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Jordi Martin to succeed John Forrest as CEO Corporate Solutions, Asia Pacific for Jones Lang LaSalle/taiwan/en-gb/news/134/jordi-martin-to-succeed-john-forrest-as-ceo-corporate-solutions-asia-pacific-for-jones-lang-lasalleJordi Martin to succeed John Forrest as CEO Corporate Solutions, Asia Pacific for Jones Lang LaSalle<div class="ExternalClass1DC87F1DD26F49BA9BDA2086C80AE934"><p><strong>SINGAPORE, October 03, 2013</strong> — Jones Lang LaSalle (NYSE: JLL) has announced <a href="http://www.ap.joneslanglasalle.com/SiteCollectionDocuments/AP/media_lib/Spoke_person/Asian_Region/jordi-martin.pdf">Jordi Martin </a>as Global Director and CEO of Jones Lang LaSalle’s Corporate Solutions business in Asia Pacific, effective from first quarter 2014. Currently Managing Director of Integrated Facilities Management (IFM) for Jones Lang LaSalle in Asia Pacific, Mr Martin succeeds <a href="http://www.ap.joneslanglasalle.com/SiteCollectionDocuments/AP/media_lib/Spoke_person/Asian_Region/john_forrest.pdf">John Forrest</a> who will become CEO of the firm’s Corporate Solutions business in the Americas.</p> <p>With more than thirty years’ experience in real estate and management in Asia Pacific, Mr Martin joined Jones Lang LaSalle, Australia in 1998. He has played a key role in building the firm’s facilities management capability across the region since moving to Singapore as head of IFM, Asia Pacific in 2002. Under his leadership, the IFM business has become an industry leader, managing more than 260 million sq ft across 15 countries, directly employing over 7,800 people and serving more than 200 companies. He is also responsible for the workplace strategy, change management and occupancy planning teams and has established the firm’s supply chain management and procurement solution for corporate clients.</p> <p>“This is an exciting time for our corporate business as companies headquartered in Asia Pacific pursue international expansion while Western multinationals look to this region for growth,” said Mr Martin. “We have the best people in the industry focused on providing scalable solutions in workplace strategy, transactions, project and facilities management, to help these companies improve their productivity. I am looking forward to working with our talented team to continue delivering innovative solutions to our clients and further strengthen our delivery platform in Asia Pacific.”</p> <p>Mr Martin has served on the firm’s Global IFM Board for eight years, the past three of which he has been appointed as Chairman. Alongside Mr Forrest, Mr Martin also sits on the firm’s Global Corporate Solutions Board which focusses on providing innovative real estate solutions to companies across the globe.</p> <p><a href="http://www.ap.joneslanglasalle.com/SiteCollectionDocuments/AP/media_lib/Spoke_person/Asian_Region/hughes_alastairs.pdf">Alastair Hughes</a>, Chief Executive Officer of Jones Lang LaSalle Asia Pacific said: “This is an exciting time for our Corporate Solutions business in Asia Pacific, an area in which we see a huge growth opportunity. Jordi’s deep knowledge of the business, strong reputation in the industry, extensive client relationships and experience building a market-leading regional platform makes him the ideal candidate to lead the business in continuing to deliver the best services and solutions our clients across the region.”<br>Mr Forrest will remain in his role as CEO, Asia Pacific until Q1 2014, working closely with Mr Martin to transition the business. </p> <p style="text-align:center;">- ends - </p> <p> </p> <div><strong>Notes to editors</strong></div> <div><strong></strong> </div> <div><strong>About Jones Lang LaSalle Corporate Solutions</strong></div> <div><strong></strong><br>A leader in the real estate outsourcing field, Jones Lang LaSalle’s <a href="/Pages/OccupierServices.aspx">Corporate Solutions business </a>helps corporations improve productivity in the cost, efficiency and performance of their national, regional or global real estate portfolios by creating outsourcing partnerships to manage and execute a range of corporate real estate services. Our platform of transactions, lease administration, project and facility management services is backed by our expertise in consulting, workplace and portfolio strategy to provide an end-to-end service offering. This service delivery capability helps corporations improve business performance, particularly as companies turn to the outsourcing of their real estate activity as a way to manage expenses and enhance profitability. </div> <div> </div> <div><strong>About Jones Lang LaSalle</strong> </div> <div> </div> <div>Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. <br></div> <div>Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 26, 100 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013. <a href="http://www.ap.joneslanglasalle.com/">www.ap.joneslanglasalle.com</a>  <br></div> <div>200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619</div> <div> </div> <p><br><br><br>​</p></div>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
