The Hong Kong Institute of Surveyors has drawn up an official list of 109 property surveyors who can undertake valuation work for companies involved in initial public offerings, takeovers and mergers. President Cheung Tat-tong said the institute would ask the stock exchange and the Securities and Futures Commission to recognise the list, which accounted for a small portion of the 1,300 members in the institute's general practice division. Surveyors in the general practice division are also involved in property valuation for sale, leasing and management. The institute is made up of four other divisions - building surveying, land surveying, quantity surveying and planning and development. 'Just because a member's name is not on the list does not imply that they are not up to the standard,' Mr Cheung said. 'A large number of registered property surveyors are civil servants and they would not be allowed to add their names to the list.' Those on the list must be a general practice member of the institute, a registered property surveyor and have at least three years of relevant experience. The move is part of the institute's plan to upgrade surveying industry standards. Yesterday, the institute also announced the imminent implementation of a new set of mandatory regulations for members to follow in preparing property valuation reports. The ethics-based standards replace the non-mandatory property valuation guidelines. They were first issued in January, but there is a six-month grace period until June 30, during which no disciplinary action will be taken for non-compliance. 'From July 1, the standards will be mandatory for all members,' Mr Cheung said. Yu Kam-hung, chairman of the general practice division council, said the standards contained new definitions of financial terms that were aimed at complying with universal requirements.