'I would like to extend my most sincere gratitude to all of you for participating in the Annual Conference to share your views and passion on topics so dear to our hearts.' said Sr Winnie Shiu, HKIS
Vice-President and Chairlady of the HKIS
Annual Conference Organising Committee.' Through the deliberations of the speakers and ensuing exchange of ideas amongst the participants, many novel solutions have been rolled out or conceived to tackle Hong Kong's on housing and Land supply dilemma.
The Hong Kong Institute of Surveyors (HKIS) has mandatory valuation standards that demonstrate the commitment of Hong Kong to remain as a leading capital market in Asia.
HKIS has adopted these standards as supplementary to its own standards since the HKIS is a Board Member of the IVSC.
The HKIS makes specific reference to the RICS published standards, which are known as the "red book" Initially, these standards only applied to valuations incorporated in published accounts, but since the mid 1990s the standards have applied to virtually all valuations.
Our valuation is an opinion of market value, which is defined by the HKIS Valuation Standards on Properties to mean "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion."