Hong Kong is a major financial centre. It is important that there is confidence in business valuations for both listed companies and private companies. Despite this, there is a lack of accepted technical and professional standards in the Hong Kong market.
This has meant that not all valuation work is appropriate for the valuation purpose, such as corporate transactions, including mergers and acquisitions, and divestitures and fair-value measurements used in financial reporting.
Furthermore, there is a wide spectrum in terms of the quality of output. This has been the case for many years, and previous efforts to create a professional body for business valuation in Hong Kong have failed because the interests of some of those involved were too narrow and lacked a broad public interest remit.
To help elevate standards and professionalism, the Hong Kong Business Valuation Quality Initiative (BVQI) task force was set up to develop a framework for the Hong Kong market, following discussion at a number of roundtables and meetings. The BVQI task force comprises representatives from RICS along with representatives from the accounting, valuation, audit and business advisory sectors, together with stakeholders, such as regulators, professional bodies, and business chambers. Together, they have prepared a consultation paper that outlines the proposed framework and asks key questions.
The BVQI task force encourage you and your colleagues, clients, peers and other professionals to submit comments and feedback. Please compile and submit your responses to the 14 questions in the consultation paper by Friday 15 November 2019.
Head of Communications and Corporate Affairs, Greater China
Jeanie leads RICS' Communication and Corporate Affairs team in Greater China, which covers mainland China, Hong Kong, Macao and Taiwan.
She is in charge of RICS' brand development, market influence and thought leadership in terms of communications, media relations, and policy engagement. She also ensures strategic alignment of activities with RICS' business objectives.
She possesses extensive experience with corporate communication for RICS in East Asia before focusing on the emerging Greater China market, which is experiencing a huge demand for talent and professional standards in the built environment.