Hong Kong surveyors have urged their institute to examine the circumstances surrounding an unprecedented attack on the professionalism of a valuer.
The appeal follows revelations in the South China Morning Post that the China Real Estate Valuers Association, which is organised and managed by the Ministry of Land and Resources, has formally complained about what it said was a highly flawed and 'inflated' valuation provided by CB Richard Ellis' Yu Kam-hung to support a listing bid earlier this year by Evergrande Real Estate Group (SEHK: 3333).
CB Richard Ellis has been accused by state-backed mainland valuers of inflating a valuation it provided to support the failed Hong Kong listing bid by Guangdong-based developer Evergrande Real Estate Group
Mr Yu is the president of the Hong Kong Institute of Surveyors.
South China Morning Post