HONG KONG, April 25, 2014 /PRNewswire/ -- The Legislative Council ("LegCo") Brief on the Property Management Services Bill ("the Bill") has been published in the gazette today by The Government of the Hong Kong Special Administrative Region. The Hong Kong Institute of Housing ("HKIH") agrees and strongly supports the motion, and looks forward to the swift implementation of the licensing system.
Following the official submission of the Bill by The Home Affairs Bureau to LegCo, the First Reading and commencement of Second Reading Debate will occur on May 7th 2014. With increasing public expectation for high quality property management, and international recognition of professional standard in the industry, HKIH hopes the Bill will be supported by LegCo and will be implemented earlier. Other than protecting the interest of occupants and property owners, the Bill will serve to raise the professional status of the industry.
Professional property management provides a comprehensive range of services, including basic management services, property environmental management, building repairs and maintenance, finance and asset management, facilities management, human resources management and legal services. Property management companies and property management practitioners play an important role in managing the property properly for the occupants and owners, the quality of management will directly affect the safety, hygienic environment and value of the property.
The Bill outlines a two-tier licensing regime for property management professionals. The licensing criteria for eligibility will be based on academic qualification, professional qualification and relevant working experience. HKIH has previously put forth a set of recommendations regarding the criteria to the Advisory Committee on the Regulation of the Property Management Industry. Property Management is a unique profession which requires an in-depth understanding of diversified professional knowledge and skills, it is therefore recommended that the licensing criteria should include higher educational qualifications (first tier property management practitioners should be at least a degree holder), as well as relevant professional qualifications recognized by related professional institutes, in order to ensure that licensed practitioners of the industry have competent expertise. Since local occupants and owners are the ultimate end users of property management services, local relevant working experience should also be included in the criteria.
The Bill will provide for a two-tier licensing regime. The qualification requirements for the first tier will be higher than that for the second tier. Such a two-tier system would help encourage property management practitioners to pursue further professional development for upgrading to the higher tier. HKIH finds the proposed three year transitional period after the enactment of the principal ordinance and subsidiary legislation is sufficient for property management practitioners to prepare themselves to migrate to the new licensing system. Through licensing, industry specialization would attract "new blood" to join the industry, while continuing to allow property management practitioners with a lower level of qualification to have viable access to the job market.
To enhance the quality of professional property management practitioners, HKIH considers legally-binding and widely-adopted industry practices to be a necessity. With the successful implementation of effective regulatory measures, the quality and professional standard of the industry will be further enhanced and more confidence or trust will be gained from occupants and owners, hence producing a win-win situation for all.
HKIH plays an important role in the evolution of professional property management, it will continue its dedication to strengthen members' professional status and to nurture the young generation to join the workforce with great success. HKIH maintains very strict assessment mechanisms for all members as to ensure members are well-equipped with professional qualifications and skill-sets of managerial level which will meet the future requirements of the regulatory regime.
Ms Cora YUEN, President of The Hong Kong Institute of Housing said, "The implementation of the new licensing regime will raise the quality and professional standard of property management, thereby greatly increasing and benefitting the quality of building management, building maintenance, personal safety, and the overall living environment as a whole. If the building is properly managed, safety can be ensured, and property values will be enhanced. HKIH takes the licensing scheme very seriously, and hopes that the Bill can be passed smoothly. Doing so will enhance the professional standards of the property management industry, and will ultimately create a comfortable living environment for the occupants and owners."
