(1)	The center commercial land price in Singapore was 5,198,00 yen per m2 (150.5, Tokyo as 100), the highest of the surveyed cities, followed by Hong Kong 11,144,000 yen(110.3), and Tokyo 10,100,000 yen. (Figure 1)

(2)	In the comparison with the previous survey, the price difference between Tokyo and other major cities such as New York, London, Frankfurt, and Seoul decreased substantially as listed below.
	Tokyo was 1994 1996 8.9 times 4.9 times of New York 5.2 times 3.3 times of London 4.2 times 2.6 times of Frankfurt 3.6 times 1.8 times of Seoul

The price of this type in Paris continued falling since 1993 (44.1 in 1996, the indicator for 1993 as 100),therefore the difference with Tokyo has not been reduced. (Figure 2)

(3)	The comparison by the average annual exchange rate showed that Tokyo ranked first, followed by Singapore, Hong Kong, and Osaka. (Figure 3)

(4)	In the comparison with the previous survey, the most expensive commercial land price showed the similar tendency to center commercial land, with decreasing difference between Tokyo and other major cities such as New York, Frankfurt, Seoul, Taipei, and Hong Kong. However, with London and Paris, there was not much change in difference from the previous survey. The differences are shown below.
	Tokyo was 1994 1996 7.1 times 3.9 times of New York 4.3 times 3.1 times of Frankfurt 3.7 times 1.9 times of Seoul 3.4 times 1.9 times of Taipei 1.5 times 0.9 times of Hong Kong

2. The comparisons of the annual floor area rent of center Commercial area The annual floor area rent per m2 of the center commercial area in Hong Kong and Shanghai showed a sharp rise since the previous survey, bringing more difference with the rent in Tokyo. On the other hand, the rent of this type in Tokyo was 1.4 times of that of New York, and 1.2 times of that in Seoul, resulting in less difference compared with the previous survey. As for London, the rent in the city was much higher than that in Tokyo, and reversed its ranking with Tokyo.

(1)

The average annual floor area rent per m2 of center commercial area in Tokyo was 94,600 yen, New York 68,000 yen (72.2, Tokyo as 100), London 110,000 yen (116.4), Paris 64,000 yen (67.9), Seoul 76,000 yen (80.4). In London the rent includes the expenses for repairs, maintenance, tax, etc., meaning that tenants pay the cost, whereas owners pay such expenses in New York. (Figure 5)

(2)	The rent of Tokyo per m2 dropped 19.9% to 94,600 yen from 118,000 yen of the previous survey, resulting in less difference with most of the other surveyed cities.
(3)	The comparison by the average annual exchange rate showed that Shanghai (151.3) and Hong Kong (116.1) exceeded Tokyo (100) regarding the annual floor area rent (Figure 6)

(4)	The 1996 survey showed the considerable growth of annual floor area rent in Singapore and Shanghai. This could be explained by the increasing foreign investment into these cities.
(5)	As for the changes of the annual floor area rent in major cities from 1993 to 1996, the rent of London, Seoul, and New York indicated a rising trend, whereas that of Tokyo, Osaka, and Paris showed decline. Among these cities, the rent of Tokyo marked the largest decline. (Figure 7)