Under the Residential Properties (First-hand Sales) Ordinance (Cap. 621), Ms Chan signs a Preliminary Agreement for Sale and Purchase (PASP) for an uncompleted flat in a new development in Kai Tak for a purchase price of $12,000,000, and pays the preliminary deposit of 5% ($600,000) to the vendor's stakeholding solicitors. She subsequently changes her mind and does not execute the Agreement for Sale and Purchase (ASP) within 5 working days after entering into the PASP. What is the consequence under the Ordinance?
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