A property management group called on the government to create a statutory building maintenance fund to reduce the financial pressure on property owners on Thursday.

Hong Kong Institute of Housing president Rosita Wong said that as more buildings in the city are ageing, the fund could make maintenance work be better planned and more affordable.

It could be used for building maintenance and repair works, she added, and property owners would be required to establish the fund and contribute to it on a regular basis.

“Rather than facing a sudden large one-off payment when major repairs become necessary, owners make ongoing contributions, typically a proportion of the monthly management fee, which accumulate in a separate, independently ordered building account over time,” Wong said.

She expressed hope the fund could be given legal status as early as possible as Hong Kong's buildings are facing an ageing crisis that will see more than 24,000 buildings aged 50 years old or above by 2043.

“A mandatory maintenance fund would transform building maintenance from a reactive crisis-driven model to a planned sustainable one," Wong said.

"It would reduce the financial burden on individual owners, improve building safety outcomes, and ultimately reduce the burden on public finance.”

Wong also welcomed the establishment of a pre-approved list of contractors and consultants for major building renovations.

“The system’s effectiveness will depend on sustained enforcement, continuous monitoring, and the willingness of owners to use the enhanced smart tender rather than procuring independently,” she said.

She also supported government steps to study the possibility of criminalising bid-rigging in major building maintenance works and submit a legislative proposal to that effect this year.



Edited by Tony Sabine