The Property Management Services Authority (PMSA) expresses concern about the incident regarding the suspected embezzlement of funds in respect of the owners’ corporation in Choi Ming Court, Tseung Kwan O. Since the incident has already been handed over to the police for investigation, and the owners of the Choi Ming Court will hold a meeting for discussion of the issue later, the PMSA will keep in view of the situation and will take follow-up actions where appropriate.
Mr Tony TSE, the PMSA Chairperson said, “The PMSA is closely monitoring the incident and is examining how it can be appropriately followed up under the property management industry licensing regime (licensing regime).”
Chairperson TSE added, “The PMSA encourages property management companies (PMCs) to apply for licence as early as possible. The PMSA had earlier issued an appeal letter to over 10,000 owners’ organisations (including incorporated owners and owners’ committees) in Hong Kong, urging them to encourage the PMCs of their properties to apply for licence as early as possible. Unless the relevant PMC holds a licence before the end of the three-year transitional period of the licensing regime on 31 July 2023, it cannot act as a PMC after that date. As for future tendering and engagement of PMC, consideration should be given to stipulating PMCs participating in the tender to be licensed as a prerequisite.”
In addition, Chairperson TSE emphasised, “The implementation of the licensing regime enables the PMSA to regulate PMCs’ and property management practitioners’ operation in the provision of property management services, and drives the property management industry and its practitioners to strive for enhancement in quality and professionalism. The PMSA provides PMCs with practical guidelines by issuing Codes of Conduct including the “General Code of Conduct”, “Effective Control over Property Management Business by Property Management Companies”, as well as “Handling Moneys Received on behalf of Clients by PMCs”. A Code of Conduct in relation to the provision of financial documents to clients will be issued shortly for licenced PMCs to comply with. To follow up on this incident, the PMSA will examine and issue a Code of Conduct on payment handling by PMCs on behalf of clients so as to provide the industry with practical guidelines and assist owners’ organisations to make appropriate arrangements.”
The PMSA will maintain liaison with various stakeholders, including the Home Affairs Department, and closely monitor the situation of the Choi Ming Court incident.
Ends/Monday, 12 July 2021
Issued at HKT 18:00
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