A Perspective on Mainland China - Global Real Estate Transparency Index, 2020 - JLL
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Global Real Estate Transparency Index, 2020 A Perspective on Mainland China
Global Real Estate Transparency Index, 2020 | 2 Contents Global Real Estate Transparency Index 2020 3 • Introducing the Global Real Estate Transparency Index • Global Real Estate Transparency Index, 2020: Global Ranking • Key Global Findings from the 2020 Index Real Estate Transparency in Mainland China 10 • Highlights of Transparency Improvement in Mainland China • A Transparency Perspective Across Mainland China • What Next for Transparency in Mainland China?
A Perspective on Mainland China | 3
Global Real Estate Transparency Index 2020
Introducing the Global Real Estate
Transparency Index
11th edition of the Global Real Estate Transparency Index
The Global Real Estate Transparency Index (GRETI), produced jointly by JLL and LaSalle Investment
Management, has been tracking real estate transparency across the globe since 1999.
GRETI is the industry’s most widely used benchmark for assessing real estate transparency and is an essential
guide for cross-border investors, developers and occupiers of real estate – as well as government and industry
bodies looking for international benchmarks.
Updated every two years, GRETI is based on a comprehensive survey of the availability and quality of
performance benchmarks and market data, governance structures, regulatory and legal environments,
transaction processes and sustainability metrics covering 163 cities in 99 countries and territories.
Global Real Estate Transparency Index, 2020
Highly Transparent Low Transparency
Transparent Opaque
Semi-Transparent
Source: JLL, LaSalle
Global Real Estate Transparency Index, 2020 | 4
What’s new with the 2020 Index?
This 11th edition of GRETI has been extended to quantify 210 separate elements of transparency, including
additional coverage on the following components:
• Sustainability: In recognition of the mounting pressures on the real estate industry to move to a healthy,
resilient and low-carbon future, the 2020 Index has been further expanded to cover several sustainability
metrics and frameworks, including health and wellness certifications, building resilience codes, net zero
carbon frameworks and water efficiency standards.
• Proptech: In response to the growing impact of technology platforms and digital tools in enhancing
data availability and market processes, the survey now captures information relating to the adoption of
different types of proptech platforms; government engagement with the proptech sector; government use
of blockchain within land registries; and the wider proptech ecosystem in each market.
• Alternatives: With niche or alternative property types (e.g. life sciences, data centers, co-living, etc.)
moving into the mainstream, new elements have been added to the Index to measure the availability of
data on alternatives sectors.
A Perspective on Mainland China | 5
Transparency Index Components
Incorporates 210 different factors, a 13% increase since 2018
Composite Score
6 Sub-Indices
1 2 3 4 5 6
Performance Market Governance of Regulatory Transaction
Measurement Fundamentals Listed Vehicles and Legal Process Sustainability
14 Transparency Topics
• Direct Property • Market • Financial • Real Estate • Pre-Sale • Green Building
Indices Fundamentals Disclosure Tax, Land-Use Information, Regulations,
Data Planning, Bidding Energy
• Listed Real –– Office • Corporate Building Processes, Benchmarking,
Estate Securities –– Retail Governance Controls, Professional Energy Efficiency
Indices –– Industrial Enforceability Standards Standards,
