Policy Address

Licensing Regime for the Property Management Industry

48.       We also need to monitor the operation of property management companies.  Such monitoring will be essential to complement any future legislation under which the hiring of property management services may become mandatory for certain buildings.  There are currently no industry-wide basic requirements for property management companies and practitioners.  We propose that a statutory licensing regime for the property management industry be established to ensure the quality of their services.  We will consult the public shortly and make a decision within the first half of next year.

Overall Strategy

49.   I have just now explained Hong Kong's housing policy and our proposed actions.  They represent our response to prevailing issues.  From a macro perspective, we need to formulate a strategy on land development to address the root cause of the housing problem.  In the medium term, the proposed My Home Purchase Plan will help the sandwich class purchase homes.  We will make available land for small and medium flats to respond to the shortage of such units in the private residential market.  In the short term, we will take appropriate measures to ensure the healthy and stable development of the private residential market, including controlling “inflated buildings”, revising the Capital Investment Entrant Scheme, and examining the issues on regulating the sale of first-hand residential properties by legislation.  I hope these long, medium and short-term initiatives will make Hong Kong a better home.

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