Hong Kong – HAD appeals to property management companies and practitioners to promptly apply for licences (with photo)
HAD appeals to property management companies and practitioners to promptly apply for licences (with photo)
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The Director of Home Affairs, Mrs Alice Cheung, attended the 2023 Property Management Year Commencement Ceremony organised by the Hong Kong Institute of Certified Property Managers last Saturday (January 7). On the occasion, she reminded the property management (PM) trade that the licensing regime under the Property Management Services Ordinance (Cap. 626) (PMSO) shall be fully implemented from August 1 this year. By then, all PM companies (PMCs) and PM practitioners (PMPs) must hold valid PM licences pursuant to the law in order to provide PM services. The Home Affairs Department (HAD) appealed to PMCs and PMPs who have not applied for licences to promptly submit their applications. Owners’ corporations/owners’ organisations should also urge the PMCs they engaged to submit licence applications as soon as practicable.
The implementation of the mandatory licensing regime under the PMSO and the prescription of professional requirements for PMCs and PMPs would enhance the quality of PM services and promote the development of the PM trade. As at the end of 2022, the Property Management Services Authority (PMSA) has issued nearly 300 PMC licences and over 10 000 PMP licences. The HAD expects that around 28 000 private buildings and over 3.6 million residents will be benefited after the full implementation of the licensing regime.
The PMSO provides that a PMC providing more than one category of PM services for a property (e.g. management of the environment of a property; repair, maintenance and improvement of a property; facility management relating to a property, etc) shall hold a licence. As for PMPs, those who assume a managerial or supervisory role in a PMC in relation to its PM services shall hold a PMP (Tier 1) licence or PMP (Tier 2) licence depending on their academic qualifications, work experiences and whether they possess the professional qualifications of the Recognised Professional Bodies of the PMSA. Frontline staff are not required to obtain PMP licences.
For details of the PM licensing regime, please visit the website of the PMSA (www.pmsa.org.hk) or contact the PMSA at 3696 1111.
They’ve constantly been making the headlines due to their company’s monumental growth and landmark property deals, and now Scotland’s Real Estate Wealth Development Group have been sharing their knowledge to create greater awareness of what is involved in property trading and investment. Real Estate Wealth Development, better known as the REWD Group, is one of Britain’s most exciting and successful property development companies. Their ambitious vision is to create generational wealth for their key stakeholders by addressing the significant imbalance between supply and demand which exists within the UK property market. Since the business was established in 2018, it has built a multi-million pound residential rental portfolio, converted many empty commercial properties into residential housing including Houses of Multiple Occupation, created brand new properties, and refurbished and/or renovated empty and uninhabitable homes in order to provide additional high-quality stock for the rental market. The aspirational directors of the REWD Group – Laurie Duncan, Alex Robertson and Conar Tracey – have now developed a brand new book entitled “Fast-Track to Property Millions,” published by Stirling’s Extremis Publishing. This guide considers the many factors involved in approaching the housing market, and is perfect for newcomers looking to invest in property. The authors discuss their own varied experience in the field, taking readers from the fundamental rules of the trade through to more specialised considerations. With a current undersupply of four million homes in the UK housing market, and an estimated one million homes currently empty throughout Britain, there has never been a better time to be involved in the fast-moving property industry. In their book, Laurie, Alex and Conar share their collective expertise and offer the essential knowledge required to succeed in the world of property, covering topics which include legislation, taxation, due diligence, mindset, finance strategies and much more besides. Drawing on their own remarkable business journey so far, they provide practical examples of how to get started in the property market, moving from the basics through to the detailed strategies you will need to negotiate your own property deals for the first time. “Fast-Track to Property Millions” is released on Tuesday, 3 January 2023, and will be available from all good online booksellers and independent bookshops worldwide. For more information about the book, please visit the Extremis Publishing website at: https://www.extremispublishing.com/fast-track-to-property-millions.htmlScottish Property Developer Scales Up to Massive Success
Extremis Publishing Ltd.
Julie Christie
+44 7519 967499
https://www.extremispublishing.com
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