–– Hotels of Contracts of Agents, Carbon
• Private Real
–– Residential Anti-Money Reporting, Green
Estate Fund • Property
–– Alternatives Laundering Leases, Financial
Indices Registration Regulations Performance of
• Valuations Green Buildings,
• Compulsory • Occupier Net Zero Carbon
Purchase Services Frameworks,
• Debt Health and
Regulation Wellness
Certifications,
Resilient Building
Standards,
Water Efficiency
Standards
210 individual questions and data points
Source: JLL, LaSalle
Global Real Estate Transparency Index, 2020 | 6
Global Real Estate Transparency Index, 2020
Global Ranking
2020 2020 2020 2020
Transparency Composite Composite Transparency Composite Composite
Tier Rank Market Score Tier Rank Market Score
1 United Kingdom 1.31 51 Mauritius 3.33
2 United States 1.35 52 Kenya 3.34
3 Australia 1.39 53 Botswana 3.35
4 France 1.44 54 Serbia 3.35
5 Canada 1.51 Semi 55 Puerto Rico 3.37
High
6 New Zealand 1.67 56 Vietnam 3.38
7 Netherlands 1.67 57 Saudi Arabia 3.40
8 Ireland 1.83 58 Macao SAR 3.49
9 Sweden 1.89 59 Argentina 3.49
10 Germany 1.93 60 Egypt 3.52
11 Switzerland 1.96 61 Morocco 3.60
12 Finland 1.98 62 Colombia 3.60
13 Belgium 1.99 63 Costa Rica 3.64
14 Singapore 2.00 64 Zambia 3.65
15 Hong Kong SAR 2.03 65 Sri Lanka 3.65
16 Japan 2.03 66 Jordan 3.69
17 Italy 2.08 67 Cayman Islands 3.74
18 Denmark 2.10 68 Nigeria 3.74
19 Spain 2.16 69 Ukraine 3.80
20 Poland 2.24 Low 70 Bahrain 3.83
21 Austria 2.32 71 Bahamas 3.84
Transparent 22 Norway 2.33 72 Myanmar 3.85
23 Chinese Taipei 2.34 73 Pakistan 3.88
24 South Africa 2.37 74 Kuwait 3.98
25 Czech Republic 2.41 75 Qatar 4.03
26 Portugal 2.42 76 Iran 4.07
27 Hungary 2.44 77 Uruguay 4.10
28 Slovakia 2.44 78 Rwanda 4.11
29 Malaysia 2.56 79 Kazakhstan 4.13
30 South Korea 2.57 80 Ghana 4.15
31 Luxembourg 2.59 81 Oman 4.16
32 China - SH/BJ 2.59 82 Ecuador 4.18
33 Thailand 2.64 83 Panama 4.26
34 India 2.69 84 Belarus 4.30
35 Romania 2.71 85 Angola 4.32
36 UAE – Dubai 2.75 86 Tunisia 4.36
37 Israel 2.80 87 Lebanon 4.38
38 Russia 2.81 88 Honduras 4.41
39 Mexico 2.83 89 Mozambique 4.44
40 Indonesia 2.86 Opaque 90 Uganda 4.44
41 Greece 2.86 91 Algeria 4.44
Semi 42 Bulgaria 2.87 92 Ivory Coast 4.48
43 Turkey 2.91 93 Guatemala 4.50
44 Philippines 2.91 94 Senegal 4.52
45 Brazil 2.93 95 Tanzania 4.54
46 Croatia 3.00 96 Dominican Republic 4.54
47 Chile 3.05 97 Iraq 4.60
48 UAE – Abu Dhabi 3.10 98 Ethiopia 4.64
49 Peru 3.21 99 Libya 4.73
50 Slovenia 3.32
Note: China - SH/BJ = Shanghai and Beijing
Source: JLL, LaSalle
A Perspective on Mainland China | 7
Characteristics of Transparency Tiers
High Transparent Semi-Transparent Low Opaque
The world’s European and Dominated by large Emerging African, Middle
leading investment increasingly, Asian emerging markets. destinations in Africa, Eastern, and Latin
destinations. markets have These countries the Middle East, and American markets,
These 10 markets strong regulatory have made steady Latin America, where often hampered
are pushing the frameworks, improvements in market tracking and by geopolitical
boundaries of governance recent years, but real estate regulation and economic
transparency structures and need to address are still nascent. challenges. With
through technology, transaction issues around limited regulatory
a focus on processes. Many corporate governance frameworks in place,
sustainability, anti- markets in this and regulatory these markets
money laundering tier have room enforcement if they are vulnerable
regulation and to improve in are to progress into to regression.
enhanced tracking of terms of market the ‘Transparent’ tier.
alternative sectors. fundamentals data
and performance
measurement.
