HK restricts buyers to one flat under new policy

The Larvotto development rises above boats moored in the Ap Lei Chau district of Hong Kong. Under a new policy, buyers will only be able to purchase one flat and will not be permitted to resell the unit before its completion date. The guidelines issued by the Real Estate Developers Association follow a police probe into the controversial sale of luxury flats that fell through months after its developer said one of them had set a world-record price, a report said on June 27.

Source : Today – 12 Jul 2010

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