A Comparative Analysis Of Apartment Reits In Us And China

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A Comparative Analysis of Apartment REITs in US and China

Author : Zixiao Yin
Publisher :
ISBN 13 :
Total Pages : 89 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis A Comparative Analysis of Apartment REITs in US and China by : Zixiao Yin

Download or read book A Comparative Analysis of Apartment REITs in US and China written by Zixiao Yin and published by . This book was released on 2019 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past 2 years, Real Estate Investment Trusts (REITs) and the push to develop more rental housing in China have drawn lots of attention. REITs are expected to provide multiple capital channels for the development of rental apartments without continuously leveraging up the real estate industry, as traditional financing methods did. The mechanism of equity REIT can help cultivate and accelerate the formation of a sustainable rental housing market in China. This thesis explores the opportunities and obstacles for REITs to work in the rental housing market in China by exploring the reasons for introducing REITs in the Chinese real estate market from a macro and historical perspective; by examining some cases of the newly issued REIT-like companies in China; and by reviewing the framework and system of REITs in US markets so as to draw lessons for China from a comparative perspective. This thesis finds that equity REITs are still very immature and are not widely accepted by mass investors in China. The thesis puts forward three suggestions for apartment REITs in China: to streamline the REIT structure and avoid excessive complexity and opacity; to promote information transparency and regulated disclosure mechanism; to encourage and protect equity REIT investors by constraining REITs from taking on too much debt. Finally, the thesis concludes that REITs, as shown by US experience, should be regarded as a great opportunity to cultivate Chinese investors' confidence in the stock market with its very simple and plain-vanilla structure. With the Chinese government's strong ambition to increase housing affordability and to deleverage the economy, we foresee continuous legislative breakthroughs and more systematic improvements in the REIT field.

Is China Ready for REITs?

Author : Tianjin Luo
Publisher :
ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (316 download)

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Book Synopsis Is China Ready for REITs? by : Tianjin Luo

Download or read book Is China Ready for REITs? written by Tianjin Luo and published by . This book was released on 2008 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the current absence of a REIT-styled vehicle in China, this thesis examines the potential opportunities and obstacles pertaining to the future introduction of REITs in China. The thesis provides a comparative analysis on major REIT regimes around the world, in terms of formation, structuring and operation guidelines, to identify their level of similarity and variance. The thesis then shifts its focus to China, examining the development background of China's real estate sector and analyzing China's market fundamentals and regulatory environment. Lastly, the thesis provides a closer look at the REIT sector in Singapore and Hong Kong and discusses their operational experience of the assets in China. The thesis finds that REITs are regulated differently among countries. However, a number of core criteria must be maintained to ensure the success of REITs in China. Commercial real estate, although accounts for a small share of the real estate market currently, has grown rapidly in recent years and is at the beginning of a boom as China continues to grow and mature as a market economy. On the capital side, the Chinese real estate companies are heavily dependant on bank loans to finance their development projects and there is a strong need for alternative and diversified financing vehicles for future growth. However, China also proves to be a complex market with a unique state-owned land system, with many social issues to confront as a developing country and with a constantly changing and evolving regulatory framework. All of these pose numerous challenges to the adoption of REITs in China. It is clear that a REIT-styled investment vehicle fits the current and future needs of the Chinese real estate sector. Although China is not yet ready to adopt REITs by international standards, China must pursue the experiment of such practice amid of the challenges. China's growth path in the past thirty years with its remarkable economic reform has just proved this point.

A Comparative Study of the Real Estate Market in Beijing, Guangzhou and Shanghai

Author : Ka-Man Yung
Publisher : Open Dissertation Press
ISBN 13 : 9781361406434
Total Pages : pages
Book Rating : 4.4/5 (64 download)

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Book Synopsis A Comparative Study of the Real Estate Market in Beijing, Guangzhou and Shanghai by : Ka-Man Yung