Shanghai
Global Real Estate Transparency Index, 2020 | 8 Key Global Findings from the 2020 Index Overall progress is muted, while expectations are high The 2020 Index reveals that transparency is progressing across most countries and territories, but overall improvement is the weakest since the period directly following the Global Financial Crisis. Yet, with growing pressure from investors, businesses and consumers, real estate transparency will need to improve further and faster to compete with other asset classes and meet heightened expectations about the industry’s role in providing a sustainable and resilient built environment. The top-performing ‘Highly Transparent’ markets are driving higher standards The top ranks continue to be held by Anglophone countries, with the UK, the U.S. and Australia in the top three positions, while France (4th) and Ireland (8th) have registered notable gains. Transparency has been boosted in these ‘Highly Transparent’ markets by a combination of proptech and new data, sustainability initiatives, anti-money laundering regulations and enhanced tracking of alternatives sectors.
A Perspective on Mainland China | 9
Abu Dhabi leads top global improvers, with others concentrated in South and
Southeast Asia
The global top improver for 2020 is Abu Dhabi, which boosted its score with government initiatives to
improve corporate and real estate sustainability, open-data initiatives, and additional advancements in
market tracking.
India has made progress with the country’s REIT framework attracting greater interest from institutional
investors. India has also edged into the top 20 for Sustainability Transparency through the active role of
organizations like the Indian Green Building Council (ICGC) and GRIHA Council.
In Southeast Asia, Thailand, Vietnam, the Philippines and Indonesia are all among the global top 10
improvers. Progress in Thailand and Vietnam’s main cities, Bangkok and Ho Chi Minh City, has pushed each
into a higher tier – ‘Transparent’ and ‘Semi-Transparent’ respectively.
Mainland China’s leading cities edge into ‘Transparent’ tier
Mainland China has also continued to advance, with an active proptech sector, increased disclosure
requirements for a growing number of listed companies, and more coordinated land-use planning
contributing to its place among the top global improvers. This has helped to move its leading cities,
Shanghai and Beijing, into the ‘Transparent’ tier for the first time, which we dissect in the pages that follow.
Top Transparency Improvers, 2018-2020
0.20
0.15
Score Change (Inversed)
0.10
0.05
0.00
UAE - Abu Dhabi India Ireland Belgium Thailand Vietnam Philippines Indonesia China - SH/BJ Costa Rica
Note: China – SH/BJ = Shanghai and Beijing
Source: JLL, LaSalleGlobal Real Estate Transparency Index, 2020 | 10
Real Estate Transparency in Mainland China
Mainland China’s leading cities transition to the ‘Transparent’ tier
JLL and LaSalle have been tracking the improvement in real estate transparency across Mainland China for
over 20 years. Progress has been impressive, with its leading cities – Shanghai and Beijing – moving steadily
from the ‘Low Transparency’ category prior to 2006, through ‘Semi Transparent’ over the 2006-2018 period,
to achieving ‘Transparent’ status in the 2020 Index.
As a measure of the progress, Mainland China (as represented by Shanghai and Beijing) has been the top
improver globally of the 68 markets tracked by GRETI since the Global Financial Crisis of 2008.
