Large-scale evaluation of investment properties across China for PICC Property and Casualty

The assets under evaluation were spread across more than 200 cities throughout 31 provinces, while the nature of the land use was a mixture of office and commercial.

As the only international evaluation team with the highest level of relevant qualifications in China, JLL is committed to efficiently and accurately valuing assets to help its clients realize their visions. The insurance industry represents one of JLL’s fields of expertise. Once again, JLL was appointed by PICC Property and Casualty to carry out an evaluation of all its investment properties for accounting purposes, which provides another great example of the in-depth cooperation between these two parties.

The assets under evaluation were spread across more than 200 cities throughout 31 provinces, while the nature of the land use was a mixture of office and commercial. This complex project involved a large number of properties and a limited amount of time. The biggest challenge that the evaluation team faced was how to complete in-field surveys, evaluations, and accurate valuations of all the assets within the allotted timeframe

“Since JLL’s Corporate Appraisal & Advisory Department helped PICC Property and Casualty to gain a listing on the Hong Kong stock exchange, the two companies have maintained a positive long-term cooperation, and we are honored to once again provide them with our professional services. This appointment serves as yet another testament to JLL’s ability at managing large-scale cross-regional projects, as well as our industry leading position in the field of asset evaluation in the Greater China region.” Sam Zhu, Head of Valuation Advisory Services at JLL Beijing

The scale of work with properties across complex different categories and with diverse occupancies meant that we had to fully utilized our resources in the Greater China region. An overall implementation plan and schedule were formulated at the beginning of the project, with dozens of elite groups deployed to form a professional team, all based around the respective strengths of the appraisers. During the implementation process, a three-level management model was introduced, in which Project Directors were in charge of the core procedures, Project Supervisors took responsibility for quality control, and Project Managers handled communications and the coordination of the whole process. This model provided full control over the progression and quality of the project.

While working on this project, our evaluation team was led by a Reginal Project Manager, who employed computerized evaluation methods. This allowed customized automated calculation and summarization programs to be created, which ensured the quality and efficiency of our work. In the end, we completed the evaluation in less than one month, while maintaining effective communication with both our client and the evaluation team throughout the whole process to submit high-quality results."

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