Speech on Sale of Hotel Rooms by Developers

Mr CHAN Kin-por opined that the Administration should alert owners of the units about the possible consequences if one of the unit owners used his/her room for non-hotel purposes. He also asked whether the Administration had any plan to tighten up the existing regulatory control over the sale of hotel room units with a view to enhancing investor protection and avoid the re-occurrence of incidents similar to the Lehman Brothers minibonds fiasco. SDEV advised that the Administration was studying the information collected and would consider seeking legal advice with respect to the case. He undertook that the Administration would keep members informed if there were any significant developments on the review of the relevant control in future.

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