Top Transparency Improvers, 2008-2020
China - SH/BJ
India
Indonesia
Vietnam
Turkey
Chinese Taipei
Israel
Thailand
Romania
Colombia
UAE - Dubai
Philippines
South Korea
Hungary
Japan
0 0.2 0.4 0.6 0.8 1
Score Change (Inverse)
Note: China – SH/BJ = Shanghai and Beijing
Source: JLL, LaSalleA Perspective on Mainland China | 11
Average Transparency Score, 2004-2020
Major Global Markets* versus China-SH/BJ
2.2
2.45
2.4 2.49
2.58
2.64
2.6 2.71
2.80 2.59
2.84
2.69
Transparency Score
2.8 2.91
2.82
3.05
3.0 2.91
3.01
3.2
3.4 3.29
3.42
3.6
3.55
3.59
3.8
2004 2006 2008 2010 2012 2014 2016 2018 2020
Major Global Markets Average China - Shanghai/Beijing
*Based on 50 markets that have been covered continuously since the 2004 edition of the Global Real Estate Transparency Index.
Source: JLL, LaSalle
Mainland China ranks 32nd globally
Today, Mainland China ranks 32nd in the overall Index, up from 33rd in 2018. In reaching ‘Transparent’ status,
its leading cities of Shanghai and Beijing join Hong Kong SAR and Chinese Taipei, both of which already sit
within the ‘Transparent’ tier. While Hong Kong SAR remains head and shoulders above Mainland China on
transparency, Shanghai and Beijing have been steadily catching up over the last several years.
BeijingGlobal Real Estate Transparency Index, 2020 | 12
Shanghai and Beijing now major destinations for cross-border real estate investment
Testimony to their success, recent years have seen Shanghai and Beijing become major destinations for
cross-border capital, with institutional money helping to improve transparency, increase professionalism
and expand access to market data.
Back in 2006, Shanghai was barely in the top 50 global destinations for real estate capital; today it appears
regularly among the world’s top 5 cities for cross-border investment. In 2019, total cross-border direct real estate
investment volumes in Shanghai reached US$7.3 billion, the fourth highest globally – higher than Tokyo, New
York and Singapore. Beijing was just outside the top 10 cities with US$4 billion of cross-border investment.
Shanghai, Cross-border Direct Real Estate Investment Transaction Volumes, 2007-2019
8
7
Cross-border Investment (US$ Billions)
6
5
4
3
2
1
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: JLL, Global Capital Flows
Cross-border Direct Real Estate Investment Transaction Volumes, 2019
Global Top 15
Paris
London
Berlin
Shanghai
Tokyo
New York
Singapore
Sydney
Munich
Frankfurt
Beijing
Milan
Warsaw
Hong Kong
Dublin
0 2 4 6 8 10 12 14 16
Cross-border Investment (US$ Billions)
Source: JLL, Global Capital FlowsA Perspective on Mainland China | 13 Highlights of Transparency Improvement in Mainland China A burgeoning proptech sector Proptech is a recurring theme in this year’s GRETI survey. Proptech can help to improve real estate market transparency, for example by making access to market data more convenient. Mainland China’s growing proptech ecosystem has accelerated several other trends towards greater real estate transparency. China has proven hospitable to a huge range of firms developing proptech applications, including tech giants and start-ups, developers, contractors, universities and research institutions. China also stands apart as the largest proptech fundraising market outside the U.S., and its proptech ecosystem features some of the world’s biggest players. The power of proptech has been further reaffirmed during the COVID-19 pandemic. Even before the outbreak, China’s major cities had been setting strategic initiatives to engage with technology: big data, AI, robotics, building information modeling (BIM), IoT, VR/AR, and more. Market participants responded to the outbreak by actively leveraging many of these technologies to ensure safety, health and continuity in their workforces and buildings. Growing engagement with sustainability and wellness Mainland China is seeing more widespread adoption of sustainability certification – such as LEED and China’s own domestic green building certificate – by developers and landlords. Wellness certification is also growing more prominent. As of May 2020, nearly 80 buildings and spaces in China had acquired WELL certification focusing on health and well-being, with nearly half in Shanghai and Beijing. In addition, allied to the considerable strides made in recent years to reduce air pollution, there has also been an emphasis on efforts to improve indoor air quality (including new certifications that have originated from China, such as RESET). Mainland China’s exchanges are expected to put in place new measures that require listed firms to include Environmental, Social and Governance (ESG) summaries in their financial reports. This shows that China’s authorities recognize global firms’ increasing focus on corporate social responsibility and, in particular, the need to create a sustainable built environment. As more listed firms begin to follow the new ESG rules, sustainability will thus play a greater