Journal of European Real Estate Research最新文献

{"title":"Carbon risk real estate monitor: making decarbonisation in the real estate sector measurable","authors":"M. Spanner, J. Wein","doi":"10.1108/jerer-05-2020-0031","DOIUrl":"https://doi.org/10.1108/jerer-05-2020-0031","url":null,"abstract":"The purpose of this paper is to investigate the functionality and effectiveness of the Carbon Risk Real Estate Monitor (CRREM tool). The aim of the project, supported by the European Union’s Horizon 2020 research and innovation program, was to develop a broadly accepted tool that provides investors and other stakeholders with a sound basis for the assessment of stranding risks.,The tool calculates the annual carbon emissions (baseline emissions) of a given asset or portfolio and assesses the stranding risks, by making use of science-based decarbonisation pathways. To account for ongoing climate change, the tool considers the effects of grid decarbonisation, as well as the development of heating and cooling-degree days.,The paper provides property-specific carbon emission pathways, as well as valuable insight into state-of-the-art carbon risk assessment and management measures and thereby paves the way towards a low-carbon building stock. Further selected risk indicators at the asset (e.g. costs of greenhouse gas emissions) and aggregated levels (e.g. Carbon Value at Risk) are considered.,The approach described in this paper can serve as a model for the realisation of an enhanced tool with respect to other countries, leading to a globally applicable instrument for assessing stranding risks in the commercial real estate sector.,The real estate industry is endangered by the downside risks of climate change, leading to potential monetary losses and write-downs. Accordingly, this approach enables stakeholders to assess the exposure of their assets to stranding risks, based on energy and emission data.,The CRREM tool reduces investor uncertainty and offers a viable basis for investment decision-making with regard to stranding risks and retrofit planning.,The approach pioneers a way to provide investors with a profound stranding risk assessment based on science-based decarbonisation pathways.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"153 1","pages":"277-299"},"PeriodicalIF":1.3,"publicationDate":"2020-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76865977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reframing the properties, places and crime paradigm: exploring spatiotemporal regime shifts","authors":"J. Delisle, T. Grissom, Brent Never","doi":"10.1108/jerer-12-2019-0059","DOIUrl":"https://doi.org/10.1108/jerer-12-2019-0059","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to explore spatiotemporal factors that affect the empirical analysis of whether crime rates in buffer areas surrounding abandoned properties transferred to a Land Bank that differed among three regimes: before transfer, during Land Bank stewardship and after disposition and whether those differences were associated with differences in relative crime activity in the neighborhoods in which they were located.\u0000\u0000\u0000Design/methodology/approach\u0000This study analyzed crime incidents occurring between 2010 and 2018 in 0.1-mile buffer areas surrounding 31 abandoned properties sold by the Land Bank and their neighborhoods in which those properties were located. Using Copulas, researchers compared concordance/discordance in the buffer areas across the three regime states for each property and approximately matched time periods for associated neighborhoods.\u0000\u0000\u0000Findings\u0000In a substantial number of cases, the relative crime activity levels for buffer areas surrounding individual sold properties as measured by the Copulas shifted from concordant to discordant states and vice versa. Similarly, relative crime activity levels for neighborhoods shifted from concordant to discordant states across three matched regimes. In some cases, the property and neighborhood states matched, while in other cases they diverged. These cross-level interactions indicate that criminal behavioral patterns and target selection change over time and relative criminal activity. The introduction of Copulas can improve the reliability of such models over time and when and where they should be customized to add more granular insights needed by law enforcement agencies.\u0000\u0000\u0000Research limitations/implications\u0000The introduction of Copulas can improve the spatiotemporal reliability of the analysis of criminal activity over space and time.\u0000\u0000\u0000Practical implications\u0000Spatiotemporal considerations should be incorporated in setting interventions to manage criminal activity.\u0000\u0000\u0000Social implications\u0000This study provides support for policies supporting renovation of abandoned properties.\u0000\u0000\u0000Originality/value\u0000To the best of authors’ knowledge, this research is the first application of Copulas to crime impact studies. As noted, Copulas can help reduce the risk of applying intervention or enforcement programs that are no longer reliable or lack the precision provided by insights into convergent/divergent patterns of criminal activity.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"296 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2020-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84817808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of crime on apartment prices in Hamburg, Germany","authors":"J. Graaff, J. Zietz","doi":"10.1108/jerer-11-2019-0047","DOIUrl":"https://doi.org/10.1108/jerer-11-2019-0047","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to examine the impact of crime on apartment prices for Hamburg, Germany, for the years 2012 to 2017.\u0000\u0000\u0000Design/methodology/approach\u0000The authors use a panel data setting with fixed effects estimators and temporal lags to moderate the endogeneity concerns related to crime. The authors consider the effect of total crime, violent and property crime and some sub-categories of crime.