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HONG KONG, Nov. 3, 2014 /PRNewswire/ -- RICS (Royal Institution of Chartered Surveyors) supports HKSAR Government's implementation framework of the Pilot Scheme for Arbitration on Land Premium ('the Scheme") and believes this programme will help improve transparency, expedite the land premium process, and increase land supply.
In response to the Scheme's need for professional arbitrators, RICS Hong Kong's Valuation & Planning and Development Professional Group Committee have established a task force to compile a list of qualified chartered surveyors as arbitrators. Listed chartered surveyors must have at least 10 or more years of experience in local land matters, including land lease modifications, land exchange and premium negotiation. Over one hundred RICS members are qualified as arbitration tribunal members and RICS' global Valuer Registration is in place to ensure the independence, impartiality and professionalism of RICS arbitrators.
Albert So, Chairman of the RICS Hong Kong Valuation & Planning and Development Professional Group Committee said: "RICS welcomes the implementation of the Pilot Scheme for Arbitration on Land Premium which will help the Government and landowners to resolve land premium disputes by providing an additional platform for resolution. This will speed up the process of land premium negotiation, and ultimately accelerate housing and land supply. The Scheme allows both parties to be represented at arbitration to determine the land premium, which will help raise the transparency of Land Premium determination and speed up the process. RICS Valuer Registration regulates its members to eliminate potential conflicts of interests and ensure an impartial arbitration, effectively safeguarding the interests of the Government, landowners, and Hong Kong Public."
All chartered surveyors providing valuation service using RICS valuation standards are required to register under RICS Valuer Registration, which regulates members through annual audit and review, ensuring a high level of professional conduct that complies with international standards.
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 20,000 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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