The Government's policy is to allow the private residential property market to operate as freely as possible. Our policy objective is to provide sufficient land to meet our long term housing production and to achieve stability in the private property market. The Government monitors closely the residential property market to guard against excessive property speculation.
Speculative activities are minimal.
The estimated number of flats to be completed in 2001 and 2002 is 28,000 and 30,000 respectively. Market demand and developers' commercial considerations will determine the actual amount of land which will be taken up and the number and timing of flats which will appear in the market. For the purpose of obtaining a licence, existing practitioners are required to complete specified training courses or pass qualifying examinations within three years. To tie in with the operation of the licensing system, two sets of regulations under the Estate Agents Ordinance were passed by the Legislative Council on 30 June 1999. These regulations aim to regulate the practice and conduct of estate agents, and deal with disputes over commission.