Percebe-se no mercado brasileiro que a área de suprimentos - Procurement - nas empresas do segmento de real estate de construção civil se apresenta, tanto em termos de estrutura quanto em procedimentos, de diferentes formas. É possível observar estruturas centralizadas responsáveis por toda a gestão na companhia, enquanto há outras em que as obras são autônomas com suporte corporativo. Para cada estrutura, as formas de atuação das áreas diferem, objetivando satisfazer as premissas gerenciais de cada companhia. A análise do espectro existente resulta em razoável incerteza para se afirmar quais práticas são mais eficazes em termos de desempenho e geração de resultado. Enquanto estruturas mais centralizadas conduzem para menos autonomia para as obras com sistemas corporativos mais robustos, estruturas autônomas possibilitam maior agilidade e rapidez nas tomadas de decisão. Neste cenário, o objetivo desta dissertação é analisar as diferentes composições estruturais das áreas de suprimentos existentes nos subsetores de construção civil: infraestrutura e edificações a fim de propor um modelo adequado de estruturação e atuação, visando proporcionar uma melhor forma de atuação das áreas de suprimentos no setor de construção brasileiro. Para tanto, foi realizado uma revisão bibliográfica a respeito dos temas: estruturas e procedimentos de suprimentos em real estate e riscos e oportunidades das vertentes estruturais. Em seguida foi realizada uma enquete com algumas das principais empresas de ambos subsetores objeto deste estudo. Tal pesquisa permitiu identificar os principais aspectos de cada vertente estrutural de procurement em construção civil e assim identificar as caraterísticas necessárias para a proposição do modelo. Dessa forma, foi proposto o modelo de atuação adequado para as empresas desse setor, onde se espera contribuir para que a gestão de suprimentos nessas empresas de construção brasileiras seja tratada de forma estratégica, adicionando valor e competitividade às organizações a qual fazem parte. / It is perceived in Brazilian market that procurement in real estate companies is presented differently both in terms of structure and procedures. It is possible to observe centralized structures responsible for all management in the company, while there are structures in which the works are basically autonomous with corporate support. For each structure, the procedures of the areas differ, aiming to meet the managerial assumptions of each company. The analysis of existing spectrum results in reasonable uncertainty to assert what practices are most effective in terms of performance and result generation. While more centralized structures lead to less autonomy for works with more robust enterprise systems, autonomous structures enable greater agility and quickness in decision-making. In this scenario, the goal of this dissertation is to analyze the different structural compositions of existing supplies areas in the subsectors of civil construction: infrastructure and building in order to propose a suitable model of organization and operation. Still, this works aims to provide a better way of operation of the supply areas in the Brazilian construction sector. Therefore, a literature review was conducted on the themes: infrastructure and supply procedures in real estate and risks & opportunities of the structural aspects. Then a survey had been done in some of leading companies in both subsectors object of this study. This research allowed recognizing the main aspects of each structural procurement component in construction and consequently identifying the characteristics necessary for the model proposition. Finally, it was proposed the appropriate operational model for companies in this sector, which expects to contribute to supply management be treated in a strategic manner from now on in Brazilian construction companies and adding value and competitiveness to organizations to which they belong.