93% of Chinese companies expect to grow domestic real estate portfolios in 2012; 15% anticipate international expansion/taiwan/en-gb/news/109/93-of-chinese-companies-expect-to-grow-domestic-real-estate-portfolios-in-2012-15-anticipate-international-expansion93% of Chinese companies expect to grow domestic real estate portfolios in 2012; 15% anticipate international expansionBusiness growth and cost control driving corporate real estate strategies according to Jones Lang LaSalle’s inaugural survey of Chinese corporations0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

E-commerce sales growth set to be highest in Asia Pacific with major benefits for real estate market/taiwan/en-gb/news/136/e-commerce-sales-growth-set-to-be-highest-in-asia-pacific-with-major-benefits-for-real-estate-marketE-commerce sales growth set to be highest in Asia Pacific with major benefits for real estate marketReal estate plays crucial role in rapidly-evolving retail strategies, says report by Jones Lang LaSalle0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Jones Lang LaSalle’s 3Q13 Commercial Property Market Survey Highlights Taipei-2 October 2013/taiwan/en-gb/news/133/jones-lang-lasalle-s-3q13-commercial-property-market-survey-highlights-taipei-2-october-2013Jones Lang LaSalle’s 3Q13 Commercial Property Market Survey Highlights Taipei-2 October 2013<div class="ExternalClassAD3E1E0AA5AD4D24BB3881D6F45E1121"><p>​</p><div style="line-height:14pt;margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:微軟正黑體, sans-serif;color:black;"> </span></div> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">The Taipei office market has sustained the trend from the last quarter and continues to experience further slowdowns because of the uncertainties posed by quantitative easing (QE) policy developments in the United States, recession of the Eurozone and surpluses of productivities in China. Thus, foreign and domestic think tanks and government agencies have declared a drop in economic growth in 3Q13 and have further revised their economic growth projection downward for the upcoming quarters. However, the current quarter’s take-up has tremendously increased from 3,722 ping in 2Q13 to 13,910 ping, 70% of which comprise owner occupancy. </span></li></ul> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"> </span></div> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">The total take-up of the first three quarters this year has reached 33,545 ping—the highest in five years—because corporations consolidate their operations and begin to establish headquarters. Over 60% of the aforementioned take-up is committed to headquarters use.</span></li></ul> <div style="margin:0cm 0cm 0pt 24pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"> </span></div> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">The slow leasing market is evident, with merely 40% of the quarterly take-up involving new leases and lease expansions. Compared to the past five years’ third quarters, our record for 3Q13 has shown that several corporate tenants have surrendered their leases or relocated to Grade B buildings or city fringes, although the figure this year is within the quarterly average. The quarterly vacancy rate increased 0.8 pps q-o-q, reaching 11.1% because of the relocations and the entrance of one new building to our monitored basket in the Xinyi submarket.</span></li></ul> <div style="margin:0cm 0cm 0pt 24pt;"><span lang="EN-GB" style="font-family:微軟正黑體, sans-serif;color:black;font-size:11pt;"> </span></div> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">During the current economic slowdown, corporate tenants tend to be more cautious on making lease decisions. Furthermore, because the market has started seeing tenants relocating to cheaper offices and several new buildings have gradually entering the market, landlords have tended to be more discreet on adjusting rents. The rental value only increased marginally by 0.1% q-o-q to NTD 2,445 per ping per month.</span></li></ul> <div style="margin:0cm 0cm 0pt 24pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"> </span></div><p></p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">Relocations to and new leases in industrial offices have driven the vacancy in city fringes down by 1.5 pps to 7.9% biannually. The increasing demand for such office spaces has caused the average rents to increase by 0.3% biannually to NTD 1,317 per ping per month. </span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;"></span> </p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;"></span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">Taipei New Horizon, a brand-new building offering more than 12,000 ping of floor area, opened in the Xinyi submarket this quarter. Because of the new supply and the surrendering of office spaces, the vacancy in Xinyi submarket increased by 2.6 pps q-o-q to 16.5%. However, the quarterly take-up increased significantly to 5,868 ping from -105 ping in 2Q13 after one corporate tenant leased approximately 2,200 ping of space in Taipei New Horizon. Rental value remained at NTD 2,774 per ping per month.