Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Apr 25, 2024

Homeowners spend 7.4pc of income on management fees: Consumer Council

Homeowners spend 7.4pc of income on management fees: Consumer Council

The monthly management fees paid by Hong Kong private homeowners ranged from HK$200 to HK$3,700, about 7.4 percent of their monthly household income on average, the consumer watchdog said Thursday.
According to the study conducted by the Consumer Council regarding private residential property management fees, the average management fee level is HK$1,108 per month or around HK$2.7 per square foot.

Around 23 percent of the owners considered the level unreasonable

Moreover, the Council received 694 complaints concerning property management services from 2012 to 2022, which involved a total amount of HK$393 million. Nearly half of them (49.3 percent) related to pricing and charge disputes, while 43 percent were about the quality of services.

There were also gaps in the level of satisfaction with property management services as the management companies regarded themselves as meeting 71.4 percent or even 100 percent of the target in most areas, while owners and owners organizations graded only 43.7 percent to 65.9 percent of the property management companies meeting the expected requirements.

The study recommended the Property Management Services Authority consider developing a reference database for the public by collating information on the levels of management fees across Hong Kong.

It also suggested boosting the transparency on the basis upon which property management fees are shared between owners, as the information about undivided shares and management shares to prospective purchasers prior to their purchase decision is crucial to minimizing future misunderstandings and disputes.

Drawing reference from the experience in the mainland and Singapore, the Council calls for a relaxation of the requirement of unanimous consent, such as by amending the Building Management Ordinance to allow amendment of the terms in a deed of mutual covenant by majority consent of owners, except for terms relating to the allocation of undivided shares.

It suggests taking 75 percent of undivided shares as a reference point in determining what should amount to majority consent for the purpose of amending the terms of a deed of mutual covenant in order to promote fairness.

Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.