Surge in gripes over illegal real estate adsBusiness | 21 Jan 2020 8:34 pm
The Estate Agents Authority received 299 complaints in 2019, down by 2 percent year-on-year, but the number of complaints about illegal advertisements increased by 1.8 times to 56 cases last year.
The common categories included mishandling provisional agreements for sale and purchase, issuing non-complaint advertisements, failing to enter into an estate agency agreement with clients or to explain the agreement to clients, and providing inaccurate or misleading property information.
Complaints on the sale of property outside Hong Kong recorded a drop of 60 percent to six cases last year.
The EAA found 143 instances of non-compliance, among which cases concerning the record-keeping requirement to combat money laundering and terrorist financing declined by 50 percent.
Meanwhile, the authority will offer a one-off subsidy of HK$500 to all eligible individual licensees for their professional development this year.
The number of licensed property agents slid by 1.5 percent month-on-month to 39,518 in December.