The Hong Kong Institute of Housing and the Royal Institution of Chartered Surveyors welcomed their new reciprocal members at a recent, jointly-hosted presentation ceremony, at a time when Hong Kong's real estate market has been in the spotlight.

Since the signing of the Memorandum of Mutual Recognition of Membership in November 2012, 38 members, being the first  applicants, have been admitted to HKIH and RICS. The property market in Hong Kong has been hot in recent years, prompting authorities in the jurisdiction to enact measures to cool it down, a move that RICS welcomed last month.  

The agreement helps to foster professionalism of real estate talents in Hong Kong and will provide the public with higher professional standard on property/facility management, the institutions said.

“This ceremony marks an important stage for both the professional bodies,” said Cora Yuen, president of the HKIH, in a statement released earlier this week. “The mutual recognition of membership is a clear step for HKIH and RICS to work together for the industry and community. In the future, HKIH and RICS will work closely for our members’ benefits and careers by enhancing their technical skills and knowledge.”

Kenneth Kwan, chairman of RICS Hong Kong, added: “The closer relationship will allow us to move to the next level in putting forward systematic development of education and professional standards of facility management which will certainly help to build a better living environment for the people in Hong Kong.”

RICS is an independent professional body that since 1868 has been committed to setting and upholding the highest standards in land, property and construction – providing impartial, authoritative advice on key issues affecting businesses and society. It is a regulator of both its individual members and firms. RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region.

The Hong Kong Institute of Housing was incorporated in Hong Kong on 29 November 1988. As at January 2013, the HKIH has over 2,500 members.  Together, the HKIH's members are responsible for the management of approximately 70 per cent of all the housing stock in Hong Kong. Members are engaged in the co-ordination and execution of housing services incorporating the design, provision, improvement, rehabilitation, management and administration of all types of housing. Apart from actively expanding local network, the HKIH is forging close links with property management associations and academic institutions in Taiwan, Macau and many parts of China.