role in driving greater market transparency in Mainland China. Rise in disclosures for listed entities In recent years, China has been further integrated into global capital markets through A-shares inclusion into MSCI in 2018, and a swell in new Mainland developer listings. This has helped investors screen for real estate asset performance within publicly-listed firms. Over the 2010s, more than 50 Mainland developers were listed across exchanges in Mainland China, Hong Kong SAR and the U.S. Over 2018 and 2019 alone, there were 14 Mainland developers listed in HKEX. Firms have been incentivized to list by the prospect of access to liquidity, but at the same time disclosure requirements on these exchanges help to shed light on company financials, while potential punishment for noncompliance also encourages better corporate governance. On a similar note, another positive signal is the aforementioned expected introduction of ESG disclosure requirements to Mainland exchanges. The move follows Hong Kong SAR, which implemented the rules in 2017 and requires firms to disclose a number of key sustainability factors related to carbon emissions, provenance of resources and employee diversity, among others. Such disclosures are beneficial to transparency in general and also serve to attract foreign investment, leading firms increasingly to strive to meet sustainability and social responsibility benchmarks.
Global Real Estate Transparency Index, 2020 | 14 Greater professionalism in property management Recent years have seen a rise in the number, membership and influence of professional associations in the property management sector across China. Associations’ social media accounts have proved invaluable channels for sharing best practices across cities and raising members’ awareness of the latest government regulations. Experts from professional associations have also been consulted by local governments as part of the process of updating management-related rules. The steady emergence of proptech, as well as general communication networks, has also boosted transparency in property management. For example, tenant use of mobile apps to request specific services from property managers has led to greater use of digital service records. Such apps also help to guarantee better performance overall as they require both parties to confirm that service requests have been resolved. In addition, IoT tools have provided enhanced transparency for property managers, giving them greater insight on building utility, power consumption and other key capex statistics. Greater coordination in land-use planning Zoning maps have become more easily accessible in major Chinese cities, with greater detail and more frequent updates. Primary land sales are updated frequently in a government database that is available to the public online, providing greater price and sales volume visibility for market participants.
A Perspective on Mainland China | 15
In the past year we have witnessed a substantial increase in professional organizations and market players
being invited to contribute to meetings of government urban planning bureaus, where they advise on topics
such as the total development volume for district/regional developments, or the appropriate ratio of office,
retail, hotel and other uses in commercial space. The expectation that professional organizations should be
involved with district planning signals an intent to lessen the distance between official planning and market
forces, thereby reducing uncertainty in the planning and development process.
Increased activity in alternatives sectors
China has seen significant institutional investment activity in alternative property types, with investors
embracing cold chain, co-living, data centers and life sciences. For example, the Singaporean sovereign
wealth fund GIC partnered with GDS Holdings to build data centers in Mainland China, catering to the rapid
growth in cloud computing, 5G network traffic and other new technologies. In addition, Vanke acquired a
portfolio of cold chain facilities in 7 Mainland China cities from Swire, seeking to position itself to benefit
from strong growth in China’s fresh food distribution and pharmaceutical industries.
Data availability in China’s alternatives sectors can sometimes be limited, but increased investor activity is
expected to contribute to a self-reinforcing cycle in which investors create new demand for high-quality data
and, in turn, that information can convince additional investors to enter a particular sector or sectors.
HangzhouGlobal Real Estate Transparency Index, 2020 | 16
A Transparency Perspective Across
Mainland China
In addition to covering Mainland China’s leading cities – Shanghai and Beijing – the Transparency Survey
also extends to several other cities. The Tier 1 cities of Guangzhou and Shenzhen have been joined in the
2020 survey by four provincial capitals – Chengdu, Hangzhou, Zhengzhou and Kunming.
