Ninety-nine HKIS Members obtained the CIREA Membership
On 20 October 2011, some key personnel of GPD Council together with HKIS representatives, including President Mr. Wong Bay and Senior Vice President Ms Serena Lau, arrived at Beijing and attended the CIREA (China Institute of Real Estate Appraisers and Agents) Annual Conference and diploma presentation.
In the following morning, after opening speeches by the organizers, diploma presentation was conducted by the HKIS President and the CIREA Chairman Mr. Song Chun Hua. Ninety-nine members of each institute obtained their qualifications. Nine out of the ninety-nine HKIS Members attended the event in person. Our representative of newly elected CIREA members, Ms Elsa Ng, gave a thank you speech during the presentation ceremony.
Thereafter, the CIREA Annual Conference seminar on valuation and appraisal issues took place. HKIS GPD speakers included Messrs KK Chiu, Francis Ng, Lawrence Poon and Joseph Ho. Members may wish to read more about this event from a separate article written by the CIREA Reciprocity Working Group convenor Mr Edward Au.
Election for the GPD Council 2011 - 2013
The present office of the GPD Council will come to an end in late November 2011. As a result, it is necessary to have an election of new Council Members.
Notification letters were sent to all GPD Members on 26 September 2011. 24 applications for election as GPD Council Members were received by the deadline on 19 October 2011. In the mean time, the Honorary Secretary together with the HKIS administrative office is arranging logistics. Details of election arrangement will be announced in due course.
Scale of Charges for Professional Services of General Practice Division
The new Scale of Charges for Professional Services of General Practice Division, HKIS (The New Fee Scale) has become effective in July 2011.
Ongoing discussions have been made with the Government and the concerned quasi-government bodies including Urban Renewal Authority and Lands Department (LandsD) regarding the adoption of the New Fee Scale for acquisition/ resumption cases. LandsD in April and September 2011 advised HKIS that review of the "Fee Scale" in relation to acquisition / resumption cases rates was still ongoing. Thus, from Government's perspective the fees for land resumptioncases would still be paid under the old fee scale.
In this connection, GPD has further submitted the following further information and justifications to the Government for consideration:
- The analysis of the Government Master Pay Scale related to Points 30-35 over the period from 1995 to 2011.
- Indicative professional charges (on hourly rates basis) for legal work, company secretarial work, and fees charged by members in the General Practice Division in the market.
- The revised minimum fees and flat rates reflect the work to be done and/or time to be incurred by members and/or their staff for such activities including taking instructions, settling the terms and conditions of the instructions in writing, provision of professional services, follow up work on invoicing and collection of fee etc.
We will keep members informed of the progress. Should you have any views and queries on this matter, please feel free to contact Mr. C K Lau (convenor of the working group on fee scale revision) by phone 2846 5501 or by email:
[email protected] .
APC Reform
Members may be aware that the new Assessment of Professional Competence (APC) has become operative following the amendment of the HKIS Constitution and Bye-Laws on 18 July 2011. The new APC system is applicable to Probationers or Student members who have registered for APC after 18 July 2011.
In coping with the APC reform, GPD Education Committee (Convened by Louie Chan and Thomas Tang together with other members Edward Au, Joseph Ho and Lawrence Pang) formed a sub-committee to work on the New APC Scheme in order to follow the line of the HKIS APC Reform. The sub-committee has now reported on the new GPD APC Scheme.
Background of the Change
1. Following the EGM on 18 July 2011, a new APC scheme (the New Scheme) took effect on the same date. The New Scheme recognizes the importance of professional knowledge in some subject areas and as such, the Probationers undergoing the APC will have to attain the required level in this respect. For candidates who submitted APC application form (APC1/GP) before 18 July 2011, please refer to the old Scheme.
2. For Cognate Degree Holders, the experiences required are as follows: 24 months of professional work experience are required. For those who are not Cognate Degree Holders, 36 months are required. Depending on the candidates' academic qualifications, entrance requirements on length of relevant property experience may vary for those applying for admission as probationers. In other words, if a probationer is not a cognate degree holder and not a relevant degree holder, he/she must have 12 months of relevant property working experience before the commencement of the APC training.
