Consumer Council reminds of potential violations in latest mainland realty scheme

The Macao Consumer Council (CC) has suggested local residents be mindful of possible breaches in the latest pitching schemes operated by certain mainland realtors.

The CC has noted some mainland realtors have started rolling out zero or even negative down payment schemes for the purchase of real estate properties. Under these schemes, developers will usually remunerate buyers with furniture or other consumable coupons against the down payments.

After contacting competent authorities on the mainland, the CC confirmed these schemes might not be fully legal, and mainland authorities said investigations would be launched against illegal practices.

To avoid loss or legal risks, the CC has suggested local residents be especially careful when purchasing real estate properties on the mainland, in light of the legal differences between the two places.

Specifically, it suggests interested buyers become familiar with, ask for and verify information before making a decision. Furthermore, checking legally required licenses – commonly referred to as the “Five Licenses” – is a critical step in the process of making a purchase.

The identity and eligibility of developers, the registered use of land and the conditions of sale, among other details, must be verified before making a purchase. Making payments to an eligible bank account is also crucial, the CC added. AL