Property market information platform

CONSUMER COUNCIL staff have visitednineteen residential developments to see hownew flats are sold. They have discovered it ishard for prospective purchasers instantly to obtainreliable, full and timely property information andimpossible for them to ascertain if the informationdevelopers or real estate agents give them is accurate.Not having full information, they are at a disadvantageand are liable to be misled. The Consumer Council hastherefore made nine suggestions of which one is that a"property market information platform (PMIP)" becreated.

Developers now see that prospective purchasersundergo "one-way" information dissemination. Havingseen one room, a prospective purchaser goes intoanother, and others are at his heels. He hardly has thetime to know more about the overall situation of thedevelopment. Because of this and the fact that thedeveloper and real estate agents unilaterally give himinformation, he is disadvantaged by an asymmetry ofinformation.

Furthermore, when a real estate agent persuadesa prospective purchaser to make up his mind, he maytell him how many new flats are available in the districtin question and by how many percents flats in thedevelopment in question sold previously haveincreased in value. Many first-hand flat purchasershave had similar experience. Is such informationaccurate? As a prospective purchaser has difficultyobtaining up-to-the-minute market information, it isquite doubtful that he has such information that he cancome to a sensible, correct decision in carrying out thebiggest transaction in his life if the real estate agentintentionally misleads him and the atmosphere at thesales office makes him anxious.

This being the case, the Consumer Councilsuggests that a PMIP be created. By means of it anauthoritative and independent body could disseminateproperty information. This would allow a prospectivepurchaser to obtain the information he needs to takeinto consideration - how many flats are available in thedistrict in question, how much they cost on average persquare foot, how many flats have been sold in thedevelopment in question and how many remainavailable. We believe the government should look atand implement this suggestion. We do so for tworeasons.

First, it has more property data than any otherbody. If a government department centralises suchdata and augment them with the latest information onvarious developments (flat availability, flat prices andother transaction data), there will be a complete,authoritative database.

Second, only if the government requires orcompels developers to cooperate by means ofadministrative measures or even legislation will theypromptly provide transaction data and will there besuch installations at sales offices that prospectivepurchasers can instantly obtain reliable, full and timelyproperty information. It would make it easier for themto come to sensible decisions to allow them to be onan equal footing with developers and real estateagents in access to information.

In our view, the government would do well toconsider and adopt all of the Consumer Council's ninesuggestions. Enforced in combination with the "ninerules and twelve regulations", they would help ensure"transparency of information and fairness intransactions".

As for the sale of first-hand residential properties,the government still relies on developers to policethemselves. It would be rash to say its "nine rules andtwelve regulations" are useless as they have just comeinto force. In our view, the government should keep aclose eye on the situation. If they prove ineffective, itshould regulate property sales by registration as soonas possible. Furthermore, it will not ensure the propertymarket's steady, healthy development to regulate howflats are sold. In the final analysis, the governmentought to boost supply to end the supply-demandimbalance in the property market. Unless it does so, allits other measures will be palliative.

明報英語網「雙語社評」english.mingpao.com/critic.htm

設立樓市資訊平台有助新樓公平交易

明報社評2010.07.27

消委會實地走訪了19 個樓盤的銷售情况，發現準買家難以獲得即時、可靠、全面、適時的物業資訊，對發展商和地產代理所提供資訊，無法印證是否真確，準買家所掌握資訊處於劣勢情况下，被誤導的可能就較大。消委會就此提出9 項建議，包括設立物業市場資訊平台。目前，發展商安排新樓盤銷售的流程，是一種單向宣傳，準買家去完一間房到第二間房，後面的人接踵而來，準買家難有充裕時間了解樓盤的總體情况。這種單向流程，加上發展商和地產代理向準買家單方面發放資料，使準買家處於資訊不對稱的不利位置。

另外，近年，許多人買新樓單位都有類似經驗，就是地產代理在游說時，提供包括區內新樓供應、樓盤上一批單位售出後已升值多少等的意見和說法，情况是否真確，由於準買家難以取得緊貼市况的物業資訊，若地產代理蓄意誤導，而售樓處整個銷售氣氛又使準買家陷於焦慮情况，這樣的話，準買家進行畢生最大筆交易時，能否掌握全盤正確資料後作理性正確抉擇，是一大疑問。

針對這種情况，消委會建議設立物業市場資訊平台，由一個中央、具權威的機構，發放有關物業資訊，例如同區有多少單位，平均呎價多少，該樓盤已賣了多少，還有多少未賣等，讓準買家參考。這個建議，我們認為政府應該研議，而且負責推行，理由有二：

首先，目前關於物業數據，政府擁有最多。若這些數據資料由政府部門集中處理，加上個別樓盤單位價格、供應情况和及時的成交資料等，就可以組成一個齊全而權威物業資訊數據庫。

其次，只有政府透過行政措施甚至立法，要求和強制發展商配合，才可以確保發展商盡快提供所銷售新樓的最新資料，並確保售樓處有適當設施，讓準買家可以瀏覽有關資訊平台，取得即時、可靠、全面、適時的物業資訊，使他們在資訊取得方面，與發展商和地產代理處於對等位置，有助於他們作明智抉擇。

我們認為，消委會的9 點建議，都值得政府研議接受，若與「9 招12 式」一齊執行，更有可能達至「資訊透明，公平交易」之目的。

關於新樓住宅買賣規管，政府仍然依賴發展商自律，「9 招12 式」執行未幾，不宜武斷地說無效，我們認為，政府必須密切留意事態發展，若不收效，應該盡快推行立法規管。另外，規管銷售手法，並不能使樓市健康平穩發展，歸根究柢還是要增加供應，理順樓市供需失衡情况，否則無論再推出多少招式，都只是頭痛醫頭，腳痛醫腳，不可能徹底解決問題。

Glossary

asymmetry /eI'sImItrI/lack of symmetry.

do well

If you do well to do something, it is sensiblefor you to do it.in the final analysisafter all due consideration.