Download or read book A Comparative Study of the Real Estate Market in Beijing, Guangzhou and Shanghai written by Ka-Man Yung and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "A Comparative Study of the Real Estate Market in Beijing, Guangzhou and Shanghai: Reform, Development, and Prospect" by Ka-man, Yung, 翁嘉雯, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of dissertation entitled A Comparative Study of the Real Estate Market in Beijing, Guangzhou and Shanghai: Reform, Development, and Prospect Submitted by Yung Ka Man for the Master of Arts in China Area Studies at The University of Hong Kong in June 2004 The real estate sector has gradually become one of the pillar-industries in China since the historic sale of Land Use Rights in 1987. Besides, it has experienced a stunning growth after the Asian Financial Turmoil happened in 1997. Among all, the boost of residential housing market in some economically well-developed Chinese cities has drawn not only the attention from the central government, but also most essentially, the worldwide awareness towards this booming and "overheated" sector. This research will focus on the development of the residential property markets in three major and representative metropolises in China - Beijing, Guangzhou and Shanghai. Investigation will be made towards the expansion of two types of property, namely ordinary residential housing and luxury apartment, so as to examine whether abnormalities have existed in the normal progression of the residential markets in these three cities since the year of 1998. Throughout this paper, the housing demand and supply conditions will be examined by the mean of ratio analysis. On top of that, some other underlying factors which influence the growth of these markets will also be scrutinized. This research has reflected a phenomenon that both the ordinary and the luxury housing markets in the three studied cities have undergone an abnormal growth since 1998. Whilst the aberration of the latter sector was much more serious than the former one, and the price of Beijing's high-end residential property has most significantly deviated from the purchasing power of the local residents, followed by Shanghai and Guangzhou. Despite several crucial regulatory policies from both the central and the municipal governments to crack down inefficiency in these markets, such as the recent modification of Land Use Rights reform, some recommendations will also be provided for the better progression of the Chinese property market as a whole. DOI: 10.5353/th_b2978841 Subjects: Real estate business - China - Beijing Real estate business - China - Guangzhou Real estate business - China - Shanghai Real estate investment - China - Beijing Real estate investment - China - Guangzhou Real estate investment - China - Shanghai

An Analysis of Hong Kong REIT

Author : King Man Chow
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (75 download)

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Book Synopsis An Analysis of Hong Kong REIT by : King Man Chow

Download or read book An Analysis of Hong Kong REIT written by King Man Chow and published by . This book was released on 2011 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate investment trust (REIT) is a valuable investment alternative for investors in many markets. Being home to a handful of world-class property developers, Hong Kong, the Asia financial hub, seemed to have met all the criteria to grow a REIT market rapidly. Yet, since the enactment of the Hong Kong REIT Code in 2003, the H-REIT (acronym for Hong Kong REIT) market saw only eight H-REITs being launched, lagging the growth of other REIT markets in the region. This thesis paper seeks to uncover the present investment values in H-REITs and determine what likely would shape the future of the market hence the potential value it could bring to investors, through examining the local real estate capital markets, the regulations, and the supply and demand dynamics, and conducting comparative analysis with stocks of local property companies. The study finds that the H-REITs are significantly less risky than local property stocks and offer dividend yields that in most cases are greater than the earning yields of those stocks. H-REIT offers real estate exposure, yet provides diversification effect to a portfolio of local property stocks given its low correlations with these stocks. Hurdles to market growth persist as abundance of liquidity, low yields offered by prime properties, poor reception of yield enhancement mechanisms in REITs, agency problems and questionable corporate governance of the H-REITs all contributed to suppressing both the supply and demand for local asset-backed H-REITs. Moreover, the small size of the city seems to indicate that the H-REIT market was destined to depend on cross-border deals. Thanks to the close-tie to China, Yuan-denominated cross-border REITs backed by Mainland China assets appear to be the future of the H-REIT market. While this type of deal clears some of the hurdles to grow the market, it still remains in the hands of the sponsors to add transparencies in H-REIT management structure to gain the much needed trust from investors to build a functioning market.

Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate

Author : Liyin Shen
Publisher : Springer
ISBN 13 : 3662469944
Total Pages : 1221 pages
Book Rating : 4.6/5 (624 download)

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Book Synopsis Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate by : Liyin Shen

Download or read book Proceedings of the 19th International Symposium on Advancement of Construction Management and Real Estate written by Liyin Shen and published by Springer. This book was released on 2015-04-27 with total page 1221 pages. Available in PDF, EPUB and Kindle. Book excerpt: These conference proceedings cover an outstanding view for academics and professionals to share research findings on the latest developments in real estate and construction management. The Chinese Research Institute of Construction Management (CRIOCM) in collaboration with Chongqing University organized CRIOCM2014, the 19th International Symposium on “Advancement of Construction Management and Real Estate.” The proceedings collect 105 selected papers addressing the following key themes: Sustainable Urbanization, Sustainable Construction, Urban Construction and Management, Affordable Housing, Urban Land Development and Utilization, Management for Large Infrastructure Projects, Green Construction Materials and Construction Waste Management, Development and Management for Mountainous Towns, Advancement of Construction Project Management, Redevelopment in Disaster Areas, Law and Policies for Construction and Real Estate, Information Technology for Construction Management and Real Estate and lastly Other Topics.

