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New Opportunities of Property Management under Economic Recession:

New Opportunities of Property Management under Economic Recession:. I n multiple ownership. I n multiple ownership. Difficulty : T he responsibilities and relationships between owners and property managers are dictated. Statutory framework: Building Management Ordinance (BMO), Cap 344.

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New Opportunities of Property Management under Economic Recession:

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  1. New Opportunities of Property Management under Economic Recession: In multiple ownership

  2. In multiple ownership • Difficulty: The responsibilities and relationships between owners and property managers are dictated Statutory framework: Building Management Ordinance (BMO), Cap 344 Non-statutory framework: Deed of Mutual Covenant (DMC) Lease condition Code of Practice

  3. Building Management Ordinance (BMO), Cap 344 • To facilitate the incorporation of owners (OC) of flats in buildings or groups of buildings • To provide for the management of buildings or groups of buildings and for matters incidental • Mentions about Owners Corporation is responsible for managing the common parts of the building • Owners have to contribute funds to the management of the buildings • Does not provide any statutory guidelines on how the shares of property rights in the public area in the housing community should be divided Advantageous for the developer

  4. Deed of Mutual Covenant (DMC) • HKSAR government is the only legal owner of all land • Property owners in the high-rise buildings are actually tenants in common with exclusive use rights over their own flats plus an amount of undivided shares in the entire lot and building • It illustrates the proportion of shares of each owner, the use of building, the public area which is not exclusively owned by any owners, the rules that occupiers

  5. Deed of Mutual Covenant (DMC) • Inconsistency between the DMC and the Building Management Ordinance, Cap 344 BMO prevails • DMC states the rights and responsibilities of the property manager • Any violation of the manager to DMC, the manager will be punished as stated in the DMC, instead other form of statutory punishment

  6. Lease Condition • It is a contract between the government (as a lessor) and the land owner (as a lessee) • Listed the site particulars and the details of the site • Guaranteed the conditions of the building to be kept as the time that the lease was signed (with the use approved in the lease )

  7. Code of Practice • Publicizes standards and practices of management and safety in relation to the common parts of a building that are to be observed and followed by an owners’ corporation. • Advises the management of the building areas including the common facilities and landscaping areas • Can prevent statutory punishment to the property management company unless it does not follow the Code of Practice

  8. Code of Practice Concerned with the laws relating to : • Environmental hygiene and water supply (Public Health And Municipal Services Ordinance, Cap 132) • Security(Security and Guarding Services Ordinance, Cap.460) • Insurance(Employees’ Compensation Ordinance, Cap.282) • Financial management(Building Management Ordinance, Cap 344)

  9. Opportunities available in Hong Kong

  10. Facilities Management • Ensure all assets in good condition during its life cycle cost • Concern with the initial cost, operation, maintenance and disposal cost • The main theories of FM, such as strategic facilities management and space planning etc, cannot be implemented in the properties which are too small or not wholly owned real estate

  11. Example in U.S. • Life span of buildings in Japan:40 years • Life span of buildings in US: 100 years • Life span of buildings in UK: 140 years EFFECTIVE Facility Management Why?

  12. Situation in Hong Kong • Hong Kong as a financial centre with modern facilities Keen awareness of personnel costs as well as maintenance expenses of active and idle facilities under economic recession Asset management which is usually charged to the accounting and/or finance department, and the information system department maintains information network Important

  13. Green Management Environmentally friendly to decrease operation costs • Smoke-free workplace policy • Paper saving • Energy saving • Waste Collection for Recycling Friendly relations can be developed between the company to the public or the HKSAR government

  14. Opportunities in China real estate

  15. Situation of Property Management in China • Property management is not well understood to the public • No formal qualifications required to managers • Lack of professionalism in management • Absent of the Deed of Mutual Covenant Professional property managers are needed!

  16. Reference • Bilingual Laws Information System • http://www.legislation.gov.hk/eng/home.htm • Code of Practice on Building Management and Maintenance • http://www.buildingmgt.gov.hk/file_manager/en/documents/code_of_practice/code_of_practice_on_building_management_and_maintenance_en.pdf • Renseignements internationaux • http://strategis.ic.gc.ca/eic/site/imr-ri3.nsf/fra/gr-83472.html • Environmental Report • http://www.ird.gov.hk/eng/pdf/a04_env.pdf • Green Office Management • http://www.hyd.gov.hk/eng/public/publications/er/doc/Green_Office.pdf

  17. The End~Thank you!

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