Hong Kong rules on new home sales, including the use of show apartments and disclosing transactions that involve senior company executives, will take effect on June 1, the government said, as it seeks to curb surging prices.
Hong Kong police and other law enforcement agencies are investigating Henderson Land Development Co.’s sales at its Conduit Road project on Hong Kong Island, Transport and Housing Secretary Eva Cheng told lawmakers in the city. Cheng declined to specify the other agencies and give a time schedule for the investigation. Her comments were broadcast on local television.
Hong Kong Financial Secretary John Tsang won approval for HK$62.2 billion ($8 billion) of handouts after caving in to pressure from lawmakers for cash and tax rebates amid widening inequality that is driving dissent.
Hong Kong’s government aims to pass laws to implement policies outlined by Chief Executive Donald Tsang providing for more affordable homes in the current legislative year, Eva Cheng, the city’s official in charge of housing, told reporters today.
Henderson Land Development Co. ’s refusal to meet Hong Kong lawmakers won’t stop legislators discussing the collapsed sale of 20 luxury apartments worth HK$2.67 billion ($343 million), the subject of a police investigation.
Henderson Land Development Co. has declined an invitation to appear at Hong Kong’s Legislative Council next week to answer lawmakers’ questions related to failed sales of luxury apartments at one of its project.