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span> </p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">The expansion of MNCs and the landlord’s subsidiary renting spaces caused the vacancy of Dunhua North to drop further for the fourth consecutive quarter by 1.6 pps to 10.2% q-o-q. Because of the continued decrease in vacancy, certain landlords continued to raise rent, marginally pushing the area’s average rent upward by 0.5% q-o-q to NTD 2,266 per ping per month. The increase is the most significant among those in the four submarkets this quarter.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span> </p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">Because one domestic corporation surrendered spaces and the new leases consist of only small-sized to mid-sized units, the vacancy in Dunhua South edged up marginally by 0.2 pps q-o-q to 5.8% in 3Q13. Certain landlords who have raised rents pushed the rental level to edge up slightly by 0.1% q-o-q to NTD 2,449 per ping per month.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span> </p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">Several new leases committed to small-sized to mid-sized units, as well as owner occupancy in the Non-Core CBD drove the area’s continuously dropping vacancy. Furthermore, the aging Grade B buildings have gradually faced the need for renewals or reconstructions. Several building owners this year have either terminated all leases and retrieved the buildings to convert them into hotels or demolished them to be redeveloped into luxury residences. Thus, some of the former corporate tenants from these buildings have stayed in the noncore CBD and taken up some of the Grade A offices. Vacancy has showed its third consecutive drop this quarter by 0.6 pps to 6% q-o-q, while rent has posed its first drop since 2011 by 0.3% to NTD 1,924 per ping per month because several aged buildings lowered rents to attract tenants.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"><img alt="2013Q3-en" src="/SiteCollectionImages/Taiwan/2013Q3-1-en.jpg" style="margin:5px;width:618px;height:203px;" /><br><br></span></p><div style="margin:0cm 0cm 21pt;"><b><span lang="EN-GB" style="font-style:normal;font-family:arial, sans-serif;font-size:12pt;">Future Trends</span></b></div> <ul><li><div style="margin:0cm 0cm 21pt;"><b><span lang="EN-GB" style="font-style:normal;font-family:arial, sans-serif;font-size:12pt;"></span></b><span lang="EN-GB" style="font-family:wingdings;color:black;font-size:11pt;"><span><span style="font-style:normal;font-variant:normal;font-weight:normal;font-size:7pt;line-height:normal;font-family:'times new roman';"> </span></span></span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">International think tanks and domestic government agencies have declared an economic slowdown this quarter and further stated that there have not been any obvious signs of economic improvements in the near future. However, economists have projected that the rebound might occur in 2H14. But, it is difficult to be certain because the effects of federal budget cuts, developments of QE in the United States, Euro recession and recovery of the Chinese economy from an earlier fallback—among other factors—all require time to sink in and to observe their developments. Thus, in the near future, the business sentiment of most of corporations is likely to remain cautious. On the other hand, Chinese corporations would likely take advantage of the alleviations in the service industry trades and tourism limitations and become more active and aggressive on conducting businesses in Taiwan.</span></div></li></ul> <p style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;"> </span></p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">Because of the current global economic stance, reducing costs and expenditures has remained an important agenda for businesses. Many business entities have begun to consolidate their operations into one single location to save costs or to sell self-owned buildings and leaseback. Thus, we have seen many new headquarters being erected in Taipei in recent years, and properties—such as the headquarters of Elitegroup Computer in Neihu and the Park Lane retail property in Taichung—were sold by the owners and have been leased back. In 2013, there have been nearly 21,000 ping of headquarters take-up and owner occupancy floor areas. Compared to 2012, the growth rate is 189%. More corporate headquarters are expected to be completed in 2014.