China’s growth story in the past decade has impressed the world on many fronts. A decade ago, the real estate markets of the country’s first-tier cities — Shanghai and Beijing — had all the characteristics of “emerging” markets. Today, being the world’s fifth most active real estate investment market, they have risen to be firmly placed in the “transitional” category, leaving other BRIC (Brazil, Russia, India and China) cities behind, and are now on the fast track to advanced maturity.

Nevertheless, there are significant gaps to be filled for the two cities to become truly advanced and to sit alongside cities such as London, New York, Hong Kong and Singapore. To leapfrog into this league, it is essential for Shanghai and Beijing to excel in the characteristics that collectively define “maturity”: transparency, connectivity to the global capital market, building quality and depth of corporate tenant base.

Making progress in the first characteristic