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New year, new guidance and opportunities at RICS

After a busy start to January, it seems as if New Year festivities are already long behind us. However, many RICS professionals and staff across Asia and its diaspora are marking Lunar New Year

Author:

  • Clement Lau

04 February 2022

Rows of red Chinese new year lanterns

Like many, I look forward to this as a period for being with family, a moment when we can remember the past, be thankful for what we have now and look ahead to the future.

It is also fascinating from our built environment perspective, given that in most years the so-called Chūnyùn (the Spring travel period when people travel home for family reunions) produces what is reckoned to be the largest single annual movement of people anywhere on Earth. This is usually in the order of billions of journeys over a series of weeks, but as with so many aspects of life with COVID-19, even this great phenomenon will likely be impacted amid ongoing public health measures.

Wherever you are celebrating, I wish everyone 身體健康, 龍馬精神 (‘good health and good spirit’).

January brought positive developments in the area of valuation for RICS. First was the publication of the recommendations contained in the report of the Review of Real Estate Investment Valuation, and their acceptance by the Standards and Regulation Board (SRB). The SRB will now begin, with input from the profession and stakeholders, to consider how the recommendations should be implemented to help future-proof confidence in valuations.

Also, from 31 January 2022, new RICS global guidance on delivering the sustainability and ESG requirements of the Red Book came into effect, providing a clear, practical delivery framework and advice on how to align ESG and sustainability considerations with core valuation mechanics. These are two important areas where our profession can help address some of the most significant challenges facing our societies. I look forward to seeing their impact deliver positive societal outcomes and enduring confidence in professional practice.

January also saw the World Built Environment Forum’s long-awaited Dubai 2022 summit take place. It was the first global WBEF summit since New York in 2019, delivered entirely virtually, and I was delighted to see such ambition, energy and insight on display amongst our insightful speakers and the over 1,300 registered attendees.

Clement Lau headshot
One of the strengths of our Presidential Team is the range of perspectives that we represent – globally, professionally, and individually

The Presidential Team were active at the event, with President Elect Ann Gray and Senior Vice President Tina Paillet participating in fascinating panel sessions, respectively on the importance of liveability and the opportunities offered by renovation, retrofit and refurbishment. I encourage professionals to get involved in WBEF’s ongoing online community and browse its excellent and regularly updated content and event pages, where I find I learn something new with every visit.

Looking ahead, the application period for RICS Senior Vice President (SVP) is now open until 28 February 2022. This unique position is open to all chartered members in all regions and industry sectors, with the successful individual fulfilling a one-year role as SVP beginning in November 2022, then, if duly elected, becoming President-Elect then President of RICS.

One of the strengths of our Presidential Team is the range of perspectives that we represent – globally, professionally, and individually – and the SVP role is a fantastic opportunity to join this team to help shape and promote the positive impact of our profession on the world.

I hugely enjoyed my time as SVP, and I encourage everyone interested to make an application. You can find out more about the role and how to apply using the link below.

I wish you all continued health and happiness in the year ahead.

 

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