At the twelfth Congress of the World Association of Valuation Organisations (WAVO) in Shanghai, Reiner Lux was elected as the new President. The Managing Director of HypZert GmbH thus becomes the first representative of the German property valuation sector to head the international umbrella organisation. The gathering took place on 16 September in cooperation with the China Appraisal Society (CAS) and was held alongside the specialist conference of the Chinese valuation organisation.
The high-level participation on site underlined the importance of real estate and asset valuation for the wider economy. With Guo Ting Ting, Vice Minister of Finance of the People's Republic of China, a representative of the Chinese Ministry of Finance attended the conference. Her presence underscored the significance of reliable valuations for transparency, economic policymaking and the stability of the financial system.
International capital flows and global standards
In his address, Lux emphasised the responsibility of the profession. Valuation reports form the basis of far-reaching decisions in financing, investments, taxation, as well as urban development and public infrastructure projects. While capital flows operate globally, properties remain tied to specific locations, legal systems and societal conditions. These are compounded by global risk factors such as climate change, technological shifts, demographics and economic crises. Lim Hwee Hua, Chair of the International Valuation Standards Council (IVSC), also affirmed in Shanghai that standards must likewise be harmonised across borders in light of cross-border flows of capital and technology.
For his term in office, Lux announced plans to further enhance the technical quality and independence of valuers. He stated that the industry's role is not to validate desired figures, but to make inconvenient findings early on, rather than only being listened to after crises have occurred. Alongside Reiner Lux, the organisation's leadership is assembled internationally:
- —Sumi Ku (Korea Association of Property Appraisers) as President-Elect
- —Robert Hecek (Australian Property Institute) as Chair of the WAVO Global Education Hub
- —Blue Hancock (New Zealand Institute of Valuers) as Treasurer
WAVO views itself as an application-oriented complement to the IVSC. While the IVSC develops and promotes global valuation standards, WAVO focuses on operational support for valuers, professional development and networking among national valuation bodies.
