Case Study of TPRs for Economic Issues in Urban Development

Abstract

Chapter 3 (Category I) examines TPRs in urban development from an economic perspective, such as the Global Real Estate Transparency Index (GRETI) and the International Valuation Standard (IVS), which were established and are implemented with implicit participation and state inclusion. GRETI has been established, monitored, and implemented through close engagement with Jones Lang LaSalle (JLL), intermediaries, and states to improve transparency for the expansion of the property investment market and economic revitalization. Transparency improvement with GRETI has become an incentive for states with a high degree of sincerity to promote global property investment. In the case of International Valuation Standard (IVS), acceptance and understanding have spread in many countries because global property investment through the IVS has led to fewer troubles and secure efficient and safe transactions. The G20 has encouraged the regulatory authority in each state to promote regulatory convergence by cooperating with International Valuation Standards Council (IVSC), which has led to states committing to using the IVS. The case study indicated that GRETI and the IVS have been established, monitored, and implemented by securing legitimacy through close engagement with IGOs, regulators, states, and other key stakeholders, resulting in greater state commitments. These elements have resulted in increased implementation.