All Mainland China cities surveyed have seen an improvement on their 2018 score/rank. While there remains
a disparity in transparency levels within China, other cities have recorded similar rates of improvement to
Shanghai and Beijing. For example, Kunming which was classified in the ‘Low Transparency’ tier in 2018 has
moved into the ‘Semi-Transparent’ tier for the first time.
GRETI 2020, City-level Global Rankings – Mainland China Cities
Transparency 2020 Score 2020 Rank
City Change in Rank
Tier (2018 Score) (2018 Rank)
Shanghai 2.59 (2.69) 74 (75) +1
Transparent
Beijing 2.62 (2.71) 75 (76) +1
Guangzhou 2.74 (2.83) 81 (84) +3
Shenzhen 2.74 (2.83) 82 (83) +1
Chengdu 2.91 (2.98) 93 (94) +1
Semi-Transparent
Hangzhou 2.94 (n/a)* 97 (n/a)* n/a*
Zhengzhou 3.23 (3.29) 106 (107) +1
Kunming 3.49 (3.57) 116 (117) +1
*Hangzhou was newly added to the GRETI survey in 2020.
Source: JLL, LaSalle
ShenzhenA Perspective on Mainland China | 17
What Next for Transparency in Mainland China?
Mainland China’s significant progress in transparency has been a steady, gradual process over many years (and
several editions of the Global Real Estate Transparency Index). This progress is borne out very evidently through
the achievements detailed in the latest GRETI survey, notably:
• Promotion of Shanghai and Beijing to the ‘Transparent’ tier for the first time
• Mainland China is one of the top 10 improvers since the last GRETI in 2018
• The top improver globally since the Global Financial Crisis in 2008
• Rising cross-border real estate investment volumes, which reached an all-time high in 2019.
As we look ahead to the next edition of GRETI in 2022, Mainland China’s leading cities are well-positioned to
make further gains and consolidate their ‘Transparent’ status. We expect proptech and alternatives to be key
drivers of progress – two areas where China is steadily advancing.
Where can Mainland China improve?
Despite the improvements, investors are still faced with formidable, often persistent challenges regarding
transparency in Mainland China. In particular, investors are looking to see improved transparency in the
following areas:
• While less of an issue today than 5-10 years ago, capital controls remain a hurdle for investors, making
moving capital in and out of China cumbersome. But we believe this situation will improve as broader
financial opening policies pick up pace.
• Expanding the REIT codes to include a wider spectrum of income-generating commercial real estate would
improve liquidity and enhance price discovery of real estate assets. China’s April 2020 announcement of a
pilot program for publicly-traded REITs with a focus on infrastructure is a positive signal for transparency
improvement and may be expanded to wider real estate.
• Like most other territories in the Index, there is scope for improvement to sustainability transparency
– relating to adoption of net zero carbon, building resilience, etc. – as well as moving from voluntary
sustainability tools or regulations to mandatory measures.
• Despite improvements in data availability concerning the residential and office leasing sectors, which
has been motivated by increased corporate presence, there remains room for improvement in the retail,
logistics and alternatives sectors, particularly for rental data.
Mainland China is on a fast-track route to proptech adoption which, combined with further integration with
global capital markets and growth in alternatives sectors, should support further improvement in transparency
across Mainland China. Yet to make significant progress, China will need to take the lead in regulations
and metrics relating to sustainability, resilience and wellness – which will become new markers of global
standard transparency.
