Purchasing Overseas Properties Can be Very Risky, Be Cautious to Avoid Potential Losses

As property prices in Hong Kong continue to rise, some consumers are looking abroad to realize their homeownership dreams. However, issues with overseas “unfinished buildings” have emerged from time to time. In 2017, the Consumer Council (or the “Council”) received 35 complaints concerning overseas properties. Among them, the U.K and Australia registered 11 and 6 cases, respectively, and the rest were related to Mainland China, South East Asia and the U.S., etc.  At present, there are limited measures in Hong Kong regulating or supervising transactions involving overseas properties.  There are considerable risks involved in making “remote” purchases. Consumers are urged to exercise extreme caution before making such a major decision to avoid potential losses.