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"></p><div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:微軟正黑體, sans-serif;"> </span></div><p></p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">In terms of rental performance in the short run and under the current economic conditions, most corporate tenants tend to retain their current leases. Yet, with many new buildings adding to the supply, market competition is likely to occur among landlords. Thus, landlords have been more cautious when adjusting rents under the current circumstances, especially when more new office buildings are planned to open in the next quarter or two. In the long run, the rental level is likely to grow moderately as Taiwan’s Financial Supervisory Commission (FSC) has required insurers to obtain a minimum ROI of 2.875% on leases upon their acquisition of rental properties.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;"> </span></p> <ul style="margin-top:0cm;"><li class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;"></span><span lang="EN-GB" style="font-family:wingdings;color:black;font-size:11pt;"><span><span style="font-style:normal;font-variant:normal;font-weight:normal;font-size:7pt;line-height:normal;font-family:'times new roman';"> </span></span></span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">The Taiwanese government has lowered the trade barriers for the service industry and the tourist limitations for China this year. Our market record has shown that several Chinese financial service entities began to enquire space availabilities in Taipei. Additionally, according to the official statistics, there have been nearly 2 million Chinese visitors who came to Taiwan from January to August this year, resulting in a 12% increase y-o-y. Thus, we expect that improvements in the cross-strait relationship are likely to bring momentum to the office market growth in Taipei.</span></li></ul> <p class="MsoNormal" style="margin:0cm 0cm 0pt;color:black;"></p><ul style="margin-top:0cm;"><li class="MsoNormal" style="page-break-before:always;margin:12pt 0cm;color:black;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">More than 63,000 ping of new office supplies are anticipated to enter Taipei’s office market this year. Because of the slow office demand and the moderate rental growth in Taipei’s office market, an increasing number of property owners have hoped to take advantage of the booming tourism industry. Thus, several major landlords have acquired, retrieved or leased buildings for hotel uses. This quarter, we have seen one hotel operator leasing a brand new structure to operate an economical hotel. This has been a rare case as new buildings are normally used for five-star hotels while older buildings are often converted to economical ones.</span></li></ul> <div style="margin:0cm 0cm 21pt;"><b><span lang="EN-GB" style="font-style:normal;font-family:arial, sans-serif;font-size:12pt;">Joe Lin (Local Director) made the following comments:</span></b><b><span lang="EN-GB" style="font-style:normal;font-family:arial, sans-serif;color:black;"></span></b></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">“According to our regional team, major cities in the Asia Pacific (AP) region shared similar trends for the leasing market this quarter. Vacancies in most cities fell marginally by 0.3–0.9 pps q-o-q, with the exception in Taipei, where the new building supply slightly increased the vacancy. Rental values merely fluctuated marginally by ±1%, except in Tokyo. Certain landlords in Tokyo’s market reduced rents to attract tenants, causing the overall rent to drop by nearly 4%. On the other hand, the average rental value in Shanghai soared by 2.1% q-o-q, mainly because of the second consecutive drop in vacancy. Certain landlords raised rents, causing the overall rental to rise. It is the most significant increase among major AP cities this quarter. Leasing activities are generally slow in the AP region this quarter, as take-up decreased in places such as Singapore, Hong Kong, Shanghai and Beijing. Under the current economic slowdown, corporate tenants in all major AP cities, except Tokyo, have tended to relocate to the peripheral areas of major CBD or city fringes. Thus, we could see that the current economical prospect have affected the AP region as a whole.</span></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"> </span></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">In the domestic front, Jones Lang LaSalle has projected the rental growth to be within the range of 2–5% this year. So far, the overall rent has increased 2.3%, as compared to the value in 4Q12. Because of the current anaemic economy, we would anticipate the rental growth to reach 3% at the year end. </span></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"> </span></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">Moreover, we have mentioned in our previous press releases this year that the new MRT service routes and the increasing Chinese tourists were projected to bring momentum to the office market. This quarter, we have seen nearly full occupancies in the joint-development office projects on the new and upcoming MRT routes. In addition, corporations such as Cathay United Group and Chailease Finance Co have started to convert several former office structures to hotels or have entered the hotel business. Some of these hotel projects are expected to be completed at the end of this year. In the long term, more building conversions to hotels are likely to occur because hotel operation poses higher returns than offices.”