A complete description of global transparency trends and methodology used to create the Index can be found
in the Full Report – Global Real Estate Transparency Index, 2020 – which is available for download at:
https://www.joneslanglasalle.com.cn/en/trends-and-insights/research/global-real-estate-transparency-indexGlobal Real Estate Transparency Index, 2020 | 18
Global Real Estate Transparency Index Team
Global Asia Pacific
Jeremy Kelly Lee Fong
JLL, London JLL, Hong Kong
jeremy.kelly@eu.jll.com lee.fong@ap.jll.com
+44 20 3147 1199 +852 2846 5263
Jacques Gordon Elysia Tse
LaSalle, Chicago LaSalle, Singapore
jacques.gordon@lasalle.com elysia.tse@lasalle.com
+1 312 897 4200 +65 6494 3599
Matthew McAuley Nelson Wong
JLL, London JLL, Hong Kong
matthew.mcauley@eu.jll.com nelson.wong@ap.jll.com
+44 20 7852 4014 +852 2846 5135
Dan Mahoney Daniel Yao
LaSalle, Chicago JLL, Shanghai
daniel.mahoney@lasalle.com daniel.yao@ap.jll.com
+1 312 897 40234 +86 21 6133 5456
Rupert Davies Europe
JLL, London
rupert.davies@eu.jll.com Petra Blazkova
+44 20 7852 4701 LaSalle, London
petra.blazkova@lasalle.com
Americas +44 20 7399 5568
Shawn Lambert Christian Denny
JLL, New York JLL, London
shawn.lambert@am.jll.com christian.denny@eu.jll.com
+1 212 812 5884 +44 20 7399 5005
Ryan Severino Katie Taylor
JLL, New Jersey LaSalle, London
ryan.severino@am.jll.com katie.taylor@lasalle.com
+1 732 590 4182 +44 20 7399 5117
Middle East and Africa
Dana Salbak
JLL, Dubai
dana.salbak@eu.jll.com
+971 4 2677 6554
Contributing Authors
Sophie Carruth, Rupert Davies, Christian Denny,
Eric Duchon, Alex Edds, Jake Fansler, Lee Fong,
Jacques Gordon, Jeremy Kelly, Jordan Kostelac,
Shawn Lambert, Dan Mahoney, Matthew McAuley,
Lucy McCracken, Dana Salbak, Ryan Severino,
Nelson Wong, Daniel Yao, Warner Brown,
Sean Linkletter, Brooks Eakin.Global Real Estate Transparency Index, 2020 | 19
JLL Offices in Greater China
Beijing Qingdao Xi’an
11/F Unit 2308 Unit 2202-03
China World Tower A Tower A, COSCO Plaza CapitaMall Office
1 Jianguomenwai Avenue 61 Hong Kong Middle Road No.64 West Section of
Beijing 100004 Shinan District, Qingdao 266071 South 2nd Ring Road
Shandong Yanta District, Xi’an 710065
tel +86 10 5922 1300
Shaanxi
fax +86 10 5922 1330 tel +86 532 8579 5800
fax +86 532 8579 5801 tel +86 29 8932 9800
Chengdu
fax +86 29 8932 9801
29/F, Tower 1 Shanghai
Chengdu International Finance Square 22/F Hong Kong
1 Hongxing Road Section 3 HKRI Centre One, HKRI Taikoo Hui 7/F
Chengdu 610021, Sichuan No.288 Shimen Yi Road, Jingan District One Taikoo Place
Shanghai 200041 979 King’s Road
tel +86 28 6680 5000
Quarry Bay
fax +86 28 6680 5096 tel +86 21 6393 3333
Hong Kong
fax +86 21 6393 3080
Chongqing
tel +852 2846 5000
45/F, Chongqing World Financial Center Shenyang
fax +852 2845 9117
No.188 Minzu Road, Yuzhong District 1808
www.jll.com.hk
Chongqing 400010 Office Tower, L’Avenue
tel +86 23 6370 8588
10 Huigong Street, Shenhe District Macau
Shenyang 110013 Unit H, 16/F
fax +86 23 6370 8598
Liaoning Finance and IT Center of Macau
Guangzhou Nam Van Lake Quarteirao 5 Lote A
tel +86 24 3109 1300
Room 2801-03 Macau
fax +86 24 3109 1330
Guangzhou CTF Finance Centre
tel +853 2871 8822
No.6 Zhujiang East Road Shenzhen
fax +853 2871 8800
Zhujiang New Town, Tianhe District 19/F
www.jll.com.mo
Guangzhou 510623 Tower Three, Kerry Plaza
