JLL和仲量联行每两年发布一次全球房地产透明度指数（GRETI）结果。该指数是衡量市场透明度的基准，评估法律和监管环境、数据可获得性以及运营条件，覆盖88个国家和146个城市市场。
Every other year, JLL and LaSalle publish the results of their Global Real Estate Transparency Index. The index is a benchmark of market transparency that assesses the legal and regulatory environment, availability of data and operating conditions across 88 countries and 146 city markets.
最新一期报告的关键发现之一是，透明度最高的市场——包括英国、澳大利亚和日本——在商业地产投资方面实现了最强劲的增长。“透明度驱动投资增长，”报告指出。
One of the key findings of the latest edition was that the most transparent markets – which include the United Kingdom, Australia and Japan – experienced the strongest growth in investment in commercial property. “Transparency drives investment growth,” the report noted.
另一项发现是，亚太地区引领了透明度的提升，该地区占据了进步幅度最大的前10个市场中的半数。印度“通过数字基础设施的扩展、市场数据可获得性的增强以及REITs（房地产投资信托基金）市场的扩大，引领了上升趋势”。
Another finding was that the Asia-Pacific led the improvement in transparency, with the region accounting for half of the top 10 improvers. India “led the upward trajectory through the expansion of its digital infrastructure, enhanced market data availability and expanding Reit [real estate investment trust] market”.
然而，看看香港和中国内地的商业地产投资市场，会让人对透明度作为流动性关键驱动力的作用产生怀疑。
However, a glance at the commercial real estate investment markets of Hong Kong and mainland China casts doubt on the role of transparency as a crucial driver of liquidity.
在香港，该市场在指数中排名第14位，距离进入由13个市场组成的“高度透明”行列仅一步之遥，但今年上半年的交易量仅达40亿美元。根据MSCI的数据，这在亚太地区主要市场中垫底，仅高于印度。
In Hong Kong, which ranked 14th in the index and stood on the cusp of entering the 13-strong group of highly transparent markets, transaction volumes in the first half of this year reached US$4 billion. That was the lowest among the leading markets in the Asia-Pacific apart from India, according to data from MSCI.
即使在2018年市场巅峰时期，全年交易量也仅与韩国持平，而韩国在透明市场中几乎没有存在感，目前排名第24位。相比之下，缺乏透明度并未阻止中国内地——其一线城市在今年指数中排名第31位——成为2026年上半年亚太地区交易最活跃的市场，甚至超越了日本。
Even at the peak of the market in 2018, annual volumes were on a par with those in South Korea, which barely figured among the transparent markets and is currently ranked 24th. By contrast, a lack of transparency did not prevent mainland China – whose first-tier cities placed 31st in this year’s index – from being the most widely traded market in the Asia-Pacific in the first half of 2026, even surpassing Japan.
在世邦魏理仕（CBRE）1月份进行的一项投资者意向调查中，市场透明度甚至没有被列为该地区投资者所面临的主要挑战。高昂的建筑成本、地缘政治风险和紧缩的货币政策才是最大的阻力。
In a CBRE survey of investor intentions from January, the level of market transparency did not even figure among the major challenges faced by investors in the region. High construction costs, geopolitical risks and tighter monetary policy were among the biggest headwinds.
这并不一定意味着亚洲商业地产的透明度被夸大了。有两个关键因素值得更多关注。首先，对于需要可靠且及时的数据来帮助其做出明智决策并管理不同市场风险的全球投资者和租户而言，透明度更为重要。
This does not necessarily mean transparency in Asian commercial property is overblown. Two crucial factors warrant more attention. First, transparency is more important for global investors and occupiers who need reliable and timely data to help them make informed decisions and manage risks in different markets.
然而，在中国内地，国内投资者占据了商业地产交易的大多数。根据MSCI的数据，即使在2019年跨境投资达到创纪录的198亿美元时，国内投资者仍占交易总额的近三分之二。
However, in mainland China, domestic investors account for the majority of commercial property transactions. Even when cross-border investment reached a record US$19.8 billion in 2019, domestic investors still constituted nearly two-thirds of transaction volumes, according to MSCI data.
