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Look before you leap 03/03/15

Some developers have it, most don’t. Looks like it doesn’t matter in Hengqin. Permits for pre-sold flats. The deputy director of the District Management Committee of Hengqin New Area, Wang Rui Sen, has confirmed local fears.

The deputy director of the District Management Committee of Hengqin New Area, Wang Rui Sen, confirmed over the weekend that two developers had illegally pre-sold uncompleted Hengqin property projects in Macau, claiming that only two of dozens of projects still under construction on the island have been issued presales permits by the authorities.

The official told reporters that the Chinese Committee had met with two developers illegally offering ‘subscription plans’ for their Hengqin projects to prospects in the Special Administrative Region. He indicated that the two developers have agreed to refund purchasers unconditionally.

Mr. Wang, however, did not reveal the names of these two developers or whether they had been fined by the Chinese authorities.

Nevertheless, a source who prefers to remain anonymous told Business Daily that these two projects very likely refer to Lee Chee Bay and Legend Chief Hengqin China.

The source said that it could easily be discovered by the Chinese authorities that the two projects have been engaged in illegal presales as they were the only two to pre-sell their uncompleted projects in Mainland China in a high profile, whilst other developers promoted the presales of their unfinished Hengqin projects solely in Macau.

In fact, Mr. Wang said that only two projects in Hengqin have currently been granted presales permits; namely, Sea of Dreams and The Gem, according to Zhuhai’s Housing, Urban-Rural Planning and Development Bureau. He indicated that another Hengqin home project will be issued presale permits soon.

In December, local legislator Ho Ion Sang told Business Daily that the subscription plans offered by Lee Chee Bay and Legend Chief-Hengqin China, on which construction work had barely started, “are actually illegal in nature”.

According to Mainland authorities, developers can only launch sales of uncompleted projects after receiving a presale permit. In Guangdong Province, permits for presales will only be issued when a developer completes two-thirds of the project, which should also be higher than seven storeys.

During the weekend, Mr. Wang said Chinese authorities are to increase supervision to combat the illegal presales of home projects in Hengqin. He also claimed that the authorities will supervise the construction progress of the projects that are accused of illegal presales in order to ensure that the sales capital is not embezzled by the developers.

Recently, the city’s Housing Bureau reminded residents that the government department is not able to supervise home sales made outside the territory.

Source http://macaubusinessdaily.com/Property/Look-you-leap-0

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