The 26th Pan Pacific Congress of Real Estate Appraisers, Valuers and Counsellors, 1-4 October 2012 in Melbourne, Australia
Sr Edward Au represented the HKIS and attended the 26th Pan Pacific Congress of Real Estate Appraisers, Valuers And Counsellors (PPC). It was held from 1 to 4 October 2012 in Melbourne, Australia. The PPC is held biennially on a rotating basis around the Pacific Rim by member associations. This year, the Congress focused on sustainable development, green buildings, and their effect on valuation. A number of concurrent sessions were available for delegates’ participation. Other discussion topics included financial instruments, intangible assets, detrimental assets, green building valuation, and capital investment. Sr Edward Au has written a separate report on the PPC event in this issue of Surveyors Times.
WAVO Board Meeting 2012
The World Association of Valuation Organizations (WAVO) held its Board Meeting on Monday, 1 October 2012, at the Travelodge, Dockland of Melbourne, Australia. In attendance were representatives from association members, including Messrs Richard Borges (AI (USA)), Edward Au (HKIS), Prof Lim (SISV), Keith Goodwin (AIC (Canada)), David Shum (AIC), Keith Lancastle (AIC), Adrian Crivii (ANEVAR), Ian Campbell (PINZ), David Clark (PINZ), Tan Choi Heng (SISV), John Teo (SISV), and Gan Bee Ghee (SISV)(WAVO Secretary). The meeting was chaired by Prof Lim. Mr Ricardo Garza, President of the Federacion De Colegios De Valuadores in Mexico, was in attendance to the board meeting. The attendees reviewed the progress of the work that was initiated from the last WAVO Board Meetings and discussed future developments of the organization. The following key issues were discussed:
(i) The WAVO International Valuation Certificate (known as WIVCert) is an educational programme for both members and non-members who are interested in international real estate and valuation across borders. The WIVCert will be granted to participants who meet the following requirements: the completion of ten modules of online study; attendance in two WAVO or WAVO-recognized congresses, and the completion of a paper on a valuation topic within a two-year period. The attendees agreed that the proposal was a good initiative and should help raise the profile of WAVO. A panel of real estate professors will be invited to join the WAVO Board of Assessors with a view to offering relevant modules to participants.
(ii) The WAVO Competency and Practice Guide for Valuation Professionals – the Guide is intended to encourage the best practices for valuers around the globe based on international standards and practices (e.g. IVSC), as well as the valuation standards and practices adopted locally by member associations. Representatives of member associations expressed different views at the meeting over the possible overlapping of local standards and guidance(s) and usefulness of the proposed Guide. The attendees agreed to consider the proposal further. The draft Guide will be circulated to all member associations for their comments.
(iii) Valuation experts – the principal objectives of WAVO are to ensure a consistent application of valuation standards, methodologies, and practices; to set criteria for education standards; and to raise the standards of professionalism. The WAVO Board decided to compile a list of the world’s experts in the valuation field. The WAVO Secretariat is now inviting valuation experts from member associations to join the expert panel.
(iv) The WAVO Certified Valuer – another proposal raised during the Board Meeting was the awarding of a WAVO Certificate to competent evaluator(s), thereby making them WAVO Certified Valuers. Qualified evaluators or those who have obtained the WIVCert and were approved by a vetting panel would be awarded with the title, “WAVO Certified Valuer” alongside their listed names on the WAVO website. This proposal will be further explored by the WAVO Board.
(v) International Valuation and Appraisal Week – last year, the first "International Valuation and Appraisal Week" was adopted by a number of leading valuation and appraisal organizations around the world. It helped enhance the important contributions of evaluators and appraisers towards the global economy. This year, the WAVO Board has continued with the same theme and has organized the second Valuation and Appraisal Week for 1-7 November 2012. The purpose is to further raise the profile and awareness of the important role of evaluators and appraisers in the global community and to commemorate the significance of the valuation and appraisal practice in the global marketplace. The GPD will organize CPD and valuation activities during the second International Valuation and Appraisal Week.
(vi) The WAVO Congress 2013 – it was proposed that the next WAVO Congress be held in Chennai, India in 2013. The WAVO Board Meeting will be held in April or May 2013. As suggested by the President of the AIC, this meeting may be held in Calgary, Canada.
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A little briefing note about WAVO- it is a body that brings together professional property valuation organizations that represent valuers and related property consultants employed in private practice, business and industry, the public sector, and educational institutes, as well as some specialized groups that interact frequently with the profession. WAVO’s mission is to develop and enhance the valuation and related professions and to ensure that the provision of services is of consistently high quality and uniformity in the public interest. WAVO will carry out its mission by promoting the best practices, supporting the most robust and consistent standards, encouraging higher education, and facilitating lifelong learning among its Member Associations and their members. Member Associations (with countries in parentheses) include:
Full Member
1. Appraisal Institute of Canada AIC (Canada)
2. Appraisal Institute AI (United States)
3. China Appraisal Society CAS (China)
4. China Institute of Real Estate Appraisers and Agents CIREA (China)
5. Consiglio Nazionale Geometri e Geometri Laureati CNG (Italy)
6. Hong Kong Institute of Surveyors HKIS (Hong Kong)
7. International Association of Consultants, Valuators and Analysts IACVA (Canada)
8. Korea Appraisal Board KAB (Korea)
9. National Association of Romanian Valuers ANEVAR (Romania)
10. Property Institute of New Zealand PINZ (New Zealand)
11. Singapore Institute of Surveyors and Valuers SISV (Singapore)
Nominee Members
1. Institution of Govt. Approved Valuers IGAV (India)
2. Korea Association of Property Appraisers KAPA (Korea)
3. Vietnam Valuation Association VVA (Vietnam)
Observer Members
1. Hoang Quan Appraisal Co., Ltd. HQA (Vietnam)
2. The Real Estate Regulatory Agency RERA (Dubai)
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Visit of the Property Institute of New Zealand
On 22 October 2012, 23 members from the Property Institute of New Zealand (NZPI), led by Ian Campbell (Past President & Board Member) and David Clark (CEO), visited the HKIS. The delegation was greeted by the HKIS President, Sr Serena Lau; the Hon Treasurer, Sr Gary Yeung; Sr Francis Ng; Sr KK Chiu; Sr Eugina Fok; and Sr Edward Au. Attendees exchanged views on current intuitional affairs and the property situation in Hong Kong and New Zealand.
The NZPI delegates were briefed on the structure, history and organization of the HKIS and the Hong Kong property market. They showed a keen interest in the residential property market and property prices in Hong Kong. The NZPI intends to expand its cooperation with overseas institutes. Questions on the reciprocity arrangements on professional qualification with the relevant organizations in the Mainland China were raised. On the other hand, the HKIS noted that the NZPI has launched online property professional teaching courses that may be of interest to HKIS members. We shall ask for further information in this regard and keep members informed on its progress.
Press Conference on the New Territories East New Town
The GPD’s comments and response to the government’s New Territories East New Town Development (NENT) proposal was reported in the September issue of Surveyors Times. The GPD held a press conference on 22 October 2012 to promulgate the HKIS’s view. The conference went off well with elaborations made by Sr CK Lau, convener of the Working Group on Land Supply, and Sr Francis Ng.
