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RICS Announces Results of Salary & Benefits Survey 2007

The Royal Institution of Chartered Surveyors
2007-11-27 21:43 3270

Macau Demonstrates Its Huge Potential by Outperforming All AP Countries

HONG KONG, Nov. 27 /Xinhua-PRNewswire/ -- The Royal Institution of Chartered Surveyors (RICS) and Macdonald & Company today announces results of the Salary & Benefits Survey 2007.

Average annual salary of professionals working in property sector in 2007 is US$82,636, which represents a double-digit growth of approximately 17% (average annual salary of 2006 was US$70,683). Although the highest percentage of salary increment was recorded in China in 2006 (13.8%), its influential position is replaced by Macau in 2007, which is currently expanding in an unprecedented speed. China has recorded only 9.5 % of salary growth in 2007 while Macau has 16.6% record high of salary growth.

Average salary of property professionals in Hong Kong increased by 8.7% this year (2006: 6.3%). Although a higher rate of increase is recorded for 2007, Hong Kong only ranks fifth among other Asia Pacific countries. Industry players in Malaysia also experience double digit salary growth among other Asia Pacific countries, representing tremendous increase in demand for industry professionals.

Survey result also reflects that workforce in Commercial / Residential Development is with the highest average salary (US$141,911), which is slightly ahead of average salary earned by workforce in Corporate Real Estate and Fund Management business (US$139,478 and US$133,905 respectively) Over 60% interviewees received bonus over the past 12 months with an average rate at 21% of their salary (approximately US$17,633 or HK$137,537).

71% of Real Estate (RE) industry players received pay rise in 2007 with an average increment rate of 9%, which represents a drastic growth from the same period in 2006 and also demonstrates the huge development potential of the industry. Among all RE related industries, Valuation and Fund Management specialties experienced the most prominent double-digit growth.

Background of Survey

Salary & Benefits Survey has been conducted in UK for a consecutive eight years and is one of the most influential survey reports in the world. With the booming development of the Asia Pacific region in recent years, RICS started the Salary & Benefits Survey tailored for Asia Pacific in 2006 to allow a better grasp of practical industry data for professionals working in the region.

Salary & Benefits Survey was jointly organized by RICS and Macdonald and Company and conducted, through online questionnaire, by an independent research firm. A total of 1,226 completed questionnaires were received in October this year, among which detailed analysis was conducted.

Ms Cindy Kwong, Head of Marketing and Development, RICS, says " Last year, we have successfully received a very positive feedback from a pool of 769 industry players, while this year the pool has expanded to 1,226 active players in the region. This further reflects the authoritativeness of the survey. This year, we also included more countries such as Australia, India and others in order to draw a more representative picture of the salary and career trend for the profession in the region and thus help them get prepared for upcoming challenges."

Mr. William Glover, International Director, Macdonald and Company, says "The Macdonald & Company/RICS salary surveys which are now conducted around the world, help to bring greater transparency and understanding of the changing employment conditions in the dynamic property industry. Our clients and the RICS members within the region benefit from being able to use the data to help plan their human resource strategies and ensure that their staff are accurately compensated in a what is currently a competitive market for professional property talent."

About RICS

RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 140,000 members globally and represents, regulates and promotes the work of property professionals throughout 122 countries.

The RICS Asia Pacific supports a network of over 9,000 individual professionals across the Asia Pacific region in Brunei, Malaysia, Singapore, Sri-Lanka, Thailand, The People's Republic of China, the SAR Hong Kong, India, Indonesia, Japan, South Korea, The Maldives, Pakistan, The Philippines, Taiwan and Vietnam. For more details, please visit our website: http://www.rics.org/asiapacific .

About MacDonald and Company

Macdonald & Company is the leading professional recruitment consultancy to the property industry. Macdonald & Company deals exclusively in the recruitment of property professionals across the UK and worldwide. They act for a diverse range of clients. These include banks, consultancies, property companies, funds, institutions, developers -- indeed, any organisation that occupies, owns, invests in or advises on property. For more details, please visit our website: http://www.macdonaldandcompany.hk .

Media enquiry, please contact:

RICS Asia Pacific Public Relations Representative

Ms Belinda Chan / Ms Katherine Chow

Tel: +852-2372-0090

Fax: +852-2372-0490

Mobile: +852-9379-3045 / +852-9256-3223

Email: belinda@creativegp.com / kat@creativegp.com

Source: The Royal Institution of Chartered Surveyors
Keywords: Real Estate
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