Three-year Transitional Period under the Property Management Industry Licensing Regime Ends
Over 740 Licensed Property Management Companies and Nearly 12,000 Licensed Property Management Practitioners in Hong Kong
Embrace Together the New Era of Property Management
The Property Management Services Authority (PMSA) announced today that the three-year transitional period under the property management (PM) industry licensing regime has ended. The PMSA has issued over 740 property management company (PMC) licences, covering PMCs which provide PM services to nearly 2.2 million flats in various types of private properties across Hong Kong. As for property management practitioners (PMPs), the PMSA has issued over 14,300 PMP licences, whereby formal licences account for 69% and provisional licences account for 31%. Discounting those who have obtained both formal and provisional licence as well as those who hold more than one class of licence, nearly 12,000 PMPs have already been licensed.
Starting from 1 August 2023, all PMCs providing properties subject to deed of mutual covenant with more than one category of prescribed PM services, as well as PMPs serving managerial or supervisory roles in such PMCs to provide PM services, must hold valid PM licence in accordance with the Property Management Services Ordinance (the Ordinance) in order to continue to provide PM services after the transitional period. A PMC required to be licensed cannot act as a PMC if it does not possess a valid PMC licence. For relevant PMPs, one 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.
Chairperson of the PMSA Dr James WONG said, “According to the data now known to the PMSA, all PMCs required to be licensed under the Ordinance have submitted licence application and have been all successfully licensed. As for licensed PMPs, the number matches with market and industry forecast.”
Chairperson WONG added, “The ending of the three-year PM industry licensing regime transitional period and positive response from the industry reflect that the industry embraces the new era of PM whereby relevant PMCs and PMPs are licensed and advancing towards enhanced quality and professionalism. This is encouraging and hope-inspiring. The PMSA will strive to driving the industry to uphold the three core values of ‘Quality’, ‘Integrity’ and ‘Advancement’ for the public to live and work in harmony.”
Chairperson WONG emphasised, “The PM industry licensing regime owes its successful implementation and transition to the collaboration and cooperation of the PM industry which has embarked in practical action to support the continuous and healthy development of the industry. I would wish to take this opportunity to express heartfelt gratitude on behalf of the PMSA to various industry stakeholders who have all along supported and assisted the PMSA in executing its statutory duties, and also to the concerned Government departments and public bodies. Looking ahead, the PMSA will continue in future to take on the task of leading and motivating the industry and raises its professional standard and status, and encourage continuing professional development for the sustainable growth of the industry.”
The PMSA will carry out inspection after the transitional period to ensure PMCs comply with and abide by the law. Should the PMSA discover unlicensed activity or receive complaints, it will take follow-up action according to the Ordinance.
Ends/Monday, 31 July 2023
Issued at HKT 17:00
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