US$1.1 million) and HK$25 million, as of 4.50pm on Saturday, according to an official statement. “With the commission rate even lower than that of second-hand flat transactions, sales agents were not the most willing to do their best to promote…

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Singapore 

Property agents’ track records now available online, Singapore News

SINGAPORE – Would-be Housing Board flat buyers and sellers can now find out about their property agent’s track record with the click of a button. On Friday (Jan 4), the Council for Estate Agencies (CEA) launched the Property Agents’ Transaction Records Initiative, which publishes the records of residential transactions facilitated by realtors here in the last two years. The first phase of the initiative has seen the CEA’s website updated to include information on completed Housing Board resale transactions. This includes when the flat changed hands, where it is located,…

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Property 

Hong Kong property agents mustn’t mislead buyers or face disciplinary action by watchdog

Stepping into autumn, a number of new residential properties in Hong Kong have been launched for sale by different property developers. Participating in the sale of these first-hand properties, property agents must not make any misrepresentation to prospective buyers, or they may be disciplined by the Estate Agents Authority (EAA). The EAA has always been concerned about the conduct of property agents in the sale of first-hand residential properties, not only at the start of the purchase process when orders are registered at the first-sale sites, but also with the…

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Property 

Property agents’ watchdog vows harsher penalties on errant brokers as it aims for orderly sales environment

The property market in Hong Kong is dominated by the sale of new homes in recent years with most of the transactions conducted by property agents. Crowds of salesmen are commonly seen at the sales sites, and occasionally there are reports of salesmen fighting as they look to corner clients. Not all of these salesmen are licensed and some of them are unlicensed employees or interns of property agencies. The sales sites of first-hand homes hence have been seething with a mix of licensed and unlicensed salesmen, which has inevitably…

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