Desde a onda de abertura de capital ocorrida com o setor de real estate brasileiro entre 2006 e 2007, a discussão em como identificar por meio de informações disponíveis ao público o valor das empresas que compõem esse importante setor se intensificou tanto entre seus gestores como nos analistas do mercado de capitais. Os modelos tradicionais de avaliação de empresas se mostraram inadequados e necessitam de adaptações para serem utilizados em empresas do setor, bem como a identificação e caracterização dos direcionadores de valor. Esta tese tem como objetivo desenvolver uma rotina de avaliação de empresas de Real Estate e sua relação com os direcionadores de valor, intangíveis ou tangíveis, identificando quais são os ativos que possuem maior influência na geração do valor e o porquê dessa influência, possibilitando aos investidores e analistas avaliar melhor o valor de empresas do setor. A partir de uma revisão bibliográfica em conjunto com a análise dos prospectos de abertura de capital e das demonstrações financeiras disponibilizadas ao público, foi proposta uma taxonomia para medir o valor das empresas de real estate em quatro dimensões: capital de propriedade, capital humano, capital de mercado e capital relacional. Em cada dimensão foram mapeados os ativos tangíveis e intangíveis que as formam e estes relacionados à geração de valor por meio de indicadores e benchmarks. / Since the wave of IPO occurred in the Brazilian real estate sector between 2006 and 2007, the discussion on how to identify by disclosure information the fair value of those companies intensified both among its managers and capital market analysts. Traditional valuation models proved inadequate and require adaptations for use in those companies, as well as the identification and characterization of value drivers. This dissertation aims to develop a routine valuation of Real Estate from the drivers of value, tangible or intangible, identifying which are the assets that have greater influence on the value generation and why this influence, enabling investors and analysts to better assess the value of companies in the sector. After a literature review as well as the analysis of the IPO Prospectus and the financial statements available to the public, taxonomy was proposed to measure the value of the real estate companies in four dimensions: property capital, human capital, market capital and relational capital. In each dimension were identified tangible and intangible assets and these related to value generation through indicators and benchmarks.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014. / Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014. / Cataloged from PDF version of thesis. Page 124 blank. / Includes bibliographical references (pages 118-123). / This thesis aims to examine impact of financial decisions on the city morphology, specifically on the current crop of new city projects undertaken in India. While there has been some existing research on impact of capital market, institutional framework, on the existing cities and their struggles, there is littl that tis spoken about the motivations of development agencies, their manifestos and aspirations, for the new cities that are being planned. My research explores green field projects in an attempt to distill, through comparison and contrast, cities developed as a private or public goods. The physical design of the urban fabric of a city is a result of many forces. These could be the economic, social, cultural, political or the aspiration aspects that dictate the physical form of the city With the inflow of capital in the developing world new cities are being built from scratch in many parts of the developing world. Visualized as products in the real estate industry as investments and assured long term returns, these regions are conceived as places of enhanced productivity Cities are now considered the drivers of consumption and accelerateors of economic growth. India, with an increasingly open economy and history of social ideals, poses a unique dichotomy of resultant new city building processes. As the state edges towards more open markets pro-urbanization policies, disparate methods of developing and financing new city projects wIl emerge. The unique presence of two polar development strategies within the same macro context shall enrich this study and let me draw parallels to distill the parameters. The thesis shall explore the cases thorgh the lens of finance specifically and the implications of financial strategies on the resultant urban form. A narrative format weaves in the socio political and cultural aspects along with specific market conditions, of the two cases -Naya Raipur and Jaypee Sports City, and provides detailed accounts of the policies and agency practices, what landlords and realtors are responding to, and how ultimately these plans in place today evole into future cities. Ultimately, these findings indicate how deeply embedded both social and fianncial scenarios are in the development of cities and the need to question the adequacy of just one model instead of the other. / by Akanksha Raina. / M.C.P. / S.M. in Real Estate Development

