HONG KONG--(BUSINESS WIRE)--The Legislative Council today passed the “Property Management Services Bill” (the Bill) that kicks off the licensing regime for property management companies and professionals. The Hong Kong Institute of Housing (HKIH) is pleased to see the efforts spent over the years materialized and that the professional status of the property management sector is to be elevated and reassured.
Since 2010, HKIH has played an active role in helping the Home Affairs Department and related committee formulate and draft the Property Management Services Bill by contributing valuable expertise knowledge and experience. HKIH is pleased to see that many of the professional advices from HKIH and major stakeholders have been adopted in the new legislation. HKIH hopes the soon-to-be-established Property Management Services Authority (PMSA) will further consult stakeholders on formulation and details of the licensing regime. Thorough consultation will ensure effective and smooth enactment of the new legislation. Towards this ultimate goal, HKIH is ready to provide professional input to PMSA once it is formed.
Dr. Johnnie Chan Chi-kau, President of HKIH, commented, “Passing of the Property Management Services Bill is only the first step towards implementation of a comprehensive licensing regime. Future development and promotion of the regime is actually more important. HKIH has generated substantial advices and suggestions relating to the profession in the drafting of the Bill, and we expect our professional members to continue playing a major role in PMSA so as to benefit the housing service sector and general public as a whole. HKIH is one of the major professional institutions representing Hong Kong’s assets, facilities, property management sector and housing professionals. Leveraging on our expertise and authoritativeness can surely enhance effectiveness and efficiency of PMSA in the long run.”
Key Highlights of the Bill
1. Licensing of Property Management Companies (PMCs): The new legislation provides for a single-tier licensing regime of PMCs. A PMC has to fulfil all the licensing criteria including the minimum number of directors and employees holding Property Management Practitioners (PMPs) licences, the suitability of the company in holding PMC licence.
2. Licensing of PMPs: The new legislation will provide for a two-tier licensing regime of PMPs. Only those PMPs who take up a managerial or supervisory role in the provision of property management services will be subject to licensing. This is in line with the purpose of the licensing system, which is to require those making decisions for the provision of services to ensure service quality. The PMP licensing criteria will include three “crucial requirements” which are “academic qualifications, professional qualifications and relevant working experience “, then comes to the suitability of the person in holding PMP licence. The aforesaid three crucial requirements for the first tier of PMPs, who may describe themselves as “registered professional property manager”, will be higher than that for the second tier of PMPs, who may describe themselves as “licensed property management officer”. Such a two-tier system would help encourage licensed property management officer pursuing career development through proper professional education and training.
3. Establishment of Property Management Services Authority (PMSA): The PMSA will assume the dual functions of a licensing body and professional service promoter. The chairperson and members of the PMSA are to be appointed by the Chief Executive (CE). The PMSA consists of the Chairperson, the Vice-chairperson and not more than 18 members from the following three categories of individuals –
(i) individuals who are engaged in property management services;
(ii) individuals who have experience in the relevant fields related to property management, general administration or consumer affairs;
(iii) other individuals who appear to the CE to be suitable to be appointed as members.
President Chan added, “The new legislation proposes a three-year transitional period. Unlicensed PMCs and PMPs will not be allowed to practise in the provision of property management service upon expiry of this period. HKIH sees the transitional period as very important in allowing practioners to adapt to the new regulations and also in ensuring professional standards are met. Currently there are a lot of variations in qualifications and experience level of practitioners in the industry. Although HKIH evaluates professional standards of our members on regular basis, there is no recognized monitoring standard industry-wide and we are unable to monitor those who are not members of HKIH. Although the new licensing regime will guarantee professional standard of the service, some practitioners are worried about not being able to meet the licensing criteria. The ample transitional period will allow sufficient time for them to pursue necessary qualifications and experience so as to meet the licensing requirements.”
With the enactment and development of the licensing regime, HKIH wishes to attract more new bloods to join the profession in order to reinforce the workforce. The new entrants are expected to bring more positive impact to the housing profession and the community at large. Hong Kong is famous with its provision of professional services, in particular, in the property development sector, thus, property service has always been a sustainable and ever-prospering profession. A proper monitoring and licensing regime will greatly enhance the credibility and professional image of the property sector, hence attracting more young talents into the profession.
About Hong Kong Institute of Housing
The Hong Kong Institute of Housing (HKIH) was incorporated in Hong Kong on 29 November 1988. HKIH is a professional body in Hong Kong for those who are engaged in the co-ordination and execution of housing services incorporating design, provision, improvement, management and administration of all types of housing. HKIH currently has over 3,000 members, who are responsible for the management of no less than 70% of all housing stock in Hong Kong. Members of HKIH are mainly employees of HKSAR government, statutory bodies such as Hong Kong Housing Authority, Hong Kong Housing Society, MTRC, Link, property developers and property management companies in Hong Kong. For more information about HKIH, please visit: http://www.housing.org.hk/