Part 1 Assessment
3. There are two parts under the New Scheme. Part I is a combination of (i) 12 months experience; (ii) 20 hours pre-qualification structure learning (PQSL) for cognate degree holders [40 hours PQSL for those who are not] within 12 months before Part 1 written assessment and (iii) Written Assessment of 4 papers.
4. Part 1 papers are:
(a) Valuation, including Rating, Business Valuation, Resumption, and Development;
(b) Asset management, Property Management and Agency Practice;
(c) Land Law (including Land Administration) and Landlord & Tenant;
(d) Urban Land Economics and Land Policies.
5. Courses for the preparation of the Part 1 papers which are also part of the PQSL will be available for probationers intending to sit for Part I papers.
Associate Membership of the HKIS
6. Probationers who have passed Part 1 may apply for admission as Associate Member of the HKIS. An interview (with no formality and no presentation) is required. Upon recommendation by the panel of interview, Associate Membership will be granted.
Part 2 Assessment
7. Probationers who have passed Part 1 may proceed to Part 2. Alternatively Part 1 and Part 2 may be taken at the same time. Part 2 is a combination of (i) 12 months training period for cognate degree holders [24 months for those who are not]; (ii) another 20 hours minimum pre-qualification structure learning (PQSL) for cognate degree holders within 12 months [40 hours within 24 months for those who are not] before oral assessment and (iii) oral assessment.
8. Same arrangements apply for those who are accredited sub-degree holders except that they have to take 40 hours PQSL within 24 months after passing Part 1.
9. Oral Assessment is an interview with prior submission of 2 cases of critical analysis (an academic research project is also acceptable), one of which one must be a valuation. During interview, presentation of one project (not necessarily the valuation case) is required.
Full Membership
10.Probationers who have passed Part 1 and Part 2 may apply for full membership of the HKIS.
Transition Period
11.The APC Guide is now being revised and will come into effect on 1 January 2012. There will be written assessment under the old scheme in October 2012 and the first Part 1 Written Assessment of four papers will take place in October 2013. All those who have enrolled as probationers after 18 July 2011 may be required to sit for the last written assessment in the old scheme in October 2012, as long as they will have had 12 months work experience by then. If they pass, they are treated as if they have passed Part 1 written assessment under the New Scheme. If they fail, they have to sit for the first Part 1 written assessment of 4 papers in October 2013. If they pass, they can sit for the Part 2 oral assessment in December 2013.
12.For those who have enrolled before 18 July 2012 may be required to sit for the last written assessment under the old scheme in October 2012, whether or not they have attained 20 months of experience (under the old scheme). If they pass, they can sit for the Part Two Oral Assessment provided that they have attained 24 months relevant experience by the time of the oral assessment.
13.In any event, there will only be Part 1 written assessment of 4 papers in October 2013 for all probationers notwithstanding their date of enrolment (i.e. whether they are under the New or Old Scheme).
Probationers and Student Members may wish to note that a Discussion Session will be held by the Board of Education on 18 November 2011 (Friday) to introduce the new APC skeletons and discuss concerned members/probationers about
the new APC system. Details will be announced shortly.
WAVO Valuation Week
To commemorate the significance of valuation and appraisal practice in the global marketplace, World Association of Valuation Organization (WAVO) has designated the first week of November as the "International Valuation and Appraisal Week". All valuation bodies are invited to participate in this global initiative. WAVO believes such annual recognition will serve to benefit members of the valuation fraternity worldwide. HKIS, being a member of WAVO, echoed this call.
On the other hand, arrangement has been made for the IVSC Annual Conference to be held in HKIS Head Office which includes a Joint Seminar on Valuation Standard to introduce the new IVSC valuation standard. WAVO plans to publish
activities organized by member institutes during the period in the Wall Street Journal and Reuters.
