The effect of the building management ordinance on residential property management in Hong Kong : from owner-organization's perspective

2002 ◽  
Author(s):  
Wai-mun, Susanna Chiu
Keyword(s):  
Hong Kong ◽  
Residential Property ◽  
Property Management ◽  
Building Management

On the Property Management Services Ordinance of Hong Kong: concerns and implications

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Philip Wong ◽  
Joseph Lai
Keyword(s):  
Hong Kong ◽  
Common Law ◽  
Self Regulation ◽  
Policy Formulation ◽  
Property Management ◽  
Content Type ◽  
Freedom Of Contract ◽  
The United Kingdom ◽  
Potential Problems ◽  
Management Services

PurposeThis paper aims to examine the concerns and implications of the recently enacted Property Management Services Ordinance (Cap. 626) (PMSO) of Hong Kong.Design/methodology/approachA review was undertaken to identify the characteristics of the property management-related legislation of common law jurisdictions similar to Hong Kong, which include Australia, Canada and the United Kingdom. Then, the development of the property management-related ordinances in Hong Kong and the key features of the PMSO were examined. Finally, a case study was conducted to demonstrate the potential problems of the PMSO.FindingsThere are various kinds of legislative controls on property management services in the above common law jurisdictions. The PMSO, which is the first to regulate property management services providers through a licencing system and introduce control on training and professional development, imposes limits on freedom of contract and self-regulation of professionals. Potential problems with the implementation of the PMSO are also revealed.Research limitations/implicationsThis research analyses four common law jurisdictions. Property management services contracts in these jurisdictions are subject to governance by their case laws and market operations.Practical implicationsBy virtue of the new licencing system of the PMSO, property management services contracts in Hong Kong become a new kind of specific contracts.Originality/valueThis paper illustrates the relationship between freedom of contract and public benefit. It contributes knowledge to the area of government policy formulation in property management.

scholarly journals BRE INDEX FOR THE HONG KONG RESIDENTIAL PROPERTY MARKET

2004 ◽  
Vol 8 (2) ◽  
pp. 105-119 ◽  
Author(s):  
Eddie Chi Man Hui ◽  
Joe Tak Yun Wong
Keyword(s):  
Hong Kong ◽  
Housing Price ◽  
Capital Gains ◽  
Residential Property ◽  
Property Market ◽  
Price Expectations ◽  
Significant Difference ◽  
Market Outlook ◽  
Price Trends ◽  
Residential Market

This paper examines housing price trends and prediction, of homeowners and potential home buyers, and establishes an independent index (the BRE Index) based on longitudinal telephone surveys collected. The Index, first of this kind in Hong Kong, measures price expectations and benchmarks the level of housing actors’ confidence in the residential market. This is the first paper delivered as part of a government‐funded research project. It synthesizes the key findings of the first survey mounted from 17th to 20th December, 2003. The results show that confidence among housing actors has begun to grow since the property crash in late 1997 with the “overall” BRE Index standing at 564 (0–1000 range). In general, homeowners, people with higher educational level and higher income are optimistic about the market outlook. Residential property prices are expected to rise marginally in the short term. Statistically, there is no significant difference in housing price expectations between homeowners and non‐owners. In their minds, economic condition is the most important factor affecting housing decisions. Apparently, the rising trends in the immediate past have been used to form expectations. The strength of the association between actual capital gains and forecast capital gains is moderately strong, and there appears co‐movement between them. This leads us to believe that hope‐led expectations increase the likelihood of sustaining price increases. The current market is largely driven by expectations. If households formed their expectations in a similar manner in other periods, there would be similar “positive hit” results, which might render the Index more powerful.

International Real Estate Review

2004 ◽  
Vol 7 (1) ◽  
pp. 121-138
Author(s):  
Xin J. Ge ◽  
◽  
G. Runeson ◽  
Keyword(s):  
Neural Network ◽  
Time Series ◽  
Hong Kong ◽  
Time Series Data ◽  
Series Data ◽  
Residential Property ◽  
Neural Network Approach ◽  
Price Performance ◽  
The Neural Network ◽  
Property Price

This paper develops a forecasting model of residential property prices for Hong Kong using an artificial neural network approach. Quarterly time-series data are applied for testing and the empirical results suggest that property price index, lagged one period, rental index, and the number of agreements for sales and purchases of units are the major determinants of the residential property price performance in Hong Kong. The results also suggest that the neural network methodology has the ability to learn, generalize, and converge time series.

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