RICS Strongly Supports the Improved Land Supply Policy, Implementation of 'Operation Building Bright' and Investment in Infrastructure Announced Under the Budget 2010-11

HONG KONG, Feb. 24 /PRNewswire-Asia/ --

RICS Hong Kong Response

In response to the Budget 2010-11 announcement today, RICS welcomes and supports the initiatives put forward by the Financial Secretary of the Hong Kong Special Administrative Region on land, property and building related policies listed below.

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1. Land supply

In order to increase land supply for residential development, the Government will put up several "urban" residential sites in the Application List 2010-2011 for sale by auction or tender in the coming two years if these residential sites have not been successfully applied for and sold out by auction through the current Application List system. Mr. David Tse, Member of RICS International Governing Council welcomes this flexible measure as this fiscal policy will greatly enable Government to fine tune the land supply for residential developments, and by suitably drafted land sales conditions of these selected residential sites, fine tune the supply for specific types or sizes of residential flats or accommodations in response to market conditions or demand by the general public, e.g. small or medium sized flats which are in great demand but lack of supply. The 2 years' period is also a reasonable time frame for the Government to test run this improved land sale system and for the property market to adjust or get back on track.

2. Maintenance of old buildings

RICS supports the Budget allocate additional funding of $500 million for "Operation Building Bright" joint forces by Hong Kong government, Hong Kong Housing Society and the Urban Renewal Authority on provision of technical and financial assistance for carrying out building repair and maintenance works. Nevertheless, RICS Hong Kong Building Surveying Professional Group Committee spokesperson comments on this proposal, "In view of the large number of old buildings lacking of proper management and maintenance, the funding of $500 million may not result in significant improvement." RICS is willing to join hand with the Government and various stakeholders to explore a holistic strategy for enhancing the safety standard of our building stock.

RICS will hold a press briefing tomorrow, 25th February 2010 at 3:15pm in RICS Asia office to response on building and windows inspection scheme, and introduce RICS Best Practice for property owners and occupants on the maintenance of old buildings.*

3. Investment in infrastructure

RICS also welcomes the capital works expenditure of $49.6 billion in infrastructure projects such as Kai Tak Cruise Terminal Building and ancillary facilities, Hong Kong-Zhuhai-Macao Bridge Hong Kong boundary crossing facilities. This creates job opportunities for surveyors in construction industry.

4. Green Building

As for the promotion of "green economy" by the government, Mr. James Pong, RICS Hong Kong Environment Professional Group Committee Chairman says, "RICS has been very supportive in green building. Not only it brings better living environment to community, it also saves energy such as electricity and water bills."

5. Revitalising Old Industrial Buildings

The growing concern of this matter is in line with an industrial buildings research report conducted by RICS, along with recommendations to the Government back in June 2008. Discussion has been continued among members of RICS in order to come up with ideas that will assist the Government in adopting the most pragmatic policies to revitalise industrial buildings for creative industry development.

* Details of the press briefing as follows:

Date: 25th February 2010 (Thursday)

Time: 3:15pm - 4:30pm

Venue: RICS Asia Office Conference Room

Suite 1804, Hopewell Centre, 183 Queen's Road East, Wanchai

Speakers: Mr. David Faulkner, Chairman of RICS (Hong Kong)

Mr. David Tse, Member of RICS International Governing Council,

Chairman of External Affair & Public Concerns Committee RICS

(Hong Kong)

Mr. Christopher Wong, Chairman of Building Surveying

Professional Group of RICS (Hong Kong)

About RICS & RICS Asia

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 supports a network of over 11,000 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, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: http://www.ricsasia.org .

Media enquiry, please contact:

RICS Asia Public Relations Representative

Ms May Cheung / Ms Ava Lau

Tel: +852-2372-0090

Fax: +852-2372-0490

Mobile: +852-9099-2218 / +852-9829-2913

Email: may@creativegp.com / ava@creativegp.com