Guangdong 1 Zhongxinsi Road, Futian District Taipei
Shenzhen 518048 20/F-1
tel +86 20 2338 8088
Guangdong Taipei 101 Tower
fax +86 20 2338 8118
No 7 Xinyi Road Section 5
tel +86 755 8826 6608
Hangzhou Taipei 11049
fax +86 755 2263 8966
Unit 802 Taiwan
T2, Raffles City Hangzhou Tianjin
tel +886 2 8758 9898
No. 228 Xinye Road Unit 3408
fax +886 2 8758 9899
Jianggan District The Exchange Tower 2
www.jll.com.tw
Hangzhou 310000 189 Nanjing Road, Heping District
Zhejiang Tianjin 300051
tel +86 571 8196 5988 tel +86 22 5901 1999
fax +86 571 8196 5966
Wuhan
Nanjing Unit 3202-03
Room 2201 Ping An Finance Center
Deji Plaza Office Tower 1628 Zhongshan Avenue, Jiang’an District
18 Zhongshan Road Wuhan 430014, Hubei
Nanjing 210018
tel +86 27 5959 2100
tel +86 25 8966 0660 fax +86 27 5959 2144
fax +86 25 8966 0663
JLL Wechat JLLMini Program
joneslanglasalle.com.cnGlobal Real Estate Transparency Index, 2020 | 20 JLL Regional Headquarters Chicago London Singapore 200 East Randolph Drive 30 Warwick Street 1 Paya Lebar Link Chicago, IL 60601 London W1B 5NH #10-08 Paya Lebar Quarter 2 USA United Kingdom Singapore 408533 +1 312 782 5800 +44 20 7493 4933 +65 6220 3888 LaSalle Headquarters 333 West Wacker Drive Suite 2300 Chicago, IL 60606 A special thanks goes to the following organizations and individuals that have helped JLL and LaSalle complete the 2020 Global Real Estate Transparency Index: • Abacus, Angola – www.abacusangola.com • Akershus Eiendom AS, Norway – www.akershus-eiendom.no • Athens Economics, Greece – www.athenseconomics.gr • Iris Property Consulting, Bulgaria – www.ipc.bg • Moma Consulting, Croatia, Serbia, Slovenia – www.moma-consulting.com • Sadolin & Albæk, Denmark – www.sadolin-albaek.dk About JLL About LaSalle Investment Management JLL (NYSE: JLL) is a leading professional services LaSalle Investment Management is one of the world’s firm that specializes in real estate and investment leading real estate investment managers. On a global management. JLL shapes the future of real estate basis, LaSalle manages approximately $69.5 billion of for a better world by using the most advanced assets in private and public real estate property and debt technology to create rewarding opportunities, investments as of Q4 2019. LaSalle’s diverse client base amazing spaces and sustainable real estate solutions includes public and private pension funds, insurance for our clients, our people and our communities. companies, governments, corporations, endowments JLL is a Fortune 500 company with annual revenue and private individuals from across the globe. LaSalle of $18.0 billion, operations in over 80 countries and sponsors a complete range of investment vehicles a global workforce of more than 94,000 as of March including separate accounts, open- and closed-end 31, 2020. JLL is the brand name, and a registered funds, public securities and entity-level investments. For trademark, of Jones Lang LaSalle Incorporated. For more information please visit further information, visit www.jll.com www.lasalle.com, and LinkedIn. COPYRIGHT © JONES LANG LASALLE IP, INC. 2020 This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forward- looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements. Advice we give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely on the views expressed in this report
You can also read
