Property News · July 20, 2022

Hong Kong to cut out lawyers’ role in mortgage transfers in pilot plan to protect buyers from insolvent legal firms


As many as 25 law firms became insolvent over the past 10 years, trapping more than HK$530 million of funds by 1,500 homebuyers in escrow, requiring them two years on average to get their money back, according to a Legislative Council document and court papers.

Source : South China Morning Post
Read more…Hong Kong to cut out lawyers’ role in mortgage transfers in pilot plan to protect buyers from insolvent legal firms