by Kwok May Ling Anita. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 101-105). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.vi / LIST OF TABLES --- p.vii / CHATPER / Chapter I --- INTRODUCTION --- p.1 / Chapter II --- AN OVERVIEW OF THE REAL ESTATE INDUSTRY IN HONG KONG --- p.4 / A Former British Colony --- p.4 / "An Open, Free Market Economy" --- p.5 / Real Estate Development in Hong Kong --- p.5 / Land Supply --- p.6 / Government Stance --- p.8 / Property Prices --- p.9 / The Hong Kong Miracle --- p.11 / Changes in the Employment Structure --- p.11 / Hong Kong as a Servicing Center --- p.12 / Hong Kong as a Tourist Attraction --- p.13 / Property Tycoons --- p.13 / The Importance of Real Estate to the Economy --- p.14 / Chapter III --- AN OVERVIEW OF THE PRC ECONOMY --- p.17 / Open Door Policy --- p.17 / A Socialist Economy with Chinese Characteristics --- p.17 / Austerity Programme --- p.18 / Unification of the Renminbi Exchange Rate System --- p.18 / Future Development --- p.19 / Some Economic Indicators --- p.21 / Chapter IV --- AN OVERVIEW OF THE PRC REAL ESTATE BUSINESS --- p.25 / Policies Laying Down the Foundation of Real Estate / Development in China --- p.26 / Paid Use of State Land --- p.26 / Recognition of Houses as Commodities --- p.26 / Comprehensive Development Programs --- p.27 / Open Door Policy --- p.27 / Structure of the China's Real Estate Market --- p.27 / Primary Real Estate Market --- p.28 / Secondary Real Estate Market --- p.28 / Tertiary Real Estate Market --- p.29 / Commodity Housing --- p.30 / Internal Commodity Housing --- p.31 / Foreign Chinese Exchange Commodity Housing --- p.31 / External Commodity Housing --- p.31 / Stages of Development in the Real Estate Market --- p.31 / First Stage of Development - Introduction --- p.32 / Second Stage of Development - Rapid Growth --- p.35 / Third Stage of Development - Consolidation --- p.33 / Forth Stage of Development 一 Steady Growth --- p.34 / The Ninth Five-Year Plan (1996-2000) --- p.34 / Chapter V --- A COMPARISON BETWEEN THE REAL ESTATE MARKET IN HONG KONG AND CHINA --- p.37 / Land Supply --- p.37 / Property Prices --- p.38 / The Property Market Evolution --- p.39 / The Learning Process --- p.44 / Lack of a Secondary/tertiary Market --- p.45 / Legislation --- p.45 / Chapter VI --- THE CONSTRUCTION PROCESS --- p.47 / Role of a Developer --- p.47 / Property Development by Foreign Investors --- p.47 / Legal Aspects --- p.47 / A Typical Commercial Arrangement --- p.48 / Characteristics of Overseas Chinese --- p.49 / A Quick SWOT Analysis of the Overseas Chinese --- p.51 / Strengths --- p.52 / Weaknesses --- p.53 / Opportunities --- p.55 / Threats --- p.55 / Construction Costs --- p.56 / Chapter VII --- RISK ANALYSIS --- p.58 / Property Development Risks --- p.58 / Property Investment Risks --- p.59 / Operational/construction Risks --- p.60 / Availability of Financing --- p.60 / Illiquidity of Property Investments --- p.62 / Joint Venture Arrangements --- p.63 / Competition --- p.63 / Forfeiture of Land --- p.64 / Property Rights --- p.64 / Economic Risks --- p.65 / Current Dilemma --- p.65 / Oversupply --- p.66 / Substandard/inconsistent Market Behavior --- p.68 / Foreign Cash Sought to Fund Huge Infrastructure Projects --- p.69 / Asia's Currency Turmoil --- p.70 / Devaluation of Renminbi --- p.72 / Current Government Stance --- p.73 / Chapter VIII --- STRATEGIES / Functional Level Strategy --- p.76 / Preparation --- p.77 / Purchasing Land --- p.79 / Management --- p.80 / Contracting --- p.82 / Quality Control --- p.83 / Marketing --- p.85 / Financing --- p.87 / Business Level Strategy --- p.89 / Geographical Markets --- p.89 / Governmental Low-Pricing Housing Schemes --- p.90 / Target Customers --- p.91 / Service Apartment --- p.91 / Diversified Usage --- p.92 / Architecture --- p.93 / Ecology --- p.93 / Coordination between Business Strategies and Functional Strategies --- p.94 / Corporate Strategy --- p.95 / Commercial Property Management --- p.95 / Trading of Building Materials and Equipment --- p.96 / Strengthen the Strategic Relationship with Local Partners --- p.97 / Strategic Alliance with State-owned Enterprises --- p.97 / Chapter IX --- CONCLUSION --- p.99 / BIBLIOGRAPHY --- p.101 / INTERVIEWS --- p.104

Thesis (M.B.A.)--University of Hong Kong, 1998.

