2020年全球房地产透明度指数（英文版）(1).pdf

Global Real Estate Transparency Index, 2020 Transparency, Digitization, Decarbonization The imperative for transparent, sustainable and resilient real estateGlobal Real Estate Transparency Index , 2020 | 2 Through eleven editions of the Global Real Estate Transparency Index spanning over two decades, JLL and LaSalle have created what is today the industrys most widely used and, we trust, highly valued benchmark for assessing real estate transparency. The 2020 Index is launched at a time of massive economic and societal disruption. As governments, businesses and communities grapple with the impacts of COVID-19, the pandemic has brought the issues of transparency and trust into even sharper focus. During times of such uncertainty, the need for transparent processes and accurate, timely data becomes more important than ever. Our latest survey of 99 countries and territories reveals that improvements to real estate transparency are being made across the globe, but overall progress is still not fast enough for a society demanding higher ethical standards and businesses being held to account to invest and operate transparently and sustainably. Yet there are reasons to be optimistic and the current disruption may well force the pace of change. We fully expect the mass adoption of technology, together with advancement in data availability and sensor technology, to accelerate the integration of proptech, helping to boost real estate transparency. The real estate industry is now harnessing huge amounts of data, but we will need to ensure that privacy and security are protected by ethical behavior. Welcome Global Real Estate Transparency Index , 2020 | 2Global Real Estate Transparency Index , 2020 | 3 Additionally, the imperative to tackle climate change and build a significantly decarbonized economy will lead to new transparency pressures. We are likely to see the rise of new frameworks, regulations and metrics to support the rollout of net zero carbon, resilient and healthy buildings these will become the new marker of gold-standard transparency. Added to the mix, hastily enacted regulations intended to address a fast-unfolding COVID-19 pandemic are introducing a new layer of complexity. As we go to press, sorting out these challenges still lies ahead in the second half of 2020 and in 2021. With all these forces at play, a robust global benchmark has become an essential tool for the real estate industry. We trust that our 2020 edition meets this challenge, providing an objective assessment of real estate transparency across the world and continuing to make an important contribution to the global real estate sector. Christian Ulbrich Chief Executive Officer, JLL Global Real Estate Transparency Index , 2020 | 3Global Real Estate Transparency Index , 2020 | 4 Contents Executive Briefing 07 The Global Real Estate Transparency Index, 2020 Dissecting the Global Ranking The Drivers of Real Estate Transparency Improvement Whats Next for Real Estate Transparency? GRETI 2020 13 Introducing the Global Real Estate Transparency Index Key Findings from the 2020 Survey Transparency by Topic Area The Legal and Regulatory Environment Faces the COVID-19 Challenge, Jacques Gordon, LaSalle Regional and City Transparency Trends 29 Americas Gradual improvement as progress stalls in largest Latin American markets Asia Pacific Registers strongest improvement - Mainland Chinas leading cities transition to Transparent tier Europe Mature markets lead while CEE struggles to maintain improvements Middle East Lucy McCracken, JLL Health and Wellness Take Center Stage, David Barnett, JLL Technology and Transparency 60 Technology Taking Transparency to New Levels, Matthew McAuley, JLL Proptech Adoption and Technologies, Alex Edds, JLL The Proptech Ecosystem, Jordan Kostelac, JLL Alternatives and Infrastructure 70 Transparency Deepens in Alternative Property Types, Dan Mahoney and Jake Fansler, LaSalle; Pranav Sethuraman and Matthew McAuley, JLL Transparency and Infrastructure Development, Dana Salbak, JLL Transparency in Charts 77 Technical Note 80Global Real Estate Transparency Index , 2020 | 5 Global Real Estate Transparency Index, 2020 Highly Transparent Key Characteristics The worlds leading investment destinations. These 10 markets are pushing the boundaries of transparency through technology, a focus on sustainability, anti-money laundering regulations and enhanced tracking of alternatives sectors. 