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HK issues new rules for property valuation
By Alfons Chan (China Daily)
Updated: 2005-06-24 09:15

The Hong Kong Institute of Surveyors (HKIS) announced yesterday that surveyors have to follow a new set of standards from July 1 to evaluate property.

A spokesman for the institute, Yu Kam-hung, said the new yardsticks would be the guiding principles of all HKIS members for property valuation work, including public circulars, initial public offerings (IPO) and general valuation of lands or buildings.

"The new benchmarks were devised to make local surveyors' work and services more standardized to catch up with international trends, and make property valuation practices more transparent," Yu said.

"It will provide clear general practice guidance for many aspects of property valuation, including assessment of property, on-site research and feasibility studies," he said.

If HKIS members do not follow the new standards, they'd be subjected to appropriate penalties, which includes revoking of membership.

Along with the new standards, the Hong Kong Guidance Notes on the Valuation of Properties for Mortgage Purposes will take effect next month.

"Comments from the Hong Kong Association of Bankers and other organizations, along with those of our members will be incorporated in the guidance notes, which will become mandatory from July 1," HKIS president Cheung Tat-tong said.

HKIS also announced a list of 109 property valuers that could now conduct valuation for incorporation or reference in listing particulars and circulars and valuations related to take-overs and mergers.

"While there are 1,300 qualified HKIS members for this type of work, many of them are working in the government departments or for property developers, and have not applied for a place on our list," Yu said.

The institute said it had recommended to the Securities and Futures Commission and the Hong Kong Stock Exchange that only listed property valuers be allowed to evaluate listings or take-overs and mergers.

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