published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

Since the Great Depression in 1929-1939, four major far-reaching financial crises took place: the collapse of Japanese asset price bubble in the 1990s, 1997 Asia Financial Crisis, 2007 US sub-prime mortgage crisis and the subsequent global economic recession, and the on-going European sovereign debt crisis, together with other minor crises in specific regions (for example, Icelandic Financial Crisis from 2008), played havoc with not only economy but towards every aspect of the society, and became a focus in academia as well. Many efforts have been paid to find out the primary reasons so that specific measures can be taken to avoid the recurrence of similar crises. This dissertation attempts to reveal the relationship between financial crises and land / real estate sector, which discusses the process that a real estate crisis turns into a financial crisis, and analyses a common phenomenon that almost all recent financial crises usually began from the crises in real estate sector. It concludes the common features in these crises with a flow from a real estate bubble towards a financial crisis, that the misconduct of government in real estate sector as well as the over-blown market confidence would usually be the original sin of an economic failure. This study takes both qualitative and quantitative approaches to research this topic by studying common features in recent financial crises. Review of historical crisis shall focus on real estate aspect, and among the several most influential and recent crises it will place emphasis on the bubble in 1990s’ Japan. In addition, this dissertation also takes a look at China’s current situation and suggest possible problems by comparing with historical experiences, particularly with the period of Japanese asset bubble. / published_or_final_version / China Development Studies / Master / Master of Arts in China Development Studies

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In this thesis, I undertake a study of rapid condominium growth occurring in the City of Toronto, Canada, and the emergence of an ultra-luxury condominium market during a time of global financial instability. This thesis examines the influence of rapid growth on Toronto as a world city during this time by asking the following research questions: 1. Why has Toronto become a place of safe investment for condominium buyers during a time of global economic uncertainty? 2. Why has the ultra-luxury market emerged in Toronto? What are the driving forces behind it, how does it contribute to Toronto’s standing as a world city, and what does the future hold for this niche market? 3. What is the current state of the condominium market in Toronto and what can we expect to see happen in the near future? To answer these questions, this thesis draws insights from urban, political, economic and social geographic literature, statistical and policy data, as well as twenty-five (25) semi- structured interviews with a variety of key industry stakeholders in the City of Toronto. The results of this study point to a changing demographic landscape in a city where fundamental elements have not only secured Toronto’s reputation as a place of safe investment, but also created an environment of pent up demand leading to the emergence of the ultra-luxury condominium market. The City of Toronto has garnered international attention for its rapid rate of high-rise growth, and continues to craft its reputation as a world city through the addition of four, 5-star hotel condominiums. Additionally, this thesis recognizes the pressing social, environmental and political issues that accompany this recent, rapid growth, and provides general recommendations for addressing these complex topics through the suggestion of future research on the topic. / Thesis (Master, Geography) -- Queen's University, 2013-04-29 12:28:08.426

The purpose of my thesis is to analyse the taxation of ownership and the transfers of real estate property with regards to the ownership of flats. I will also examine the Austrian legal regulation through most of the taxes and I demonstrate differences between Czech and Austrian legal order. Paradoxically, both Czech and Austrian legal orders have historical and territorial connections. The thesis is composed of eight main parts. Chapter I gives an overall comment on the legal situations in both countries. In Chapter II, the essential terms relevant to my thesis are outlined. This chapter is divided into two subchapters. The first subchapter analyses terms concerning real estate property and the second subchapter explores terms regarding taxes. Chapter III pays close attention to the bill of the new Civil Code which is currently being discussed in Parliament in the Czech Republic. Chapters IV to VII focus on particular taxes which refer to ownership and transfers of real estate property. Chapter IV examines real estate tax and is subdivided into three parts. In the first subchapter, I explain Czech legal regulation and in the second subchapter Austrian legal regulation. The third subchapter includes a theoretical summary of both previous subchapters where I evaluate the differences of both legal...

