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Mainland, HK cooperate in real estate
By Fu Jing (China Daily)
Updated: 2004-08-21 00:34

The mainland and Hong Kong started to mutually recognize the qualifications of real estate appraisers and surveyors on Friday.

The first team of 111 mainland appraisers became members of Hong Kong Institute of Surveyors on Friday after an examination. And 97 surveyors from Hong Kong became members of the Chinese Society of Real Estate Appraisers.

Vice-Minister of Construction Liu Zhifeng said this is an important step in implementing the Closer Economic Partnership Arrangement (CEPA), agreed between the mainland and Hong Kong last year.

According to CEPA, the mainland and Hong Kong will encourage the mutual recognition of professional qualifications.

Liu urged appraisers and surveyors to set a good example in improving professional ethnics in the real estate sector.

James Jao, CEO of the US-based J.A.O. Design International said mutual recognition is a "significant step" in improving China's real estate industry.

"The benefits are great," said Jao, whose company has a branch in Hong Kong.

The professional skills and ethics of Hong Kong surveyors, who enjoy high international reputation, will set an example for their mainland colleagues.

Improved ethics and skills resulting from the joint efforts of professionals in the mainland and Hong Kong are essential for the healthy development of the real estate sector.

"Most importantly, unbiased feasibility reports by professionals from both the mainland and Hong Kong will attract more foreign investors to pour their capital into China's real estate market," said Jao.

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