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Managing Property in Hong Kong

Oct 12, 2007
The economic gateway to China - Hong Kong is one of the most popular destinations in the world, with a lively property market. With the increased awareness of property enhancement, improvement in market laws, and innovative requirements of people, property management now finds a prominent position in the Hong Kong property market.

Managing property in Hong Kong is a burgeoning industry, and is considered a core segment of facility management services. In other words, managing property is one of the prominent service industries in the city. Management of property in Hong Kong is simply the managing of property as well as providing services in connection with the property management, to owners, tenants, and other required people.

The prime goal of managing property is to maintain the value of a property by creating and preserving a comfortable as well as well-ordered living, working, and shopping. Managing property is sometimes confused with tenancy management, which is primarily the enforcement of the Housing Ordinance, tenancy agreements, and implementation of housing rules and regulations.

A large number of firms in Hong Kong, ranging from small business units and governmental departments to large business corporations, are now benefited from managing property. Property management is categorized into: management of residential property and management of commercial property. Managing residential property in Hong Kong includes managing residential spaces, from small houses to premium as well as luxury residential units.

Services offered in connection with managing residential property include:

- Concierge services
- Renovation and repair services
- Provision of management
- Maintenance Services

In commercial management of property, the services are mostly offered for large commercial areas, with more than seven million sq ft. Among the services offered in connection with this type of managing of property is:

- Maintenance of common areas and facilities
- Installation of drainage system
- Operation as well as coordination of plant and equipments
- Operation and maintenance of electrical and mechanical systems
- Services with regard to the maintenance of fire system
- Plumbing services
- Repair service
- Routine maintenance

In some instances, services in connection with management of commercial property are inclusive of

- Provision of effective security system
- Cleaning services
- Environmental and landscape services
- Hygiene and safety management

Apart from these, there are service providers offering excellent services for office and industrial sectors. Above all, some kind of service providers renders simple tenancy management services, aside from management of property.

The services in this category usually cover providing info on housing policies and procedures to required people, dealing with standard forms and notification letters, assisting people in filling tenancy related forms and applications, and arranging meeting for tenancy related purposes. Let it be any type of property management, the services also include quality maintenance of plumbing system, thereby ensuring the people of Hong Kong with a stable as well as reliable water supply system.

Managing property offers a host of benefits. One of the prime benefits is that it ensures meticulous care and maintenance of your residential as well as commercial places. Professional as well as personal assistance and useful advice on property maintenance are the other benefits of managing property in Hong Kong.

One of the most significant executants of property management in the city is Hong Kong Housing Authority (HA) - a statutory body responsible for the implementation of majority of public housing programs in Hong Kong, which include rental housing system, housing for elderly people, and subsidized home ownership.

As one of the major housing developers in the property market, Hong Kong Housing Authority has introduced an innovative system ensuring excellence in the sector of public housing property management system. Recently, HA undertook a special management system, exclusively for managing property and tenancy system in Hong Kong, known as Public Rental Housing (PRH.) Under this system, HA contracts some of its property management services to property services companies, which in turn discharge a range of duties in connection with property management, like cleaning and maintenance services, repair services, and rent collection.

Apart from HA, executants of managing of property in Hong Kong also consist of a variety of private property management firms, foreign-based service providers, and participatory management organizations. HA has now organized an award for private firms that excel in services in connection with management of property, namely, Best Property Management Award. A specialty of service providers in Hong Kong is that majority of them have excellent knowledge and expertise on the mainland market. This in turn assures quality as well as reliable services to the people of Hong Kong.
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China , especially CB Richard Ellis.
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