Diploma Presentation - HKIS CIREA Reciprocity
Reported By Edward Au, GPD Council Hon Treasurer, CIREA Reciprocity Working Group Member
Second Reciprocity Agreement with China Institute of Real Estate Appraisers and Estate Agencies (CIREA) (中國房地產價師與房地產紀人學會)
In March 2011, HKIS and CIREA hold the second membership reciprocity arrangement in Shenzhen. On 12 and 13 March, a total of 199 HKIS and CIREA members attended a two-day training session in Sunshine Hotel in Shenzhen then followed by an assessment / test at the end. A total of 198 members, 99 each of HKIS and CIREA passed the entry qualification of the respective institutes under this reciprocity arrangement. Thereafter, newly qualified members applied for and were admitted as professional members. As a result, 99 CIREA members joined HKIS as members of the GPD. Also, 99 HKIS members joined CIREA as their professional members.
To celebrate this great event, a diploma presentation was organized on 21 October 2011 during the CIREA AGM and Annual Conference 2011, which was held between 20 and 22 October 2011 in Beijing. A HKIS Delegation Team led by the President Mr Wong Bay, Senior Vice-president Ms Serena Lau and GPD Chairman, Mr Francis Ng together with GPD key personnel Messrs KK Chiu, Charles Chan, Joseph Ho, Lawrence Poon and I attended this ceremony. Besides, 19 HKIS members had also enrolled to attend this diploma presentation ceremony and Annual Conference.
The Diploma Presentation
The diploma ceremony was held in the Beijing Xindadu Hotel (北京新大都飯店). In the opening, the Chairman of CIREA Mr. Song Chun Hua (宋春華會長) extended his welcome to the HKIS delegation and representatives. Then followed by HKIS President Mr. Wong Bay who remarked that the reciprocity arrangement between HKIS and CIREA revealed closer cooperation and collaboration of surveyors in Mainland and Hong Kong.
The diploma ceremony was successfully held. HKIS representative Miss Elsa Ng received the Membership Diploma from CIREA Chairman Mr. Song while HKIS President Mr. Wong Bay also presented the HKIS diplomas to CIREA representative. The diploma presentation marked the successful holding of the second batch membership mutual recognition and a step forward of further cooperation between the two Institutes. GPD members with CIREA membership qualification would enhance their working opportunity in Mainland as they can practice in China if they are employed by a valuation firm with a company valuation license granted by the Ministry of Housing and Urban-Rural Development (MOHURD) (住房和城鄉建設部).
CIREA Annual Conference 2011 - Valuation Forum
A 2-days Annual Conference in the form of Valuation Forum was held on 21 and 22 October 2011. Keynote speakers from Mainland, Taiwan, Macau and Hong Kong presented various topics on taxation valuation and new valuation techniques. HKIS speakers included Messrs Francis Ng, KK Chiu, Lawrence Poon and Joseph Ho delivered seminars on the following topics:
- 房地產稅及差餉評估 (Valuation for Property Tax and Rates)
- 強制物業售賣 (Compulsory Sale)
- 特別資產評估 - 如何評估樹林價值 (Valuation of Forest)
- 香港工業大廈重建/改建對估值之影響 (The Effect of Redevelopment / Conversion of Industrial Building in Valuation)
The topic of this Annual Conference is “ Innovative, Collaboration, Exceed ” (創新、合作、跨越). This event offered great opportunity for members from the two straits four places (兩岸四地) to exchange views on new valuation techniques and the trend of valuation business in China. HKIS was also invited by CIREA Chairman to attend the CIREA Annual Conference which is being held annually.
Further Reciprocity Arrangement
The HKIS Delegation has had a chance of dialogue with CIREA leaders in the dinner reception. Represented by our Senior Vice President Ms Serena Lau, GPD Chairman Mr. Francis Ng and CIREA Vice Chairman Dr. Chai, members of the two Institutes discussed further collaboration as well as the third batch of reciprocity arrangement. Both Institutes envisaged that there would be positive progression with each other and more opportunity for members of both Institutes to work together in the coming future.
