In search of medium to long-term measures to remedy office supply condition in Hong Kong
HONG KONG, March 14, 2011 /PRNewswire-Asia/ -- RICS welcomes the HKSAR Government's response to the institution's submission to the Chief Executive Office in November 2010 regarding the critical shortage of commercial property supply in Hong Kong.
During the "Seminar on Office Development in Hong Kong" held on 12 March, Mrs. Carrie Lam, Secretary for Development, has explained in details on the initiative to bring forward the mid-term review on industrial buildings' revitalization measures, which were also part of RICS' recommendations back in 2008 in an effort to help the government create land supply for office development.
Hong Kong is currently ranked the most expensive office market in the world. RICS is of the view that an approach in estimating the needs of office space both in terms of quantity and geographic clusters on a medium to long-term basis is needed. To this end, RICS is commissioning a research study to provide thorough analysis so the institution can present related policy recommendations to relevant bureaus and departments of the HKSAR Government in the near future. The objectives are to ensure adequate supply of the right type of office space for companies that are based, or wish to be based, in Hong Kong. Analysis of how other cities in Asia dealt with office space solutions will also be included in the study.
Mr. KK Wong, Chairman of RICS Hong Kong, commented, "RICS has been trying to advocate to the government that a balanced supply and demand for office premises is important to the growth of Hong Kong economy. Whilst we are glad to see commitment from the government to increase land supply for commercial property, I think the next step is to send a signal to the market on the expected supply of office space in the coming years in order to stabilize prices."
Mr. David Faulkner, Chairman of RICS HK Office Supply Working Group, said, "In order to help the government formulate strategies in providing an adequate level of office land supply, we think that a comprehensive study on the office market in Hong Kong and in other cities in Asia will definitely provide solid background as well as insights so that the Development Bureau can come up with policies that are addressing the right issues."
RICS is targeting to have the research completed within Q3 of 2011 and recommendations to be submitted to the Development Bureau prior to the Chief Executive's policy address in October.
About RICS & RICS Asia
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 150,000 members globally and represents, regulates and promotes the work of property professionals throughout 146 countries.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia 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, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
Media enquiry, please contact:
RICS Asia Public Relations Representative
Ms Belinda Chan / Ms Ava Lau
Tel: +852-2372-0090
Fax: +852-2372-0490
Mobile: +852-9379-3045 / +852-9829-2913
Email: belinda@creativegp.com / ava@creativegp.com
