HONG KONG, Aug. 13, 2014 /PRNewswire/ — The Royal Institution of Chartered Surveyors (RICS) is preparing a list of RICS Chartered Surveyors who have met the requirements of the Pilot Scheme for Arbitration on Land Premium (the Scheme) launched this month by the Hong Kong Government.
In support of the Scheme, the Valuation & Planning and Development Professional Group Committee of RICS Hong Kong has established a vetting committee to generate a list of chartered surveyors qualified for the Scheme. Listed RICS members must have at least 10 or more years of experience in local land matters, including land lease modifications, land exchange and premium negotiation.
Impartialness is crucial to arbitration and valuation. All chartered surveyors providing valuation service using RICS valuation standards are required to register under the mandatory RICS Valuer Registration, which regulates members through annual audit and review. The RICS Valuation — Professional Standards (Red Book) adopts and is fully compliant with the International Valuation Standards. All RICS valuation reports meet international standards and are globally recognized.
Albert So, Chairman of the Valuation & Planning and Development Professional Group Committee mentioned: "The Government’s Pilot Scheme for Arbitration on Land Premium will expedite dispute resolution of land premium, hence speed up land supply, especially through the release of land from developer reserves. RICS list of qualified chartered surveyors for the Scheme will bring about an impartial arbitration that complies with international standards. At the same time, our members are regulated under RICS Valuer Registration to eliminate potential conflict of interest during arbitration".
The Pilot Scheme for Arbitration on Land Premium aims to resolve disputes between land owners and Lands Department by speeding up land premium agreement on land lease modification / land premium disputes.
About RICS & RICS Asia
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction.
In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 118,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity — providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 20,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People’s Republic of China and the Hong Kong SAR. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.