HK regulators investigating realtors over overseas property sales

Hong Kong

HONG KONG'S securities regulator is investigating whether realtors selling overseas properties are illegally marketing investment plans, according to a lawmaker helping investors who lost money on such deals.

Buyers argued that developments promoting guaranteed rental income are so-called collective investment schemes, which need approval from the Securities and Futures Commission, said James To Kun-sun, a member of the city's legislature.

Individuals who lost money on at least 15 uncompleted UK developments have complained, said Mr To, who met the agency on March 7.

In a property-obsessed city ranked among the world's priciest for home purchases, investors have taken advantage of a currency tied to a strong dollar and low bo…