Devido ao crescimento e à experiência adquirida pelas empresas brasileiras de real estate residencial nos últimos anos, e às características próprias desse setor, os mercados internacionais poderiam ser considerados como possíveis alvos para essas empresas. Por exemplo, no mercado residencial costarriquenho, incentivos para projetos residenciais de alta densidade populacional, reformas nos processos para a obtenção dos alvarás de construção e mudanças demográficas e culturais, parecem propiciar um ambiente favorável para empresas dessa indústria. Portanto, o objetivo do presente trabalho é estudar uma possível expansão geográfica de empresas brasileiras de real estate no mercado residencial costarriquenho, a partir da estruturação de uma análise de abordagem SWOT dos elementos necessários para tal incursão. Para isso, realizou-se uma revisão bibliográfica na busca dos elementos estratégicos do ambiente interno de empresas de real estate residencial que devem ser considerados para processos de internacionalização, identificando-se 12 forças e 10 fraquezas desta revisão. Ademais, analisou-se: o mercado residencial; a macroeconomia, e as conjunturas político-legais e socioculturais da Costa Rica, na procura de fatores que devem ser tomados em conta por parte de empresas de real estate ao ingressar nesse país, distinguindo-se 24 oportunidades e 20 ameaças dessa análise. Para complementar o estudo, foi avaliada a atratividade do mercado residencial costarriquenho para receber investimentos por onze importantes empresas do setor de real estate residencial brasileiro, por meio de um questionário estruturado com os elementos identificados na primeira parte do trabalho. Os resultados mostraram que, no momento da avaliação, as empresas entrevistadas deram maior atenção ao tamanho do mercado e às características do sistema financeiro para o setor residencial, e identificaram a carência do conhecimento local e sua cultura empresarial, como os elementos que dificultariam sua internacionalização. Conclui-se sobre a possível internacionalização de empresas brasileiras de real estate residencial para o mercado da Costa Rica, que elementos desde uma perspectiva econômica racional e principalmente contingencial definem essa estratégia, não sendo viável nem vantajoso idealizar um processo de internacionalização nesse mercado, devido às atuais condições de seus mercados locais e aos elementos do ambiente interno que várias dessas empresas apresentam. / Due to the growth and experience acquired by the residential real estate Brazilian companies in recent years, and the particular characteristics of this sector, international markets could be considered as possible targets for these companies. For example, in Costa Rican residential market, incentives for residential projects of high population density, reforms in the paperwork required to obtain building permits and demographic and cultural changes, seem to provide a favorable environment for this kind of firm. Therefore, the aim of this work is to study a possible geographic expansion of Brazilian real estate companies into Costa Ricas residential market, based on a SWOT analysis. Therefore, firstly, a research on international business and business strategy literature was performed to find the internal elements involved in the processes of internationalization for this kind of companies. Then, the residential market characteristics, macroeconomic, and the political-legal and socio-cultural contexts of Costa Rica were reviewed in order to distinguish the factors that should be taken into account by real estate companies when entering this market. In total, 12 strengths and 10 weaknesses were identified by the internal analysis, and 24 opportunities and 20 threats by external analysis. To complement the study, the attractiveness of the Costa Rican residential market to receive investment was assessed by eleven important Brazilian real estate residential companies, utilizing a designed questionnaire with the elements identified in the first part of this work. The results showed that, at the time of the assessment, the interviewed companies gave more attention to market size and characteristics of the financial system for the residential sector, and identified the lack of local knowledge and its corporate culture, as elements that hinder their internationalization. In conclusion, the possible internationalization of real estate Brazilian companies is defined by economic-rational elements, but mainly by contingent elements such as the current conditions of their local markets and the internal elements shown by many of the interviewed companies. On account of all that has been discussed so far, internationalization is not feasible or advantageous for these specific companies.

O presente trabalho tem como foco o estudo e análise das alianças estratégicas realizadas entre empresas do setor do real estate, no período entre 2006 e 2010, enfatizando as alianças realizadas entre empresas atuantes predominantemente nas cidades de São Paulo e Rio de Janeiro com empresas atuantes nas regiões Norte e Nordeste do Brasil, cujo objetivo por parte das empresas paulistas foi o espalhamento geográfico. Considerando o volume representativo de alianças estratégicas verificado no setor no período em questão e a geração de resultados dos empreendimentos objetos de tais parcerias inferiores às expectativas estabelecidas, o objetivo do trabalho é a apresentação de um conjunto de diretrizes que possa contribuir para o planejamento, realização e condução de futuras parcerias entre empresas do setor, visando a mitigar dificuldades e a explorar da melhor forma possível os benefícios que as alianças estratégicas podem proporcionar. Para tanto, realizou-se uma pesquisa por meio de um estudo de casos múltiplos abrangendo o estudo de empresas