Thesis (M.B.A.)--University of Hong Kong, 1995. / Includes bibliographical references.

Thesis (Ph. D.)--University of Hong Kong, 1992. / "Vol. 1." Includes bibliographical references (leaves 251-256).

Thesis (M.Hous.M.)--University of Hong Kong, 1998. / Includes bibliographical references (leaves 123-133). Also available in print.

Thesis (doctoral)--Universität, Bayreuth, 1999. / Includes bibliographical references.

M.Com. (Business Management) / The commercial real estate broking industry is considered one of the most competitive industries globally, with research showing that it has many competitors and the ease of entry is rather easy. This research was conducted in the context of the commercial real estate broking industry in order to examine the extent of competition in the industry and to establish how one of the companies in this industry can sustain the competitive advantage. The study revealed that gaining and sustaining competitive advantage is about strengthening the resources that are not valuable, rare and imitable in the organisation as reflected in the model by Knott (2009: 166). The primary purpose of this study was to explore how JLL SA can obtain and sustain competitive advantage in the competitive commercial real estate broking environment through the Resource Based View. The research methodology applied in this study was a qualitative study, which consisted of 9 semi structured interviews from Jones Lang LaSalle South Africa (JLL SA). The criteria for the population sample was that the respondents had to have adequate experience in the commercial real estate broking industry and had a thorough knowledge of the company under review. The research highlighted a number of challenges regarding the market position of JLL SA and that the company does not have a formal rivalry strategy. From the research, it was found that strategic planning, particularly for competition happens as and when the organisation is challenged by competition. The study also reveals that JLL SA does not communicate a strategic direction for tackling competition. The main recommendations of this study is that JLL SA adopts the model suggested by Knott (2009:166) as a measure to gain and sustain competitive advantage. The model refers to the valuable, rarity and inimitability of resources through, in which JLL SA can selects attributes or resources to evaluate in order to sustain competitive commercial real estate broking industry is considered one of the most competitive industries globally, with research showing that it has many competitors and the ease of entry is rather easy. This research was conducted in the context of the commercial real estate broking industry in order to examine the extent of competition in the industry and to establish how one of the companies in this industry can sustain the competitive advantage. The study revealed that gaining and sustaining competitive advantage is about strengthening the resources that are not valuable, rare and imitable in the organisation as reflected in the model by Knott (2009: 166). The primary purpose of this study was to explore how JLL SA can obtain and sustain competitive advantage in the competitive commercial real estate broking environment through the Resource Based View. The research methodology applied in this study was a qualitative study, which consisted of 9 semi structured interviews from Jones Lang LaSalle South Africa (JLL SA). The criteria for the population sample was that the respondents had to have adequate experience in the commercial real estate broking industry and had a thorough knowledge of the company under review. The research highlighted a number of challenges regarding the market position of JLL SA and that the company does not have a formal rivalry strategy. From the research, it was found that strategic planning, particularly for competition happens as and when the organisation is challenged by competition. The study also reveals that JLL SA does not communicate a strategic direction for tackling competition. The main recommendations of this study is that JLL SA adopts the model suggested by Knott (2009:166) as a measure to gain and sustain competitive advantage. The model refers to the valuable, rarity and inimitability of resources through, in which JLL SA can selects attributes or resources to evaluate in order to sustain competitive advantage.

The goal of this Master's Thesis is to evaluate the use of online marketing tools used by the Prague-based Real Estate company Happy House Rentals Ltd. and to propose improvements for their online marketing strategy. The first part of the paper describes available online marketing tools. The second part introduces the Real Estate market and describes, using published data, the situation of the Real Estate industry in the Czech Republic and Prague metropole in particular. This is followed by a primary analysis of the web presence of Prague's Real Estate Agencies fitting the competitive profile of Happy House Rentals Ltd. The third part is a case study on the online marketing presence of Happy House Rentals Ltd. Using the tools and data introduced in the first two parts of this Master's Thesis, the author suggests improvements for the online marketing strategy of Happy House Rentals Ltd.

