RICS Welcomes the Property Management Licensing Regime into the Legislative Process

PR Newswire

HONG KONG, April 25, 2014 /PRNewswire/ -- The Royal Institution of Chartered Surveyors (RICS) endorses and welcomes the property management licensing regime into the legislative process.

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As housing supply increases, public demand for property management services also increases. It is increasingly necessary to have safeguards to guarantee a high level of quality in property management, otherwise the safety and health standards of the living environment will be impacted. This firmly establishes the quality of professional property management companies and property management practitioners as an area of great importance. As such, the Government has introduced the Property Management Services Bill to the Legislative Council today, and will conduct the First Reading and commence the Second Reading Debate on the 7th of May.

RICS has always advocated the standardisation of property management practices, and supports the implementation of a licensing system. The implementation of the appropriate regulations will lead to the enhancement of professional standards, and raise public awareness on the importance of hiring qualified property management companies to ensure the safety and value of their properties. RICS has been actively providing professional advice and suggestions to the Advisory Committee on the Regulation of Property Management Industry to help form this regulatory regime.

According to the announced Bill, property management companies must comply with all licensing criteria, including the requirement for the minimum number of licenced property management directors and employees. The licensing criteria include requirements for a recognised degree qualification, recognised professional qualification, and sufficient relevant work experience. The Bill will provide for a two-tier licensing regime for property management practitioners. RICS supports these criteria and believes that the above criteria can indeed provide property management professionals with relevant knowledge and skills that can be applied in practice at a supervisory or managerial level. RICS anticipates the Bill to pass smoothly and swiftly through the legislative process. The early implementation of the licensing system will serve to enhance the professional status of the industry as a whole.

Dr Daniel Ho, Chairman of RICS Hong Kong said: "RICS welcomes the relevant regulatory measures into the legislative process, which further establishes an industry wide standard for the property management profession. As a professional institution, RICS fully supports the licensing regime of property management practitioners in order to guarantee quality service. We also suggest that the relevant departments and institutions increase resources towards property management training programmes, in order to meet the market demand for qualified property management practitioners."

About RICS & RICS Asia

RICS is the world's leading qualification when it comes to professional standards in land, property and construction.

In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.

Over 118,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity -- providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.

The RICS Asia supports a network of over 18,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.

The RICS Asia region covers national associations and local groups locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China and the Hong Kong SAR. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.

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