“Internet Plus” Pathways to the Transformation of China’s Property Sector

Author : Shusong Ba
Publisher : Springer
ISBN 13 : 9811016992
Total Pages : 176 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis “Internet Plus” Pathways to the Transformation of China’s Property Sector by : Shusong Ba

Download or read book “Internet Plus” Pathways to the Transformation of China’s Property Sector written by Shusong Ba and published by Springer. This book was released on 2016-08-22 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses in detail the impact of the Internet on the real-estate brokerage industry. It starts by tracing the history of the industry in America, and then goes on to present case studies of successful online brokerage companies and startups, and to evaluate future trends from the perspectives of investors as well as researchers. It explains how the Internet can transform an industry, enabling readers to spot potential investment opportunities.

The Wall Street Journal

Author :
Publisher :
ISBN 13 :
Total Pages : 1626 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis The Wall Street Journal by :

Download or read book The Wall Street Journal written by and published by . This book was released on 2009 with total page 1626 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Stabilizing China’s Housing Market

Author : Richard Koss
Publisher : International Monetary Fund
ISBN 13 : 1484348559
Total Pages : 33 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Stabilizing China’s Housing Market by : Richard Koss

Download or read book Stabilizing China’s Housing Market written by Richard Koss and published by International Monetary Fund. This book was released on 2018-04-13 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.

In Defense of Housing

Author : Peter Marcuse
Publisher : Verso Books
ISBN 13 : 1804294942
Total Pages : 257 pages
Book Rating : 4.8/5 (42 download)

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Book Synopsis In Defense of Housing by : Peter Marcuse

Download or read book In Defense of Housing written by Peter Marcuse and published by Verso Books. This book was released on 2024-08-27 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: In every major city in the world there is a housing crisis. How did this happen and what can we do about it? Everyone needs and deserves housing. But today our homes are being transformed into commodities, making the inequalities of the city ever more acute. Profit has become more important than social need. The poor are forced to pay more for worse housing. Communities are faced with the violence of displacement and gentrification. And the benefits of decent housing are only available for those who can afford it. In Defense of Housing is the definitive statement on this crisis from leading urban planner Peter Marcuse and sociologist David Madden. They look at the causes and consequences of the housing problem and detail the need for progressive alternatives. The housing crisis cannot be solved by minor policy shifts, they argue. Rather, the housing crisis has deep political and economic roots—and therefore requires a radical response.

Rental Housing

Author : Ira Gary Peppercorn
Publisher : World Bank Publications
ISBN 13 : 0821397982
Total Pages : 177 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Rental Housing by : Ira Gary Peppercorn

Download or read book Rental Housing written by Ira Gary Peppercorn and published by World Bank Publications. This book was released on 2013-04-02 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to bring rental housing to the forefront of the housing agenda in countries around the world and to provide general guidance for policy makers on how to develop or redevelop a sound rental sector.

Real Estate Investment and Finance

Author : David Hartzell
Publisher : John Wiley & Sons
ISBN 13 : 1119526094
Total Pages : 596 pages
Book Rating : 4.1/5 (195 download)

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Book Synopsis Real Estate Investment and Finance by : David Hartzell

Download or read book Real Estate Investment and Finance written by David Hartzell and published by John Wiley & Sons. This book was released on 2021-01-05 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fully revised and updated version of the leading textbook on real estate investment, emphasising real estate cycles and the availability and flow of global capital Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate. In the years since the text’s first publication, conditions in global real estate markets have changed considerably following the financial crisis of 2008-2009. Real estate asset prices have increased past pre-crisis levels, signalling a general market recovery. Previously scarce debt and equity capital is now abundant, while many institutions once averse to acquiring property are re-entering the markets. The latest edition – extensively revised and updated to address current market trends and practices as well as reflect feedback from instructors and students – features new content on real estate development, improved practical examples, expanded case studies and more. This seminal textbook: Emphasises practical solutions to real investing problems rather than complex theory Offers substantial new and revised content throughout the text Covers topics such as valuation, leasing, mortgages, real estate funds, underwriting and private and public equity real estate Features up-to-date sections on performance measurement, real estate debt markets and building and managing real estate portfolios Includes access to a re-designed companion website containing numerous problems and solutions, presentation slides and additional instructor and student resources Written by internationally-recognised experts in capital management and institutional property investing strategies, Real Estate Investment, Second Edition: Strategies, Structures, Decisions is an indispensable textbook for instructors and students of real estate fund management, investment management and investment banking, as well as a valuable reference text for analysts, researchers, investment managers, investment bankers and asset managers.

