Chinese mainland cities have emerged among the top improvers globally in terms of real estate transparency, driven by the rapid improvement of market data and proptech, according to property and investment management services firm, Jones Lang LaSalle Incorporated (JLL).

JLL's biennial Global Real Estate Transparency Index (GRETI), released Tuesday, elevated two Chinese cities, namely Shanghai and Beijing, into the "Transparent" tier for the first time, noting the cities were among the top 10 improving markets globally.

"The promotion of China's leading cities to the transparent category is testimony to a whole range of improvements … both public and private, it puts the Chinese mainland in a very strong position to consolidate its position as a transparent market," JLL lead director of global cities research Jeremy Kelly told CGTN.

In the report, a widely used benchmark for property investors scores transparency using such criteria as information disclosure, regulations, and transactions, China was ranked 32nd, up from 33rd in 2018. Areas that boosted China's transparency included a booming property technology or proptech sector, a continued focus on sustainability, and more frequent updates of the government's land-use planning.

The GRETI 2020 index also showed that Shanghai and Beijing have become major destinations for cross-border capital. Shanghai attracted over 7 billion U.S. dollars last year in direct property investment, the fourth-largest recipient, while Beijing received 4 billion U.S. dollars.

Elaborating on China's improvements in the index, Kelly said that the rise of the proptech sector in China is increasing the volume of real estate data available, both at the market and building-specific level.

"The rapid adoption of technology, within the real estate sector, has helped China leapfrog the normal processes of transparency improvement," he said.

Kelly also noted that the country has been making exceptional progress in green building certification, and is currently the world's second-largest market for LEED (Leadership in Energy and Environmental Design) certifications, as well as a market leader in building air quality certification.

"Another factor for (China's improvement is the) improved transparency in the city planning regimes, information on zoning and on sales prices are updated more frequently than it was … and are far more accessible to market players," he said.

Kelly noted an increase in real estate company estate listings and the subsequent improvement in corporate governance and disclosures to the exchanges.

"There's also greater professionalism in the property management sector. Buildings are better managed."

"And finally we are also seeing the rise of new and niche and alternative sectors, like data centers and cold storage, which China is taking the lead on," said Kelly, adding that the level of investor interest is also forcing an accelerated pace of transparency.

The 2020 Index is launched at a time of massive economic and societal disruption amid the COVID-19 pandemic, where the need for transparent processes, accurate and timely data, and high ethical standards are in closer focus, said Kelly.

"I think what the pandemic is doing is forcing the pace of change in the use of technology. And even before the outbreak, China was seeing increased use of technology such as IoT, A.I platforms, robotics, and big data. And so the market is actively leveraging many of these technologies to ensure safety, health, and continuity in workplaces and buildings, and China is taking the lead on that," he said.