On the 26th, the Ministry of Land, Infrastructure, Transport and Tourism released the results of its nationwide on-site inspections of condominium management companies for fiscal year 2024.
A total of 107 companies were inspected across the country, and 22 of them received corrective guidance.
This year’s inspections focused on key compliance items under the Condominium Management Optimization Act, including: the appointment of a full-time chief management officer, explanation of important matters, issuance of documents at the time of contract signing, separate management of property, and reporting of management operations. Violations were found in several areas: three cases related to the appointment of a full-time chief management officer (up from one case in FY2023), 14 cases concerning the explanation of important matters (down from 18), 10 cases involving the issuance of contract documents (down from 14), nine cases related to separate property management (down from 12), and nine cases regarding reporting of management operations (down from 13). Corrective guidance was issued accordingly.
The overall guidance rate was 20.6%, down 8.4 percentage points from the previous year’s 29.0%, and 8.5 points below the five-year average of 29.1%. Guidance rates declined across four of the five inspection categories, with the exception of the appointment of a full-time chief management officer.
On the same day, the Ministry’s Real Estate and Construction Economics Bureau requested relevant organizations, through its Counselor, to promote industry-wide improvements in condominium management practices through enhanced training and education efforts.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. "R.E.port"
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