Professor Lin Zengjie, who will head the translation team for the publication, also led the delegation on a tour of Renmin University. Along with representatives of the Appraisal Foundation, staff explained the governing structure of the appraisal industry within the United States. What was even more interesting was to learn about the differences in valuation our Chinese colleagues experience in their home markets. During the meetings, the Chinese valuers expressed interest in the regulatory structure of the U.S. appraisal industry, and how the use of appraisers impacts the overall economic system. They were particularly interested in the Appraisal Institute s designation functions, as appraisers are certified by the Chinese government and perform a majority of their work for the Chinese Price Authentication Department.
All land is owned by the government in China and leased to the people for various uses.
Currently, a great deal of the valuation work in China is to help set the lease fees. As China moves to a more market driven economy, Chinese valuers will need the market and income analysis expertise that the Appraisal Institute is known for internationally. We view these meetings as important steps in our continuing dialog with appraisers from around the world, Glanville said. Part of the Appraisal Institute s mission is to reach out and form new alliances with our colleagues in foreign countries, and our conversations with the Chinese were very fruitful in making this goal a reality. The Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with federal, state and local laws.