</span></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"> </span></div> <div style="page-break-before:always;margin:0cm 0cm 0pt;"><b><span lang="EN-GB" style="font-style:normal;font-family:arial, sans-serif;font-size:12pt;">Investment Market</span></b></div><p></p> <ul><li><div style="page-break-before:always;margin:0cm 0cm 0pt;"><b><span lang="EN-GB" style="font-style:normal;font-family:arial, sans-serif;font-size:12pt;"></span></b><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">Because of the uncertain economic prospect, most of the investors have remained observant. Moreover, the FSC has just granted the permission for insurers to purchase commercial properties in mid-September. Thus, the market had remained relatively quiet until the limits were alleviated. As soon as the permission was granted, a few insurance investors had made several significant deals, bringing the transaction volume up at the quarter end. The volume reached 21.5 billion—an increase of 35% q-o-q—but suffered a decrease of 61% y-o-y.</span></div></li></ul> <ul><li><div style="page-break-before:always;margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;"></span><span lang="EN-GB" style="font-family:wingdings;"><span><span style="font-style:normal;font-variant:normal;font-weight:normal;font-size:7pt;line-height:normal;font-family:'times new roman';"> </span></span></span><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">With regard to the invested property types, the offices only accounted for 8% of the total transaction volume. Conversely, industrial offices remained as the most traded property type, occupying 46% of the total transactions. During the current economic slowdown, our market record shows that some businesses have sold their industrial properties to obtain funds for operations. </span></div></li></ul> <ul><li><div style="page-break-before:always;margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;"></span><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">Policies in promoting tourism and in alleviating the limitations on Chinese tourists have brought momentum to Taiwan’s economy. Corporations have seen and started taking the advantages of such policy developments, and have gradually acquired retail or commercial buildings for hotel use. Additionally, this quarter, we have seen one Singaporean corporation acquired lands in the western part of Taipei. This deal has rewritten the land price record of Taipei because the unit price has reached NTD 11.5 million per ping.</span></div></li></ul> <ul><li><div style="page-break-before:always;margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">Because the FSC has administered a minimum rental return of 2.875% on insurers acquiring commercial real estates, the insurers may divert their attention to other types of investment projects, such as leaseholds or public infrastructures. Several significant landmark deals will enter the market in 4Q13, which include the tendering of </span><span lang="EN-GB" style="font-family:arial, sans-serif;color:black;font-size:11pt;">Elitegroup’s headquarters in Neihu and the leasehold projects on an A25 lot in Xinyi, as well as a public-owned land in the heart of Dunhua North district. With these developments, we expect insurers to return and to be active in the investment market in the near future.</span><span lang="EN-GB" style="font-family:微軟正黑體, sans-serif;"></span></div></li></ul> <div style="margin:0cm 0cm 0pt;"><b><span lang="EN-GB" style="font-family:arial, sans-serif;"> </span></b></div> <div style="margin:0cm 0cm 0pt;"><b><span lang="EN-GB" style="font-family:arial, sans-serif;">Tony Chao (Managing Director) made the following comments:</span></b></div> <div style="margin:0cm 0cm 0pt;"><b><span lang="EN-GB" style="font-family:arial, sans-serif;"> </span></b></div> <div style="margin:0cm 0cm 0pt;"><span lang="EN-GB" style="font-family:arial, sans-serif;font-size:11pt;">“In general, the commercial office market in the second half of 2013 has been witnessing certain improvements at a moderate pace. With abundant capitals and favourable policies, the market is expected to return to a more dynamic sentiment. When the Economic Cooperation Framework Agreement (ECFA) framework gradually takes place and more cross-strait collaborations are realized, Taiwan’s economic and real estate development should consequently be enhanced.”</span></div> <div style="page-break-after:avoid;margin:0cm 0cm 0pt;"><span lang="EN-GB"><font face="Arial Narrow"> </font></span></div> <div style="page-break-after:avoid;margin:0cm 0cm 0pt;"><span lang="EN-GB"><font face="Arial Narrow"></font></span> </div> <div style="page-break-after:avoid;text-align:center;margin:0cm 0cm 0pt;"><span lang="EN-GB"><font face="Arial Narrow">– ends –</font></span></div> <p></p> <p>​</p></div>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88