\u0000\u0000\u0000Findings\u0000The estimates show that it takes two to three years for prices to react, with the longer run elasticity reaching −0.12 for total crime, −0.15 for property crime and −0.06 for violent crime. The elasticities are much larger in high-crime areas (−0.22 for total crime, −0.28 and −0.09 for property and violent crime) and elevated also in low-income areas.\u0000\u0000\u0000Social implications\u0000The finding that property crime matters more in terms of quantitative impact for housing values than violent crime provides reasonable grounds for rethinking the resource allocation of public spending on crime clearance and prevention in Germany. Far more emphasis on preventing property crime appears in order and especially so in the lower income or higher crime areas, which are significantly more affected by crime and in particular property crime than those in high income or low crime areas.\u0000\u0000\u0000Originality/value\u0000The estimates for Hamburg provide the first detailed results of the impact of crime on real estate prices in Germany. It is also the first study for Continental Europe using panel data.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"61 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79767948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rent dynamics in France between 1970 and 2013","authors":"Alexis Pourcelot, A. Coën, Richard Malle, Arnaud Simon","doi":"10.1108/jerer-12-2019-0057","DOIUrl":"https://doi.org/10.1108/jerer-12-2019-0057","url":null,"abstract":"The purpose of this study is to highlight the determinants of market rents and to build a hedonic market rent index for each urban area and rental sector in France for the period 1970–2013. The authors also analyse the market rent dynamics over this period, with a special attention to the turning points in the French housing policy.,For this purpose, the authors implement a hedonic model, called stratified time dummy variable, using the Box–Cox transformation as a functional form.,The contribution of this study to the housing research is threefold: First, the study improves our understanding of the French’s rental submarket specificities and their valuation. It sheds new light on the determinants of rents. Second, this study builds a hedonic market rent index over the period 1970–2013 for each geographical and sectoral segment (Paris urban area, urban areas of more and less than 100,000 inhabitants and private and public rental sectors). Third, this study explains rent dynamics focusing on the turning points in the French housing policy.,Finally, the authors provide the first long-term market rent index in France by submarket (geographical and sectoral). In the case of the French market, no long-term market rent exists. The only long series available is an indexed rent.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"96 1","pages":"127-148"},"PeriodicalIF":1.3,"publicationDate":"2020-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86490166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing Dutch housing cycle and near-term market prospects","authors":"Arvydas Jadevicius, P. V. Gool","doi":"10.1108/jerer-07-2019-0020","DOIUrl":"https://doi.org/10.1108/jerer-07-2019-0020","url":null,"abstract":"This study is a practice undertaking examining three main concerns that currently dominate Dutch housing market debate: how long is the cycle, will the current house price inflation continue and is housing market in a bubble. With national house prices reaching record highs across all major cities, future market prospects became a topic of significant debate among policymakers, investors and the populace.,A triangulation of well-established academic methods is used to perform investigation. The models include Hodrick-Prescott (HP) filter, volatility autoregressive conditional heteroskedasticity (ARCH approximation) and right tail augmented Dickey–Fuller (Rtadf) test (bubble screening technique).,Interestingly, over the years from 1985 to 2019 research period, filtering extracts only one Dutch national housing cycle. This is a somewhat distinct characteristic compared to other advanced Western economies (inter alia the UK and the USA) where markets tend to experience 8- to 10-year gyrations. Volatility and Rtadf test suggest that current house prices in most Dutch cities are in excess of historical averages and statistical thresholds. House price levels in Almere, Amsterdam, The Hague, Groningen, Rotterdam and Utrecht are of particular concern.,Retail investors should therefore be cautious as they are entering the market at the time of elevated housing values. For institutional investors, those investing in long-term, housing in key Dutch metropolitan areas, even if values decline, is still an attractive investment conduit.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"35 1","pages":"257-270"},"PeriodicalIF":1.3,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89219326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Combining realized measures to forecast REIT volatility","authors":"Jian Zhou","doi":"10.1108/jerer-03-2020-0021","DOIUrl":"https://doi.org/10.1108/jerer-03-2020-0021","url":null,"abstract":"\u0000Purpose\u0000This study aims to show that the best-performing realized measures vary across markets when it comes to forecast real estate investment trust (REIT) volatility. This finding provides little guidance for practitioners on which one to use when facing a new market. The authors attempt to fill the hole by seeking a common estimator, which can study for different markets.\u0000\u0000\u0000Design/methodology/approach\u0000The authors do so by drawing upon the general forecasting literature, which finds that combinations of individual forecasts often outperform even the best individual forecast. The authors carry out the study by first introducing a number of commonly used realized measures and then considering several different combination strategies. The authors apply all of the individual measures and their different combinations to three major global REIT markets (Australia, UK and US).