The U.S. Economy

Author : Jill Hamilton
Publisher : Greenhaven Publishing
ISBN 13 : 9780737749458
Total Pages : 0 pages
Book Rating : 4.7/5 (494 download)

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Book Synopsis The U.S. Economy by : Jill Hamilton

Download or read book The U.S. Economy written by Jill Hamilton and published by Greenhaven Publishing. This book was released on 2010-09-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over thirty-five years ago, Greenhaven Press began publishing the Opposing Viewpoints series to help students gain an awareness of current issues and develop critical thinking skills. The Introducing Issues with Opposing Viewpoints series continues that tradition, presenting a wealth of information on contemporary issues in a colorful, easy-to-read format. In addition to pro/con articles, each Introducing Issues with Opposing Viewpoints volume includes appealing features designed to help students understand the complexities of current issues: Full-color photographs, charts, graphs, and cartoons supplement the text Sidebars present easy-to-understand statistics Engaging fact boxes provide at-a-glance information Questions that focus on vocabulary aid reading comprehension Glossary, annotated bibliography, Web sites, and organizations to contact supplement student research Book jacket.

U.S. Tax Guide for Aliens

Author :
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (3 download)

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Book Synopsis U.S. Tax Guide for Aliens by :

Download or read book U.S. Tax Guide for Aliens written by and published by . This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

REITs

Author : David M. Einhorn
Publisher : Law Journal Seminars Press
ISBN 13 : 9781588521408
Total Pages : pages
Book Rating : 4.5/5 (214 download)

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Book Synopsis REITs by : David M. Einhorn

Download or read book REITs written by David M. Einhorn and published by Law Journal Seminars Press. This book was released on 2017-12-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides essential discussion of how the customs of corporate and real estate transactions differ and how conflicts involving letters of intent and contingencies to the deal can be resolved.

What's Next?

Author : Jonathan David Miller
Publisher :
ISBN 13 : 9780874201642
Total Pages : 0 pages
Book Rating : 4.2/5 (16 download)

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Book Synopsis What's Next? by : Jonathan David Miller

Download or read book What's Next? written by Jonathan David Miller and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of what felt like infinite resources and vast wealth pools available to fuel the consumption-based U.S. economy, we now face a mindset of shortage. We all know the history--government-supported mortgages and freeways, affordable automobiles, cheap gas, and post-World War II industrial expansion all underwrote the exodus from "cramped" urban neighborhoods to spacious single-family suburban homes. Car models were a talisman for individual success, and public transit turned into an afterthought in suburban agglomerations. Proximity to anything didn't matter when you could drive easily to almost everywhere. And exhilarating mobility over long distances enabled more people to own more land--and build larger houses--at the ever-expanding suburban fringe. Employers sought to build suburban office islands, set apart from housing, retail, and transit. That's over. What's next?

Real Estate Investment Trusts in Europe

Author : Ramón Sotelo
Publisher : Springer Science & Business Media
ISBN 13 : 3642368565
Total Pages : 242 pages
Book Rating : 4.6/5 (423 download)

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Book Synopsis Real Estate Investment Trusts in Europe by : Ramón Sotelo

Download or read book Real Estate Investment Trusts in Europe written by Ramón Sotelo and published by Springer Science & Business Media. This book was released on 2013-12-11 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.

Evaluating Hedge Fund and CTA Performance

Author : Greg N. Gregoriou
Publisher : John Wiley & Sons
ISBN 13 : 0471730041
Total Pages : 178 pages
Book Rating : 4.4/5 (717 download)

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Book Synopsis Evaluating Hedge Fund and CTA Performance by : Greg N. Gregoriou

Download or read book Evaluating Hedge Fund and CTA Performance written by Greg N. Gregoriou and published by John Wiley & Sons. This book was released on 2005-05-06 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing Data Envelopment Analysis (DEA) -- a quantitative approach to assess the performance of hedge funds, funds of hedge funds, and commmodity trading advisors. Steep yourself in this approach with this important new book by Greg Gregoriou and Joe Zhu. "This book steps beyond the traditional trade-off between single variables for risk and return in the determination of investment portfolios. For the first time, a comprehensive procedure is presented to compose portfolios using multiple measures of risk and return simultaneously. This approach represents a watershed in portfolio construction techniques and is especially useful for hedge fund and CTA offerings." -- Richard E. Oberuc, CEO, Burlington Hall Asset Management, Inc. Chairman, Foundation for Managed Derivatives Research Order your copy today!