(26 May, 2016, Hong Kong) RICS (Royal Institution of Chartered Surveyors)welcomes the passing of the “Property Management Services Bill” (the Bill) in Legislative Council today. The Bill initiates the development of a licensing system that will lead to quality improvements throughout the property management industry.
“RICS welcomes theregulatory system for the property management profession. The mandatory licensing system and the establishment of Property Management Services Authority (PMSA) will upgrade the industry’s professionalism and quality of services, and it will raise public awareness of the responsibilities of property management practitioners”, said Mr Andrew Lee FRICS, Chair of the RICS Hong Kong board. “Proper management of properties ensures overall safety and minimises risks that may arise as a result of improper maintenance”, he added.
The Bill enacts implementationof licensing processes to raise professional standards of the industry. It provides for a single-tier licensing regime of property management companies and a two-tier licensing regime of property management practitioners. Only those practitioners who take up supervisory or managerial roles in property management services will be subject to licensing. The licensing criteria will be set in terms of academic qualifications, professional qualifications, years of working experience and the suitability of the persons in holding PMP licences.
Currently, regulatory authorities for the profession are found in Australia, New Zealand and the Republic of Ireland. Main function of these authorities ranges from licensing of service providers, establishment of dispute investigation and redress systems and setting and enforcement of standards. Also, RICS helps regulate the sector by introducing the RICS Practice Statement and Real Estate Management Guidance, which is mandatory on any of RICS members working in this sector.