de capital aberto que atuavam predominantemente nas capitais do eixo Rio-São Paulo, empresas atuantes em nível regional no Norte e Nordeste brasileiro que realizaram parcerias com as empresas do Sudeste, além de empresas de consultoria que estiveram envolvidas nas parcerias por meio de prestação de serviços. Tal pesquisa permitiu identificar as principais dificuldades, vantagens e desvantagens decorrentes das parcerias em questão, cujos dados foram analisados e discutidos à luz da revisão bibliográfica, embasando assim o conjunto de diretrizes proposto. As diretrizes apresentadas visam a contribuir com todo o processo que envolve a realização de uma parceria, contemplando desde aspectos de planejamento, gestão até aspectos operacionais e são complementadas por recomendações que somadas às diretrizes podem elevar a probabilidade de êxito das parcerias. / This work focuses on the study and analysis of strategic alliances made between companies in the real estate sector in the period between 2006 and 2010, emphasizing the alliances made between companies operating predominantly in the cities of São Paulo and Rio de Janeiro with companies operating in North and Northeast of Brazil, whose goal by the São Paulo companies was the geographical spread. Whereas the representative volume of strategic alliances observed in the sector in the period, and the generation of results of the objects of such developments partnerships lower than the set expectations, the main goal is to present a set of guidelines that can contribute to the planning, achievement and conduct of future partnerships between companies in order to mitigate difficulties and to explore the best possible way the benefits that strategic alliances can provide. Therefore, a research had been carried out through a multiple case study covering the study of publicly traded companies operating predominantly in the capitals of Rio de Janeiro and São Paulo, companies operating at the regional level in the North and Northeast Brazil who underwent partnerships with companies in the Southeast, and consulting firms that were involved in partnerships through service. This research identified the main difficulties, advantages and disadvantages of partnerships in question and the data was analyzed and discussed based on the bibliography review, so basing the set of suggested guidelines. The guidelines presented are intended to contribute to the process that involves the pursuit of a partnership, covering aspects from planning, management, and operational aspects and are complemented by recommendations that added to the guidelines can increase the probability of success of partnerships.

O objetivo da presente dissertação é verificar em que medida o nível de diversificação das empresas de Real Estate e os modelos de negócios empregados em suas estratégias de crescimento no período 2005 a 2010 possam ter influenciado o desempenho econômico das organizações. Para tanto, identificou-se o nível de diversificação geográfica e de produtos das empresas nos anos do período, e os principais modelos de negócios empregados para a entrada em novos mercados e segmentos de renda. Em seguida, as empresas foram estratificadas em grupos, segundo o nível de diversificação e os modelos de negócios predominantes. Para cada grupo, determinou-se a capacidade de geração de renda e valor econômico para o acionista. Os grupos foram comparados entre si e com o desempenho médio das empresas do setor. A pesquisa faz uso das empresas de Real Estate listadas no segmento Novo Mercado da BM&FBovespa. Os resultados sugerem que para a entrada no segmento econômico e popular, os modelos de aquisição e desenvolvimento próprio se mostraram mais eficientes, respectivamente, do que os modelos de parcerias. A concentração de produtos se mostrou igualmente de desempenho superior. Quanto à diversificação geográfica, não foi possível estratificar as empresas para análise adequada. No entanto, a maioria das empresas de atuação nacional e municipal apresentaram resultados acima do conjunto do mercado, enquanto as empresas com atuação estadual apresentaram resultados próximos ou abaixo da média. / This research explores the diversification, growth strategies and economic performance of the real estate companies listed on the brazilian stock exchange BM&FBovespa. Between 2006 and 2008 years, more than twenty companies have made its initial public offering (IPO) of its stocks. As result, and with almost R$ 11 billion on cash, most companies have acquired large landbanks spread over the main cities of the country, and started to built on new markets, moving away from a specialized portfolio of products to a national level and diversified portfolio companies. In order to understand the relationship between the strategies and economic performance, the research identifies the level of geographical diversification and products of each company, and the main business models used to enter into new markets - partnerships with local developers, mergers and acquisitions, or own development. The companies were stratified into groups according to the level of diversification and their business models, and for each one the profit and the return of equity patterns were analysed. The results suggested that product specialized companies seems to have superior performance than national and diversified companies, and for entry into the low income housing sector, acquisition and own development business models were better than partnerships.

