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HONG KONG, March 26, 2015 /PRNewswire/ -- RICS (Royal Institution of Chartered Surveyors) welcomes the recent release of the report by the Working Group on Intellectual Property (IP) Trading from the Commerce and Economic Development Bureau. The report describes a strategic framework to promote the development of Hong Kong as an IP trading hub in the region, and includes recommendations for: enhancing the IP protection regime, supporting IP creation and exploitation, fostering IP intermediary services and manpower capacity, and pursuing promotion, education, and external collaboration efforts.
Enhancing the IP protection regime
To enhance the IP protection regime, the report outlines preparations to implement the "Original Grant" patent system in Hong Kong, which will operate in parallel with the existing re-registration system. The framework will also keep other components of Hong Kong's IP regime under constant review, to ensure that Hong Kong's IP regime follows international norms. RICS supports the implementation of such systems. Since IP valuation is a way to quantify the economic value of intangible assets, the implementation of these systems will enhance the understanding of IP, and is an important foundation for promoting the development of IP intermediary services. To offer guidance to IP valuation professionals, the RICS IP valuation guidance note, after an internal consultation with RICS members, will be published in May later this year. The IP guidance note will describe how the legal, functional and economic characteristics of IP influence valuation decisions, and will help to develop Hong Kong as a regional trading hub for IP.
Fostering IP intermediary services and manpower capacity
IP intermediary services are in high demand in both Hong Kong and the rest of the world. Currently it is an underdeveloped area, with the potential to have strong impact on IP as an asset for valuation and financing. In facilitating the provision of manpower capacity for intermediary services, a high level of professionalism will need to be maintained. All IP valuation professionals will be able to consult the IP valuation guidance note, which will uphold high professional standards for IP valuation. The guidance note expands on the International Valuation Standards and RICS Valuation professional standards (the 'Red Book') in order to clarify the legal, functional, and economic characteristics of IP that should be considered during an IP valuation. The guidance note will also benefit IP trading and intermediary services as a whole by mitigating risks.
Pursuing promotion, education and external collaboration efforts
Fostering an IP awareness culture in society will push forward the development of Hong Kong as an IP trading hub. Therefor awareness of the importance and opportunities brought by IP trading needs to be raised especially among SMEs and the younger generation. RICS recommends the Government to allocate more resources towards training in the field of IP valuation, while RICS will be able to provide experienced IP valuers for professional consultation.
"The RICS IP valuation guidance note can help to establish industry wide professional standards, and ensure that RICS members provide the highest quality of valuation services. This is a big step towards establishing Hong Kong IP valuation at an international level."
-- Gary Man, FRICS, Chairman of the RICS Asia Business Valuation Committee
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world's wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China, Hong Kong SAR, Taiwan and South Korea. 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, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
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