2020 Highlights The UK, the United States and Australia are the most transparent markets. Ireland is one of the top improvers in 2020, while France, Sweden and Germany also advance. 11 Switzerland 12 Finland 13 Belgium 14 Singapore 15 Hong Kong SAR 16 Japan 17 Italy 18 Denmark 19 Spain 20 Poland 21 Austria 22 Norway 23 Chinese Taipei 24 South Africa 25 Czech Republic 26 Portugal 27 Hungary 28 Slovakia 29 Malaysia 30 South Korea 31 Luxembourg 32 China SH/BJ 33 Thailand Transparent Key Characteristics European and, increasingly, Asian markets which have strong regulatory frameworks, governance structures and transaction processes. Market fundamentals data and performance measurement are areas for improvement. 2020 Highlights Switzerland, Finland and Belgium sit on the cusp of Highly Transparent , while Singapore, Hong Kong SAR and Japan lead in Asia. Mainland China and Thailand improve and enter the group of Transparent markets. 34 India 35 Romania 36 UAE Dubai 37 Israel 38 Russia 39 Mexico 40 Indonesia 41 Greece 42 Bulgaria 43 Turkey 44 Philippines 45 Brazil 46 Croatia 47 Chile 48 UAE Abu Dhabi 49 Peru 50 Slovenia 51 Mauritius 52 Kenya 53 Botswana 54 Serbia 55 Puerto Rico 56 Vietnam 57 Saudi Arabia 58 Macao SAR 59 Argentina Semi-Transparent Key Characteristics Dominated by large emerging markets. These countries have made steady improvements in recent years, but need to address issues around corporate governance and regulatory enforcement if they are to progress into the Transparent tier. 2020 Highlights India, Indonesia, the Philippines and Vietnam are among the Indexs top improvers due to regulatory reforms, enhanced market data and sustainability initiatives. Vietnam advances into the Semi-Transparent tier. 60 Egypt 61 Morocco 62 Colombia 63 Costa Rica 64 Zambia 65 Sri Lanka 66 Jordan 67 Cayman Islands 68 Nigeria 69 Ukraine 70 Bahrain 71 Bahamas 72 Myanmar 73 Pakistan 74 Kuwait 75 Qatar 76 Iran 77 Uruguay 78 Rwanda 79 Kazakhstan 80 Ghana Low Transparency Key Characteristics Emerging destinations in Africa, the Middle East and Latin America, where market tracking and real estate regulation are still nascent. 2020 Highlights Costa Rica is among the global top improvers, while Morocco registers progress as it formalises its new REIT framework. 81 Oman 82 Ecuador 83 Panama 84 Belarus 85 Angola 86 Tunisia 87 Lebanon 88 Honduras 89 Mozambique 90 Uganda 91 Algeria 92 Ivory Coast 93 Guatemala 94 Senegal 95 Tanzania 96 Dominican Rep. 97 Iraq 98 Ethiopia 99 Libya Opaque Key Characteristics African, Middle Eastern and Latin American markets, often hampered by geopolitical and economic challenges. With limited regulatory frameworks in place, these markets are vulnerable to regression. 2020 Highlights Libya, Lebanon, Tunisia and Tanzania show regression, though some improvement evident in Honduras and Ivory Coast. 1 United Kingdom 2 United States 3 Australia 4 France 5 Canada 6 New Zealand 7 Netherlands 8 Ireland 9 Sweden 10 Germany Note: China - SH/BJ = Shanghai and Beijing Source: JLL, LaSalleGlobal Real Estate Transparency Index , 2020 | 6 Transparency is critical to the operation of efficient markets Real estate has always been the worlds largest asset class by value, but it is now becoming an increasingly prominent part of global investment strategies. As a result, more private individuals are being exposed to real estate through their pension funds and insurance policies or holdings in REITs, listed property companies or both closed and open-ended funds. This spotlight on the industry has broadened the definition of transparency with more demand for understanding the impact of investment decisions on the environment and communities. Better transparency is crucial to creating healthy real estate markets which work for all participants, not just the few, and we expect new technologies will accelerate improvements and enable some countries to leapfrog up the ranking in coming years. Richard Bloxam Member of the Global Executive Board Global CEO, Capital Markets JLLGlobal Real Estate Transparency Index , 2020 | 7 Executive Briefing The Global Real Estate Transparency Index, 2020 11 thedition of the Global Real Estate Transparency Index JLL and LaSalle have been tracking real estate transparency and championing higher standards since 1999. This 11 thedition of the Global Real Estate Transparency Index (GRETI) covers 99 countries and territories, and 163 city regions. This latest survey has been extended to quantify 210 separate elements of transparency, with additional coverage on sustainability and resilience, health and wellness, proptech and alternatives sectors. 