The International Property Measurement Standards Coalition (IPMSC) was established in May 2013 by the Royal Institution of Chartered Surveyors (RICS) and other international property institutions to create an international best practice for the measurement of property space. Currently, the measurement of office, residential, retail and industrial space can vary considerably from country to country. This makes it difficult for global investors and occupiers to accurately compare space and values.
With the implementation of a global property measurement standard, properties will be consistently measured, which should enhance investor confidence and property market transparency and stability. The initiative will lead to improvement in property valuation and financial reporting consistency across international markets.
Mr Michael Newey, President, and Mr Brett Shadbolt, Asia World Regional Board Member of RICS, will share their insights with members on this important topic. Their presentation will cover:
- The formation of IPMSC;
- How the standards affect property valuation, investor behavior and the attractiveness of property investment in different countries (and in the Hong Kong context); and
- How the future regulatory regime may be changed to accommodate the adoption of the standards.
Participants can earn 1 CPD hour recognized by RICS.