\u0000\u0000\u0000Findings\u0000The findings show that both unconstrained and constrained versions of the regression-based combinations consistently rank among the group of best forecasters across the three markets under study. None of their peers can do it including the three simple combinations and all of the individual measures. The conclusions are robust to the choice of evaluation metrics and of the out-of-sample evaluation periods.\u0000\u0000\u0000Originality/value\u0000The study provides practitioners with easy-to-follow insights on how to forecast REIT volatility, that is, use a regression-based combination of individual realized measures. The study has also extended the thin real estate literature on using high-frequency data to examine REIT volatility.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"50 ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72549637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do intrinsic rewards matter for real estate agents?","authors":"Pilar Mosquera, Maria Eduarda Soares, Daniel Oliveira","doi":"10.1108/jerer-12-2019-0051","DOIUrl":"https://doi.org/10.1108/jerer-12-2019-0051","url":null,"abstract":"Rewards’ management has long been used as a panacea to promote job satisfaction and labour retention. However, the relationship between these variables is not clearly defined in the real estate industry, due to the scarcity of empirical studies. The purpose of this study is to evaluate the role of both satisfaction with intrinsic rewards (SIR) and satisfaction with extrinsic rewards (SER) on job satisfaction and turnover intention in the real estate industry.,Using a sample of 220 employees from the three largest real estate agencies in Portugal, the study analyses a conceptual framework and tests hypotheses by using partial least squares (PLS), along with importance-performance map analysis (IPMA).,Results indicate that both SIR and SER have a positive impact on job satisfaction. However, SER has a stronger impact on job satisfaction. Satisfaction with rewards and job satisfaction are negatively related to turnover intention. Job satisfaction mediates the relationship between satisfaction with rewards and turnover intention. Results also show gender and age differences. SIR is more important for women and younger agents. SER has similar importance for men and women, but higher importance for older agents.,Findings of this study extend the existing literature on rewards satisfaction and turnover intention to the context of the real estate industry. They present a contribution to the current debate on extrinsic vs intrinsic rewards for this particular industry.,Following the results of this research, real estate managers should consider intrinsic rewards because they also play a role for job satisfaction and turnover intentions. Human resource managers should consider identifying employees’ needs and motivations and then implement adequate strategies to promote their job satisfaction because it plays a mediating role between satisfaction with rewards and turnover intention. Reward strategies should also consider gender and age differences by giving women and younger agents more recognition, responsibilities and other intrinsic rewards because they are important for their job satisfaction.,Previous studies on real estate agents rewards appear to have only focussed on extrinsic rewards. To the best of the knowledge, this is the first study to analyse the effects of SIR on job satisfaction and turnover intention in the real estate industry. Also, to the best of the knowledge, this study is original in the use of IPMA to detect gender and age differences.","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"285 1","pages":"207-222"},"PeriodicalIF":1.3,"publicationDate":"2020-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77879802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Advancing capacity to adapt to climate change: addressing information needs in the Australian property industry","authors":"G. Warren-Myers, A. Hurlimann, J. Bush","doi":"10.1108/jerer-03-2020-0017","DOIUrl":"https://doi.org/10.1108/jerer-03-2020-0017","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to understand the sources of climate change information used and trusted by key stakeholders in the Australian property industry, their information needs and their capacity to translate that information into decision-making.\u0000\u0000\u0000Design/methodology/approach\u0000Qualitative research applying in-depth interviews with 24 key stakeholders from a diverse range of property/real estate companies in Australia.\u0000\u0000\u0000Findings\u0000This research identified a wide range of information types used by key stakeholders, ranging from reliance on unsophisticated mass media reporting to detailed analysis of scientific research. The capacity of stakeholders to translate this information for their organisation was polarised; 11 of the 24 interviewees indicated they had the capacity, while the other 13 indicated they did not, often owing to time horizons or lack of current interest within the organisation or from clients.\u0000\u0000\u0000Research limitations/implications\u0000This research was limited to 24 in-depth interviews and is not intended to be a representative sample. However, this limitation is offset by the fact that a diverse range of stakeholders were interviewed and an in-depth and rich understanding has been provided about their approach to climate change.\u0000\u0000\u0000Practical implications\u0000The results can inform the development of better communication channels for climate change for the property industry by supporting science-practice collaborations in the timely and effective dissemination of research. This is important to understand given the identified need to bridge the gap among research, policy and practice.\u0000\u0000\u0000Social implications\u0000Climate change poses significant challenges and risks for built environments. The property industry, as a key stakeholder, has great potential to influence current practices. The results reported here assist in addressing these challenges.