Realtors called to obtain licenses before new law’s implementation

The Housing Bureau (IH) is calling the city’s property management companies that have not applied for a license to submit their applications to the bureau before Macau’s new property management law comes into effect.

Yesterday, IH issued a statement noting that if owners of property management companies which are engaged in tiered building management business do not hold a valid license, then, as of August 22 (when the law comes into effect), owners will be subject to a fine of between MOP50,000 and MOP500,000.

According to the bureau statement, since February 6, IH has been accepting applications for commercial business licenses and temporary licenses with respect to tiered building management. As of August 3, the bureau has received 205 applications.

The applications include 152 temporary license applications.

Some 153 applications have been approved, with the relevant licenses already issued, including 113 temporary licenses and 40 licenses. Two applications for temporary licenses were not approved.

Property management companies are required to convene the first meeting of the tiered building owners in accordance with the law.

On August 12, IH will organize a workshop at its office in the islands and will invite local legal experts and other representatives to explain the laws to property management companies.