Even in the days of an ever closer European union, Europe contains no less than four different legal cultures with respect to real estate conveyances: the Latin-German notary system, the deregulated Dutch notary system, the lawyer/solicitor system, and the Scandinavian licensed real estate broker system. The latter is of particular interest in that Scandinavian brokers play a far larger role in real estate transactions than their European counterparts.This paper examines and compares the Swedish real estate broker and the Latin notary. The Swedish broker is required by law to act as an impartial intermediary, to provide counseling to both parties, and to assist in drawing up all contracts and other documents necessary for the transaction at hand. To that end, the broker must be active and observant of the particular needs of the parties to the present transaction, always striving to enable them to reach equitable and practical agreements so as to prevent future disputes. In other words, the broker is required to tailor the transaction to fit the needs of the buyer and seller.The Latin notary profession prevails in large parts of the world, particularly the Latin-German parts of continental Europe, and Latin America. While there are divergences in the notarial laws of all countries, the similarities are greater still, and it is correct to speak of a single profession throughout all these countries. The notary carries out several important functions, the nexus of which is the authentication of legal documents. In the preparation of these documents, the notary is required to provide impartial counseling in order to tailor the transaction at hand to fit the will and needs of the parties. To uphold the integra fama of the profession, and to safeguard the proper performance of the notarial functions, lawgivers in all countries emphasize the importance of impartiality and integrity. There are national divergences as to the specific rules of conduct related to impartiality, particularly those concerning what activities are considered incompatible with the notariat, but they rest on common principles. Most importantly, not only must the publica fides be honored, it must be seen in the eyes of the public to be honored. The organization and regulation of the notary profession raises important economic issues, particularly with regard to competition/monopoly and market failures. The discussion of the regulation or deregulation of the notariat is by no means settled. Comparing the two professions, it is striking to see the enormous similarities in the legal frameworks and their respective rationales. Two common features are of particular interest. Firstly, both the Swedish broker and the Latin notary are required to assist the contracting parties in the contract phase, drawing up any necessary documents and counseling the parties as to the implications of the transaction. In that respect, both professions function as tailors to the transaction. Secondly, both the broker and the notary are required to act impartially and independently – impartially visavi the contracting parties, and independently in order to preserve the public faith in the independence and integrity of the professions.The similarities can be summarized as a function on the real estate market: impartial counseling and contract-engineering. This function exists alongside other functions, such as the brokers’ traditional matchmaking, or the registration of property rights. This functional approach may prove very useful in all kinds of analyses of the real estate market, whether of political, legal, or economic nature. For instance, with respect to the merits and/or necessity of the Swedish impartiality rule, those wishing to amend the law and introduce a system of overtly partial brokers acting solely on behalf of their principal have to face the question of what is to become of counseling for the principal’s counterpart. Should the counterpart be forced to choose between hiring their own legal counsel or make do without? Further, those wishing to contest the mandatory notarial intervention in real estate transactions have to face the same question: what is to happen to impartial counseling, given not only to the client but also to the client’s counterpart? Both instances illustrate the common feature shared by the two examined professions: impartial contract-engineering and counseling. To complete the picture and cover the whole arena of real estate transactions, the next logical step is therefore to compare and analyze different systems for registration of property rights. Doing so will hopefully achieve a tool for examining the real estate market that will prove useful indeed, particularly in future discussions concerning European harmonization.

A major concern for investors in residential real estate throughout the United States is the decline in value of residential real estate. The high demand for residential real estate bas increased prices significantly. Many analysts believe that the recent price increases have been fueled by speculation and there is currently potential for a decline in prices. This thesis studies various methods by which investors might potentially hedge the decline in residential real estate values that many analysts predict will occur. Three possible methods that could provide investors with a cost-effective way to hedge a decline in residential real estate values are studied in this thesis. These methods are taking a short position in a portfolio of stocks from the PHLX Housing Index, buying Morgan Stanley I 00% Bear Capital Protected Notes, and selling a Hedgelet portfolio, which consists of binary options offered by Hedgestreet. Throughout the analysis of the hedging strategies, the objective was to determine which hedging strategy would provide the best possible hedge at the lowest possible cost to the investor. I concluded that none of the three hedging strategies would provide a cost-effective hedge for the investor.