Prices in Property Advertisements
|Circular No. 03-05 (CR)
In the Practice Regulation, there are specific provisions for advertisements for Hong Kong residential properties. Practitioners who fail to comply with the relevant provisions will be subject to disciplinary actions by the Authority including fine and even suspension or revocation in serious cases.
Section 9(3) of the Practice Regulation provides that licensed estate agents shall not advertise a residential property on any price, rental or term different from that instructed by the vendor.
In Circular No. 02-05 (CR), estate agents have been reminded that they will contravene section 9(3) if they advertise a price which has not been instructed by the vendor. Even if the agent has advertised the price instructed by the vendor but, in the same advertisement, he lists an uninstructed price, whether as "try price", "recommended price", "transaction price" or any amount derived from calculation under any pretence, the agent would be liable still the same.
Licensed estate agents, including proprietors, directors and managers, are reminded to comply strictly with the regulations on advertising. The Authority regularly checks newspaper advertisements and pamphlets and non-compliance will result in disciplinary actions.