No house in new projects for selling if beyond deadline.

“ New Residential Property Sales Regulations” will be implemented at the end of this month. It needs to print new brochure even there is only one unit in stock. Developers try to clear the stock by adding more privileges before the new regulations be implemented. For example, Kerry Props added super long dealing period of 388 days for Lions Rise, and Kowloon Development also enlarge the cash payment discount and return back DSD (Double Stamp Duty) as gift to promote units of CADOGAN. However, more information will be needed under the new regulations and it also requires new brochure and price list be submitted in 7 days earlier. The industry estimated, marketing information of most new projects and stock units can’t be finished before today (22nd ). In other words, there will be no house for selling on next Monday (29th ) or even in a certain period. Centaline Property had spent a hundred million to take back the propaganda material. According to Centaline Property’s statistics, Hong Kong has about 6,400 units in stock until the first season this year. Chen Yong-jie, the president of Asia Pacific residential department of Centaline Property pointed, they have received letters from developers of totally 70 projects until last Wednesday for stop using the former propaganda material and brochures. Centaline Property had spent one hundred million to take back the printed matters, change the advertisement, hire more law employees and train insiders. It is estimated that most of the collateral material of new projects will not be finished before 22nd this month. It is believed that there will be no house for selling in a period of time from 29th this month. 　 Chen Yong-jie pointed, Centaline Property will deal with the transitional period of the new regulations by the following 5 measures. Took back the project material which not accord with the new regulations for developers who had sent the letter before the required date. They had contacted advertising engineering company and logistics company to tear down or change the light boxes and advertising boards that not accord with the new regulations. Set up law team to communicate with developers and make new collateral material according to new regulations. Centaline Property will allocate more sources and enhance the training of technology and application of tablet PC. Soundwill had already informed property agents to take back the collateral material of Warrenwoods and Park Haven and close the projects in temporary. As for when to upload the brochure which meet the regulations, Soundwill spokesman said there is no schedule yet and they will decide after observing experts’ movement. Developers indicated to destroy the old material. Henderson also had informed the property agents by written from to indicate them to tear down all the marketing materials of the group’s 16 projects before next Monday. 39 Conduit Road in Midlevels West and Centre Point in Sheung Wan which were put on sale many years ago. The Reach in Yuen Long and Double Cove in Ma On Shan which are put on selling recently. All the old marketing materials of the above projects will be tear down by property agents to meet the new regulations before 28th this month according to developers’ indication. 　 Sun Hung Kai also had informed the property agents to removed the old material including material of a series of projects which are RESIDENCE in Yuen Long, i．UniQ and so on. There are 9 projects included. New World and Kowloon Development also had required the agents to deal with the project material by themselves. New World required the marketing material will be tear down before 28th April. While Kowloon Development required agents to deal with the marketing material of 3 projects and UPPER WEST is one of them .

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