Around 30 Days Remaining under the Property Management Industry Licensing Regime Transitional Period No More Delay for Deed of Mutual Covenant Manager Property Management Companies to Apply for Licence if Required

Only around 30 days still remain for the three-year transitional period under the property management (PM) industry licensing regime (up to 31 July this year).

Chairperson of the Property Management Services Authority (PMSA) Dr James WONG today awarded Property Management Company (PMC) licence to 14 deed of mutual covenant (DMC) manager PMCs (see picture).

In accordance with the Property Management Services Ordinance (Cap. 626) (PMSO), starting from 1 August 2023, all PMCs providing properties subject to DMC with more than one category of prescribed PM services, as well as property management practitioners (PMPs) serving managerial or supervisory roles in such PMCs to provide PM services, must hold valid PM licence in order to continue to provide PM services after the transitional period in accordance with the law. A PMC required to be licensed cannot act as a PMC if it does not possess a valid PMC licence and a PMP cannot act as a licensed PMP if he/she does not possess a valid PMP licence. Contravention is liable on conviction to a maximum fine of $500,000 and imprisonment for two years.

As of today, the PMSA has issued over 13,000 PMP licences, whereby formal licences account for 68% and provisional licences account for 32%. The PMSA has also received over 740 PMC licence applications and issued licences to 650 PMCs/organisations, including over 60 DMC manager PMCs.

Chairperson WONG emphasised, “A DMC manager PMC has to fulfil the responsibilities imposed in the DMC, whether such responsibilities are fulfilled by the DMC manager or by other PMCs engaged by it (including outsourced service providers). The DMC manager PMC has to be licensed in accordance with the PMSO if it is responsible for providing two or more prescribed categories of PM services (e.g. financial and asset management service as well as general management service such as arranging owners’ general meeting, etc.). DMC manager PMCs yet to apply for licence should seize the opportunity soonest possible and be licensed before the end of the transitional period so as to avoid breaking the law.”

Members of the public may visit the PMSA website (pmsa.org.hk) to inspect the Register of Licensees in order to verify as to whether the PMCs they have engaged are licensed.

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