Chu Kwok Hei Derek. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 97-103). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgements --- p.iii / Table of Content --- p.iv / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Some Conceptual Issues --- p.6 / Chapter 2.1. --- PPE holding and shareholders' return --- p.6 / Chapter 2.2. --- Mis-management of Corporate Real Estate --- p.7 / Chapter Chapter 3. --- Determinants of Real Estate Holdings --- p.12 / Chapter 3.1. --- Growth opportunities --- p.12 / Chapter 3.2. --- Size --- p.13 / Chapter 3.3. --- Firm focus and real estate holding --- p.14 / Chapter 3.4. --- Level of Debt --- p.15 / Chapter 3.5 --- industrial effect --- p.15 / Chapter 3.6. --- Imperfect capital market and Real Estate decision --- p.16 / Chapter 3.6.1. --- Dividend payout --- p.17 / Chapter 3.6.2. --- Cash flow --- p.17 / Chapter Chapter 4. --- Measuring Corporate Governance --- p.20 / Chapter 4.2. --- Management ownership --- p.21 / Chapter 4.3. --- Outside Blockholder ownership --- p.22 / Chapter 4.4. --- Executive compensation structure --- p.24 / Chapter 4.5. --- Board composition --- p.26 / Chapter 4.6 --- DUALITY --- p.28 / Chapter Chapter 5. --- "Data, Sample and Empirical Analysis" --- p.29 / Chapter 5.1. --- Data and Sample --- p.29 / Chapter 5.2. --- Empirical Analysis --- p.31 / Chapter Chapter 6. --- Summary Statistics and Regression Results --- p.33 / Chapter 6.1. --- Summary Statistics --- p.33 / Chapter 6.2. --- Regression result --- p.35 / Chapter Chapter 7. --- Robustness check --- p.40 / Chapter 7.1. --- Full Sample Splitting --- p.40 / Chapter 7.2. --- Regression result --- p.41 / Chapter Chapter 8. --- Concluding Remarks --- p.44 / Appendices --- p.46 / Appendix 1 --- p.46 / Split full sample into single industry that sample size is larger than 30 --- p.46 / Appendix 2 --- p.52 / "Results after excluding firms in sector of Transportation, communication and Utility" --- p.52 / Appendix 3 --- p.53 / Non-monotonic relation between managerial ownership and agency cost --- p.53 / Appendix 4 --- p.55 / Comparison of previous literatures-1 --- p.55 / Appendix 5 --- p.56 / Comparison of previous literatures-2 --- p.56 / Appendix 6 --- p.61 / List of Tables --- p.61 / Appendix 7 --- p.95 / Variables description: --- p.95 / References --- p.97

Cheng Hin Fai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 39-46). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgements --- p.iii / Table of Contents --- p.iv / List of Tables --- p.v / List of Charts --- p.vii / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.3 / Chapter Chapter 3. --- Is Commercial Property Market Having Its Own Dance? --- p.9 / Chapter 3.1 --- Methodology --- p.9 / Chapter 3.2 --- Empirical Results --- p.11 / Chapter 3.3 --- Any Patterns? --- p.15 / Chapter Chapter 4. --- Natural Vacancy Rates in Hong Kong Case --- p.17 / Chapter 4.1 --- Methodology --- p.17 / Chapter 4.2 --- Data Source --- p.18 / Chapter 4.3 --- Empirical Results --- p.19 / Chapter Chapter 5. --- Is There Any Linear Relationship between Rate of Return (ROR) and Trading Volume? --- p.22 / Chapter 5.1 --- Data Description --- p.24 / Chapter 5.2 --- Data Selection Criteria --- p.24 / Chapter 5.3 --- Methodology --- p.25 / Chapter 5.4 --- Empirical Results --- p.27 / Chapter 5.5 --- Correlation Values --- p.31 / Chapter Chapter 6. --- Finding Relationship between Rent (or Rent Dispersion) and Trading Volume --- p.32 / Chapter 6.1 --- Methodology --- p.33 / Chapter 6.2 --- Empirical Results --- p.34 / Chapter Chapter 7. --- Conclusion --- p.36 / Bibliography --- p.39 / Appendix 1 --- p.163 / Appendix 2 --- p.165 / Appendix 3 --- p.169 / Appendix 4 --- p.186 / Appendix 5 --- p.190

Real estate taxation Abstract The aim of the diploma thesis is to introduce in detail Act No. 338/1992 Coll., On Real Estate Tax, as amended. The structure of the chapters is usually divided as well as the real estate tax itself on land tax and building and unit tax. A detailed analysis of individual tax elements and an examination of possible de lege ferenda proposals for potencial changes that could be made in the Czech real property tax law are provided. The thesis consists of 8 chapters. In the introductory chapters, the thesis deals with the general characteristics of taxes, the various constructional elements of the tax and the changes made by the recodification of private law, which influenced more than just the title of the real estate tax. The main content of the thesis is in Chapter 3, which gives insight into the theme by giving a detailed introduction of the various elements of the tax. The object of the tax, subject of the tax, tax basis and tax rate are presented. Chapters 4 to 7 deal in detail with tax exemption, tax rate issues, tax administration, and the comparison of the revenue from real estate tax and the revenue from the real estate acquisition tax. Both of these taxes relate to real estates and belong to the category of property taxes. The thesis also deals with a description of the...

