Hong Kong Consumer Agency Warns On Thai Property Sales

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Posted: 18 Oct 2009 | 9:18 am

Hong Kong's Consumer Council is receiving an increased number of complaints about Thai property transactions including Phuket. According to the SCMP a recent case concerned a villa purchaser who purchased a unit which included a guaranteed return of 12% for 8 years and usage of one month. The property failed to complete despite claims by the developer of bad weather and title problems.

Currently the existing ordinance does not mandate that agents who sell overseas property have an estate agents license. This policy is now under review and amendments look to be on the horizon. The Hong Kong Estate Agents Ordinance as written has rigorous requirements and clearly would see greater enforcement if this would now cover these types of transactions. The complaints this year have all been from villa buyers through the same agent.

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come on Bill, name and shame. There's nothing that precludes the naming of this party whose spoiling it for decent developers who are giving a good product at a good price

Bill Barnett responds:
When we spoke to the Hong Kong agency involved we were told they could not release the name of the developer in the complaints due to privacy laws in the SAR. We'd have been happy to print this if a matter of public record though and always work to provide the most accurate info possible.

Gordo, 14 Nov 2009 | 3:59 pm

sorry, but buyer beware, if you want a guarantee, they come with death and taxes.

Get A Life, 27 Oct 2009 | 8:24 pm

No name of this agent? If he from Hong Kong or Thailand? Or is he a foreigner working as an agent in Thailand?

Bill Barnett responds:
Its a Hong Kong agent based in HK, laws there preclude disclosure but am sure if you google out the amount of the guarantee and the number of years in effect you can find the answer as in the X Files - its out there!

Kristian, 22 Oct 2009 | 9:52 am