Criteria for Holding a Licence
The criteria for holding a property management company (PMC) licence are as follows:
- Criterion 1: The property management company must engage at least one licensed property management practitioner (Tier 1) (whether part-time or full-time) who has effective control of the provision of property management services by the property management company; and
- Criterion 2: The property management company must engage a number of full-time licensed property management practitioners that meets the following minimum manning ratios specified by the Property Management Services Authority.
- at least one licensed property management practitioner (Tier 1) for every 3,000 flats or below; and
- at least one licensed property management practitioner (Tier 2) for every 1,500 flats or below.
A property management company may choose to engage an equal number of licensed property management practitioner (Tier 1), instead of licensed property management practitioner (Tier 2), to fulfill the minimum manning ratio for licensed property management practitioner (Tier 2).
For example, a property management company having a portfolio of properties consisting of 3,000 flats may choose to engage a total of three licensed property management practitioners (Tier 1) instead of one licensed property management practitioner (Tier 1) and two licensed property management practitioners (Tier 2).
Conditions imposed on a licence
In accordance with the Property Management Services Ordinance (Cap. 626), a licensed property management company must comply with the following prescribed conditions imposed on the licence. Contravention of a condition is a disciplinary offence.
- continue to be a suitable person to hold the licence;
- continue to meet the criteria for holding the licence;
- display a copy of the licence in a prominent place in each property for which property management services are provided by the licensee;
- appoint at least one licensed property management practitioner (Tier 1) to manage each property for which property management services are provided by the licensee and display in a prominent place in such property the name and licence number of the licensed property management practitioner (Tier 1) appointed;
- have the name of the licensee and licence number clearly and conspicuously stated on any letter, account, receipt, pamphlet, brochure, advertisement and other documents issued in whatever form by or on behalf of the licensee in the capacity of a licensee;
- submit to the Property Management Services Authority, within the period of time specified by the Property Management Services Authority, the information and documents that the Property Management Services Authority may from time to time specify; and
- not carry on the business of providing property management services under a name other than the name of the licensee stated on the property management company licence.
Responsibilities of Licensees
The licensees of property management company licence must, within 31 days after any change of the prescribed matters takes place, notify the Property Management Services Authority in writing in the form specified (Notification of Changes of Prescribed Matters in relation to licensed property management company). Failure to do so may be a disciplinary offence. Such prescribed matters include:
- Details provided in the licence application form (including licensed property management practitioner engaged and terminated by the licensed property management company, and appointment and termination of appointment of directors by the licensed property management company and relevant matters); and
- Information relating to compliance with licensing criteria and conditions imposed on the licence.