Master of Agribusiness / Department of Agricultural Economics / Kevin Gwinner / Purple Wave, Inc. has five major auction categories: Real Estate; Business Liquidation; Heavy Equipment (Agricultural and Construction); State Surplus; and Personal Property). Although Purple Wave is rapidly expanding in all categories its current focus is on increasing its real estate sales category. Selling real estate via the auction method is the fastest growing sector of the auction industry. The auction process provides a time-defined result, usually 60 to 90 days from contract signing to closing. The process also establishes a true market value established by the public. I have been tasked with evaluating our current real estate marketing methods. I am to determine the best way to allocate marketing funds to attract the most viable, competitive, well funded, and aggressive real estate bidders. The economic rationale of this issue is the ability to market real estate for higher sale prices. The cost of this issue cannot be measured in terms of a direct expense. The issue is how the company could best spend the marketing funds they receive to ensure the auction will reach the maximum price for the property. Purple Wave is paid on a percent of the sale price. The customer and company have everything to gain from a higher sale price since both will receive a larger profit. Purple Wave would like this issue to be solved with the development of a marketing menu. The real estate teams can use this new menu to show a potential customer how their marketing funds will be used to gain them the maximum amount of advertising exposure. The format can also show sellers how we plan to invest the marketing funds in specific promotional areas.

The diploma thesis "Real estates as an investment instrument" is focused on direct investments into real estates. There is a brief description how to invest into the real estate in general point of view, in the first chapter. Basic terms related to real estates are defined and described here as well as influencing factors. The next section consists of different types of analyses dealing with measuring investments with the help of "the magic triangle" yield, liability and liquidity. In order to provide a full range of understanding, an analytical example is also introduced. The last part of the thesis involves a comparison of investment into real estates and other investment instruments. Finally, property analysis with portfolio diversification and an anti-inflationary investment is run. The main objective of this thesis is to introduce a compact view at one of investment possibilities -- investment into real estates.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2012. / Research indicates that investment in un-securitised private real estate in both developed and emerging economies exhibits inflation hedging potential and provides diversification benefits for mixed-asset portfolios, reducing the risk of portfolios that contain mostly common stocks and bonds. This paper examines the risk diversification potential of securitised property funds for investment portfolios comprising traditional asset classes such as common stocks, bonds and cash instruments in the South African context – to establish if they exhibit the same characteristics as un-securitised private real estate. The results indicate that including securitised property funds in a portfolio comprised of traditional assets reduces unsystematic risk in a portfolio by a significant amount. We also assess the affecters of variability in returns of PUT and PLS funds. The results suggest that the variability in PUT and PLS returns can be explained by both the variability in the equity and debt markets (measured by the ALSI and ALBI), and the variability in direct property returns. Importantly, we find that PUT and PLS market pricing is representative of the underlying asset class pricing (direct real estate prices).

Real estate is said to be the largest or second largest asset in a firm’s financial books – comparable to human resources, but is often been treated as a reactive and secondary utility. Real estate can be a significant factor of production and a strategic resource and due to its effect on an organisation’s profitability there is a growing need for a more critical site selection decision-making. Purpose – This is an exploratory study of the Sandton office market in order to ascertain which factors are most highly considered when making an office (site) selection decision. The purpose of this study is to assist in determining the direction further research into the South African corporate real estate market should take by gathering preliminary information about the preferences of Sandton corporate real estate occupiers. Design/methodology/approach – A questionnaire was developed and distributed electronically through the Survey Monkey website. Findings – The results show that the location factor, in terms of a specific site, is not as highly rated amongst the respondents, as one would expect. The respondents to the questionnaire indicate that the landlord and/or property manager is the most important consideration – whether it is their reputation or their relationship with tenants’ is yet to be determined. Security, a reliable power supply and competitive building levies are amongst some of the most important office attributes for the respondent companies. Originality/value – Sandton’s corporate real estate stock amounts to approximately 168 million square feet, which is comparable in size to Madrid’s total office stock, and greater than cities such as Brussels, Moscow and Milan. Moreover, more than 500 companies in South Africa own corporate real estate, including international companies (Jones Lang LaSalle, 2012) – a large proportion of which is situated in Sandton. These numbers make Sandton a significant player in the international corporate real estate arena.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2012. / This study analyses data for the top ten listed real-estate firms in South Africa to examine the relationships that exist between Internal Liquidity, Capital Structure and Firm Profitability. The ten firms under study represent 79% of the industry by market capitalisation. Other than in six unique cases out of the thirty regressions run, results show that there is little relationship between the variables. These six however, all fall within the test of Internal Liquidity on the firm’s Capital Structure. Results indicate that the level of Internal Liquidity has explanatory power on the level of debt used by the listed real-estate firm. Interestingly, results also show that the market’s perception of a listed real-estate firm is independent of its capital structure and its cash on hand. It is further implied that firms in South Africa with property as the majority asset, are under-geared as a result. This study supports the stakeholder co-investment theory to explain the low average debt levels in South Africa.