by Hon Chui Yuk, Milkie. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 151-170). / Abstract and questionnaire also in Chinese. / ACKNOWLEDGMENTS --- p.i / ABSTRACT --- p.ii / TALE OF CONTENT --- p.vii / LISTS OF FIGURES --- p.ix / LISTS OF TABLES --- p.x / Chapter Chapter 1: --- INTRODUCTION --- p.1 / Chapter Chapter 2: --- INDUSTRY BACKGROUND --- p.5 / Introduction --- p.5 / Real Estate Brokerage Industry --- p.5 / The Practice in Real Estate Brokerage Industry --- p.11 / Real Estate Agency Concept --- p.11 / Dual Role of Agent in Hong Kong --- p.13 / Nature of Occupation --- p.14 / Recent Changes in the Real Estate Brokerage Industry --- p.15 / Consequences of the Changes in the Real Estate Brokerage Industry …… --- p.21 / Chapter Chapter 3: --- LITERATURE REVIEW --- p.26 / Service Marketing --- p.26 / Classification of Service - Highlighting the Human Dimension --- p.27 / Services Marketing - Importance of the Human Dimension Elements --- p.30 / Marketing Mix Concept --- p.31 / Service Encounter --- p.32 / Characteristics of Customer Contact Employees Affecting the Evaluation of Service Encounters --- p.36 / Effects of Service Encounters --- p.37 / Customer Retention and Relationship Marketing --- p.40 / Commitment - Essential Ingredient of Successful Long-Term Relationship --- p.42 / Relationship Quality/Strength - Ingredient of Relationship Development and Enhancement --- p.47 / Customer Perceived Service Quality --- p.62 / A Summary --- p.70 / Chapter Chapter 4: --- THE PROPOSED MODEL AND RESEARCH HYPOTHESES --- p.72 / A Model Of Service Relationship Formation and Enhancement --- p.74 / Conceptualization and Hypotheses --- p.78 / Relationship Formation stage →Relationship Enhancement stage --- p.78 / Relationship Enhancement stage →Outcomes --- p.87 / Effects of Trust and Satisfaction on Affective Commitment --- p.90 / Chapter Chapter 5: --- RESEARCH DESIGN AND RESEARCH METHODOLOGY --- p.92 / Research Design --- p.92 / Sampling Design --- p.92 / Survey Administration --- p.94 / Research Instrument --- p.97 / Measures and Operationalization --- p.98 / Method of Analysis --- p.100 / Scale Analysis --- p.100 / Structural Equation Modeling --- p.100 / Chapter Chapter 6: --- ANALYSIS AND RESULTS --- p.104 / Respondent Profile --- p.104 / Structural Equation Modeling --- p.106 / Original Conceptual Model (CCOM) --- p.109 / Measurement Model Evaluation --- p.109 / Structural Equation Model Results --- p.114 / The Modified Conceptual Model (CCOM) --- p.120 / Measurement Model Evaluation --- p.120 / Structural Equation Model Results --- p.120 / Chapter Chapter 7: --- DISCUSSION AND CONCLUSION --- p.127 / Summary --- p.127 / Contributions of the Research --- p.129 / Limitations --- p.135 / Directions for Future Research --- p.136 / APPENDICES --- p.139 / REFERENCES --- p.151