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. While 70% of territories have registered an improvement in score, many jurisdictions are struggling to maintain progress. 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 industrys role in providing a sustainable and resilient built environment. Innovative new technologies are changing how real estate data is gathered and analyzed, and as these technologies become more widespread and the regulatory landscape rapidly evolves, improvements in transparency will depend even more on working closely and collaboratively with governments and civil society to achieve greater transparency. Dissecting the Global Ranking 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 (4 th ) and Ireland (8 th ) 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. Top improvers are concentrated in South and Southeast Asia South and Southeast Asia have led advances globally. India has registered one of the largest improvements globally, with progress in the countrys 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 (IGBC) and Green Rating for Integrated Habitat Assessment (GRIHA). Global Real Estate Transparency Index , 2020 | 8 In Southeast Asia, Thailand, Vietnam, the Philippines and Indonesia are all among the global top 10 improvers. Progress in Thailand and Vietnams main cities, Bangkok and Ho Chi Minh City, has pushed each into a higher tier Transparent and Semi-Transparent respectively. Mainland Chinas leading cities edge into Transparent tier Mainland China has also continued to advance, with improved market fundamentals data, an active proptech sector and more coordinated land-use planning contributing to its place among the top global improvers. This has helped to push its leading cities, Shanghai and Beijing, into the Transparent tier for the first time. Sustainability drives progress among top 10 improvers Abu Dhabi has emerged as the top global improver in 2020, with its score boosted by government initiatives to improve corporate and real estate sustainability. Costa Rica, also among the top 10 global improvers, has seen gains underpinned by continued enhancements to its sustainability standards. Meanwhile, new requirements for large companies to implement climate action plans have helped Belgium join the top improvers. Sub-Saharan Africa, MENA and Latin America struggle to keep pace Large swathes of the Middle East, Sub-Saharan Africa and Latin America have seen progress stall due to political and/or economic headwinds. Several large middle-income markets like South Africa, Mexico, Brazil and Turkey have slipped several places in the global ranking as regulatory enforcement and corporate governance standards have struggled to advance. A familiar roll call of names dominates the City-level Transparency Index Recognizing the material differences in transparency within some national territories, we have extended coverage to 163 city metropolitan areas. London once again takes top spot as the worlds most transparent real estate market. Los Angeles, San Francisco, Sydney and Washington DC round off the global top 5. Paris takes the top global position on sustainability transparency. The Drivers of Real Estate Transparency Improvement Steady improvement in sustainability transparency The most significant progress since 2018 has been made in the Sustainability components of the survey, where an increased focus on corporate social responsibility and acknowledgement of the need to create a sustainable built environment bring ESG considerations into the mainstream. Green building certification systems and energy efficiency standards are widespread in the higher- performing countries. France and Australia have taken the global lead on sustainability transparency and been among the first adopters of new sustainability initiatives, such as water efficiency standards or net zero carbon frameworks. A new focus on zero carbon buildings There is a rising expectation that the real estate industry will deliver zero carbon buildings and, in response, the GRETI Survey now covers initiatives relating to net zero carbon building frameworks. Leading the charge are a number of Green Building Councils, such as UKGBC in the UK and GBCA in Australia, that have developed national frameworks for net zero carbon buildings.