Twin City Holdings Fined HK$770,000 for Transaction Recording Failures on The Vertex Project
According to the South China Morning Post, Twin City Holdings Limited received a total penalty of HK$770,000 for failing to accurately document transactions for The Vertex residential project in Cheung Sha Wan, violating a residential properties ordinance.
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The South China Morning Post reported that Twin City Holdings Limited was issued a fine of HK$770,000 (equivalent to US$98,100) because it did not properly record transaction details pertaining to The Vertex, a residential development in Cheung Sha Wan that was previously owned by China Evergrande Group.
On Tuesday, a government statement indicated that Twin City violated a residential properties ordinance by neglecting to disclose specifics regarding payment terms, including any financial incentives or price reductions, during sales at the development.
The infractions involved transactions for 11 residential units situated across the east and west wings of the complex. The developer was found to have failed to input the necessary payment information into the project’s register of transactions within 24 hours after the preliminary agreements were executed.
The Sales of First-hand Residential Properties Authority (SRPA) stated that these irregularities resulted in the developer facing 11 charges and a cumulative penalty amounting to HK$770,000.
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