此外，市场的巨大规模是流动性的强大驱动力。仲量联行（JLL）研究团队市场情报与战略高级总监马修·麦考利（Matthew McAuley）表示：“鉴于中国的市场规模，它始终将是该地区交易最活跃的市场之一。”
Moreover, the sheer size and scale of the market are a powerful driver of liquidity. “Given China’s size, it will always be one of the most widely traded markets in the region,” said Matthew McAuley, senior director of market intelligence and strategy in JLL’s research team.
本地投资者同样主导着香港的商业房地产市场，2018年占投资活动的近四分之三。此外，所有权高度集中和优质物业供应有限也制约了流动性。地标性资产被该市资金雄厚的大业主牢牢掌握，他们倾向于长期持有物业，且没有出售压力。
Local investors also dominate Hong Kong’s commercial real estate market, accounting for nearly three-quarters of investment activity in 2018. Moreover, concentrated ownership and limited availability of high-quality properties have acted as a constraint on liquidity. Trophy assets are tightly held by the city’s big and well-capitalised landlords, which tend to hold properties for a long period and are not under pressure to sell.
总体而言，亚太地区的商业地产投资市场在很大程度上属于国内市场。根据MSCI的数据，过去十年中，跨境交易额占总交易额的比例一直徘徊在25%至30%之间。相比之下，自2015年以来，欧洲的跨境投资比例经常超过国内投资份额。
The Asia-Pacific commercial property investment market as a whole is a largely domestic affair. The quarterly cross-border share of transaction volumes has hovered between 25 and 30 per cent during the past decade, according to MSCI data. In Europe, by contrast, the proportion of cross-border investment has often exceeded the domestic share since 2015.
还有一个同样重要但往往不那么显而易见的因素。尽管投资活动受多种因素驱动——包括定价、供需动态、经济与地缘政治力量——但市场透明度是一种强大的结构性力量。麦考利表示：“从长期来看，这一点至关重要。”
There is another factor that is just as important, even though it is less apparent. While there are many determinants of investment activity – including pricing, supply-demand dynamics, economic and geopolitical forces – market transparency is a potent structural force. “It matters over the longer term,” McAuley said.
随着机构投资者将更多资本配置到另类物业领域，以及散户投资者寻求更多上市房地产敞口，数据可得性变得愈发重要。仲量联行指出：“可投资范围的扩大，使投资者对高质量、可比较数据的需求日益迫切，以便做出明智决策并管理风险。”
As institutional investors deploy more capital into alternative property sectors and retail investors seek more exposure to listed real estate, data availability becomes more important. “The expanding investible universe is creating an urgent demand from investors for higher-quality, comparable data to make informed decisions and manage risk,” JLL said.
在香港，学生公寓的前景取决于这一新兴市场的机构化进程。详细的资产层面数据，尤其是运营成本和资本支出数据，至关重要，特别是考虑到许多资产是由其他用途改造而来。
In Hong Kong, the prospects for student accommodation hinge on the institutionalisation of the emerging market. Detailed asset-level data on operational costs and capital expenditure are critical, particularly since many of the assets are conversions.
在中国大陆，房地产投资信托基金（REITs）的数量已增至近80只，市值达320亿美元。这使得五年前尚处于起步阶段的上市REITs市场，按市值计算已成为亚太地区第三大市场。随着中国大陆商业地产的民主化进程加速，公开交易的REITs市场正在提升透明度和流动性。
In mainland China, the number of Reits has risen to nearly 80 with a market value of US$32 billion. This makes the listed Reit market, which was in its infancy five years ago, the Asia-Pacific’s third largest in terms of market value. As the democratisation of commercial property in mainland China gathers pace, the publicly traded Reit market is boosting transparency and liquidity.
透明度只是驱动商业地产投资的诸多因素之一。然而，即便是在其他因素可能更具影响力的香港和中国大陆，透明度也发挥着重要但常被低估的作用。
Transparency is just one of several drivers of investment in commercial property. Yet even in Hong Kong and mainland China, where other factors can be more influential, it plays an important but underappreciated role. By Nicholas Spiro