Crystal Clear

Investor demand for real estate transparency is increasing and markets are rising to the challenge.愈來愈多投資者要求地產界提高透明度,市場準備迎接有關挑戰。

Squarefoot - - CONTENTS 目錄 - TEXT BY ELIZABETH KERR

Investor demand for real estate transparency is increasing and markets are rising to the challenge. 愈來愈多投資者要求地產界提高透明度,市場準備迎接有關挑戰。

Transparency. This is currently a real estate buzzword, alongside sustainability and heritage. But transparency can have a significant impact on individual, institutional and national bottom lines, never mind peace of mind (Panama Papers, anyone?). Rated on robustness of legal systems, availability of information, tax structures, regulatory environments, and corruption levels among other detailed metrics, transparency can ultimately help investors determine how much risk they're likely taking on—and if they want to.

“Real estate transparency is clearly not fixed—markets can significantly improve over time,” begins Tim Jowett, director, investment strategy and analysis, Asia Pacific for developer Grosvenor. “Some investors would look for markets where they believe transparency could improve as this should yield significant price appreciation and high returns. The PRC, for example, has seen some reasonable improvements in transparency in recent years, particularly in Shanghai.” So where will investors feel most comfortable right now?

Still the West

Jurisdictions with the highest transparency in the world according to JLL'S 2018 Global Real Estate Transparency Index come as no surprise to anyone, and it's the reason the majority are among investors' most preferred locations. This year, the most “highly transparent” markets are the UK, Australia, the US, France, Canada, the Netherlands, New Zealand, Germany, Ireland, Sweden and Finland. The next tier, labelled simply “transparent,” includes Singapore, Hong Kong, Japan (12 through 14) and the rest of Europe. In the middle of the pack are the semi-transparent locations, described as being “Dominated by large emerging markets, including the BRIC economies. These markets have made steady advancements in recent years, but need to address issues of corporate governance and regulatory enforcement if they are to progress.” Many are viewed favourably by investors despite being treated with some

「透明度」與「可持續發展」、「古蹟」等字眼,同是地產界的流行語,但透明度的影響層面涉及個人、機構及國家,亦與安全性息息相關(還記得巴拿馬文件案嗎?)除了法律制度的健全性、資訊的流通性、稅務架構、監管制度和清廉度外,透明度可幫助投資者認識可承擔的風險。

發展商Grosvenor亞太區投資策略和分析部總裁Tim Jowett解釋說:「地產界在透明度方面沒得到妥善管理,市場仍有很大的改善空間。部分投資者著眼於有能力提升透明度的市場,因這些市場的升值能力和回報更大。中國內地的透明度近年有所改善,特別是上海。」目前,哪些地方令人放心投資呢?

西方佔優

據仲量聯行2018年《Global Real Estate Transparency Index》顯示,全球透明度最高的國家都是備受投資者歡迎的目的地。今年,「最高透明度」的市場包括英國、澳洲、美國、法國、加拿大、荷蘭、新西蘭、德國、愛爾蘭、瑞典及芬蘭;次一級為「富透明度」的國家,包括新加坡、

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