\u0000\u0000\u0000Originality/value\u0000At present, limited research globally has been conducted about climate change actions in the property industry. This research responds to this gap.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2020-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84897241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Courts’ views on climate change inundation risks for developments: Australian perspectives and considerations for valuers","authors":"L. Cradduck, G. Warren-Myers, Bianca Stringer","doi":"10.1108/jerer-03-2020-0019","DOIUrl":"https://doi.org/10.1108/jerer-03-2020-0019","url":null,"abstract":"\u0000Purpose\u0000This study aims to provide a development of the courts’ views of climate change risk in planning matters as related to inundation and suggest that valuers and others involved need to be aware of the implications these views have on property matters and valuation processes and reporting.\u0000\u0000\u0000Design/methodology/approach\u0000This study engages in a legal doctrinal analysis of primary law sources, being Australian case law. It analyses decisions from Queensland, New South Wales and Victorian courts and tribunals, to establish their views of climate change risk for coastal area developments, who bears the risk and responsibility and if risk is shared.\u0000\u0000\u0000Findings\u0000The analysis reflects that developers bear the onus of proving their proposal meets relevant planning requirements including management and mitigation of climate change risks. However, the risk of developing in “at risk” areas is a shared burden, as local government authorities remain responsible for appropriately assessing applications against those requirements.\u0000\u0000\u0000Research limitations/implications\u0000This study had several limitations, these included: only matters with a final determination were able to be reviewed and analysed; there is no one Australia-wide planning regime; state laws and policies are different and changing; and disputes are heard in different courts or tribunals, which can impact the weight and importance given to issues and the consistency of approaches.\u0000\u0000\u0000Practical implications\u0000This research informs valuers of climate change risk issues related to the inundation of new, and re-, developments, and the importance of court decisions as an additional information consideration to inform their valuations.\u0000\u0000\u0000Originality/value\u0000This paper is significant as it provides an understanding of the Australian courts’ current views on climate change risk, and by extension, the implications and considerations for valuations.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"69 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2020-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81118074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The size-growth relationship: a test of house price growth across the regions of the British Isles","authors":"David Gray","doi":"10.1108/jerer-10-2019-0033","DOIUrl":"https://doi.org/10.1108/jerer-10-2019-0033","url":null,"abstract":"\u0000Purpose\u0000This paper aims to propose that a Neave-Worthington Match Test for Ordered Alternatives is a simple, non-parametric test that can be used to consider Gibrat’s law. Whether the law, that states that the proportional rate of growth is independent of absolute size, is supported by regional house price growth rates is considered. The Match Test is further used to test the applicability of beta-convergence and dual economy models to a house price context.\u0000\u0000\u0000Design/methodology/approach\u0000The Match Test relates an actual rank order with an expected one. Gibrat’s law implies house price growth rates are independent of the absolute price levels. Beta-convergence posits that growth rates are inversely related to the initial price level. With a divergent system, there is a direct relationship between size-order and growth rates. As such, the Match Test is used to test alternative models of size-growth relationship.\u0000\u0000\u0000Findings\u0000Rather than convergence, there is a tendency to diverge across the UK, but not in Eire. That said, the size of growth shocks is related to price level on the upswing of a price cycle, but not in the down. Assigning the high-priced regions of the two islands into core and the rest into a periphery, total matching is dominated by the capital cities’ growth. The sigma-convergence observed in British house prices is likely to be associated with slower beta-divergence, not a convergent system. The law of Gibrat is not found to apply in a regional house price context.\u0000\u0000\u0000Research limitations/implications\u0000This work only covers two countries and nineteen regions. Gibrat’s law in regional house prices may be better examined using a multi-country analysis.\u0000\u0000\u0000Practical implications\u0000As the law of Gibrat is not found to apply in a regional house price context and core-regions appearing to dislocated, this has interesting implications for growth trend analysis and the claim of cointegration, which should be explored further. In particular, the level-growth relationship in the cyclical price upswing points to a ratcheting of differentials between high and low house price regions. The common trends in the long run may result from corrective periodic crashes. Not an ideal mechanism for policymakers.\u0000\u0000\u0000Originality/value\u0000To the best of the author’s knowledge, this paper makes a novel use of the Neave-Worthington test in the realm of regional convergence-divergence and in the first consideration of the law of Gibrat in a house price context across two countries.\u0000","PeriodicalId":44570,"journal":{"name":"Journal of European Real Estate Research","volume":"11 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2020-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77949639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}