The Vertex developer hit with HK$770,000 fine over disclosure failures
The developer of The Vertex – a residential project in Cheung Sha Wan once owned by failed property giant China Evergrande Group – has been fined HK$770,000 (US$98,100) for failing to properly record transactions related to the complex. Twin City Holdings Limited was found to have violated a residential properties ordinance by failing to disclose details of payment terms – such as price discounts…
Twin City Holdings Limited, the developer behind The Vertex residential project in Cheung Sha Wan, has been slapped with a HK$770,000 fine (US$98,100) for failing to properly disclose crucial transaction details. The Singapore-based firm, once owned by struggling property giant China Evergrande Group, was found in violation of the residential properties ordinance by not recording payment terms such as price discounts and other financial incentives within 24 hours of finalizing preliminary agreements.
This negligence, which affected 11 residential properties across the complex's east and west wings, resulted in 11 charges and the total penalty. The Sales of First-hand Residential Properties Authority (SRPA) emphasized that vendors must transparently disclose all rebates or financial incentives linked to buyers' purchases in the transaction register.
The SRPA vowed to take action against any suspected contraventions of the ordinance to promote transparency and fairness in first-hand residential property sales.
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