Thesis (MTech (Human Resource Management))--Cape Technikon, Cape Town, 2003 / South Africa is a country that encompasses numerous population groups and cultures. The country has been embroiled in controversy since the beginning of the 20th century, notably for its human rights violations and abuse of the majority of its people; namely Blacks, Coloureds and Indians. The ruling parties since its inception as the Union of South Africa in 1910, until the demise of the National Party government in 1994, has ensured bias to the White minority population group. This favouritism was brought about politically and legislatively to protect Whites, reserve jobs and ensure segregation for the various population groups that were considered unequal, as it favoured Whites only. The country's first democratic elections in 1994 brought about a change of political will that warranted appropriate action, in order to address the imbalances of the past, for all those who were historically, previously disadvantaged. Programmes of affirmative action were required to redress these imbalances and provide necessary opportunities. The vast majority of South Africans, namely Blacks, therefore needed employment, housing and recreational facilities as previously they were not afforded many prospects. The researcher wanted to establish the state of the Black residential property market in the Western Cape, including the prospects for Black estate agents. Accordingly, an understanding of the political background of the last century was required. In order to implement Affirmative Action programmes in the real estate industry, a basic understanding of Affirmative Action was essential. The tasks and duties of estate agents had to be clarified and the position of the real estate industry with regards to the various population groups in the Western Cape was also deemed crucial. The researcher accordingly designed a questionnaire in order to conduct a survey to test public perceptions and attitudes. The researcher also concluded interviews with executives and principals representing the real estate industry. A focus group was utilised to discuss the results of the survey and they provided the researcher with qualitative data. The researcher combined this secondary qualitative data with primary quantitative data in order to develop a model which would assist the industry and prospective Black estate agents. The author believes that this model would be able to substantially benefit all the stakeholders in the real estate industry. Furthermore, the researcher is of the opinion that if this model and the recommendations are implemented, the residential market for the Western Cape would evolve naturally and Black estate agents would be in demand.

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.

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.

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.

In this paper, I examine the effects of unconventional monetary policies and quantitative easing programs in the U.S and UK on their respective commercial real estate markets. I study two sample periods (2007-2017 and 2009-2017) and find that between 2007 and 2017, quantitative easing and the expansion of the U.S monetary base significantly drives the returns of the U.S commercial indices as well as the returns of the UK commercial index. Between 2009 and 2017, I find the expansion of the U.S monetary base only drives the UK commercial index. The difference in the results between these two sample periods may be a function of the magnitude of assets being purchased by the Fed prior to 2009 as well as the volatility and uncertainty that gripped the markets between October and December of 2008. I find that the UK index drives the expansion of the UK monetary base in both 2007-2017 and 2009-2017. This is likely the result of global uncertainty and volatility surrounding 2008 as well as the risk of financial market collapse inspiring monetary policy action. I also find the indices show a predominantly negative reaction to U.S and UK monetary policy events; suggesting the indices react negatively to the events that preceded the monetary policy announcements as well as the announcements themselves.

This thesis is focused on the risks arising from the data recorded in the cadastre of real estate and legislation related to the cadastre. Introductory chapters are devoted to the definition of risk for the purposes of this work and of basic terms in response to the changes brought by the new Civil Code. A brief historical overview coupled to the cadastre and description of the basic principles of the cadastre is complemented by context resulting from the integration with information systems of public administration. The merit of the work is dedicated to risks arising from the principles of the cadastre, historical circumstances, the importance and obligatory force of the registered data and their accuracy. Among the major factors influencing the risks associated with trade in real estate can be classified in particular, the evidence of ownership of itself and fulfilling the principle of publicity material, the question of the acreage recorded in cadastre, providing access to the property or existence of the simplified register. The work is enriched by concrete examples from practice that show errors and possible solutions.

M.Comm. / In a changing world, adaptation is essential to survival. This holds particularly true for businesses in view of the increasing responsibility entailed upon their management by the globalisation of trade and technology. Planning for the future is crucial, and proper planning methods must be implemented to meet challenges successfully. One of the most important planning methods is the Business Plan, which can be used according to the particular needs and objectives of a business. In South Africa, the requirements of the Government's Reconstruction and Development Programme (RDP) have made it necessary for companies to plan better than ever before - especially in terms of the major RDP objective of making affordable housing available to all the country's citizens. This study is an investigation into the development and implementation of a framework for a Business Plan for SouthNet Projects, a property development company whose objective is to provide housing at the so-called lower end of the market. The chief aims of this study have been to: determine whether the Business Plan of SouthNet Projects meets all the requirements for drawing venture capital into the business; develop a framework for a Business Plan that can be utilised for measuring the content and standard of an overall or comprehensive Business Plan so that improvements can be effected where necessary. The methodology involved a comparative study in which Business Planning, as reflected in eight authors/institutions, was analysed. This analysis was used for drawing up a framework according to which the Business Plan of S?uthNet Projects could be measured. It was found that the existing Business Plan was indeed a sound one in that it: generally measured up to required standards; addressed all the essential aspects; was drafted by professionals thoroughly acquainted with the industry. However, certain shortcomings - inter alia the following - were identified: A "standard" (overall or comprehensive) Business Plan was lacking. Some aspects recurred repeatedly under different headings, a problem that could be remedied by grouping related topics (marketing, for instance) under the same heading ("Marketing). The executive summary needed to be remoulded to ensure that the readers' attention would immediately be caught. It is recommended that, although the variedness of the nature and purpose of industries makes it difficult to formulate a standard Business Plan, the framework developed should be integrated with other business plans as far as possible in an attempt to approach the ideal of a standard plan.

Real Estate Investment Trusts (REIT’s) provide certain benefits for investors as opposed to them directly investing in property. Many countries worldwide have already established tax systems for REIT’s which give natural persons and companies the benefit of not outlaying substantial capital, and provide certain tax dispensations to them. The concept of a REIT is new to South Africa. The vehicles that have been used by investors in the past to invest indirectly in property have been Property Unit Trusts (PUTs) and Property Loan Stock Companies (PLS). These different types of entities have had different taxation rules applied to them, as they differed in legal entity, i.e. a trust versus a company. The different types of entity were historically a deterrent to foreign investors who preferred to invest in countries that had the REIT structure and certain tax dispensations. The National Treasury and the South African Revenue Service (SARS) decided to collaborate in this matter so as to encourage foreign property investment, and launched with effect from 1 April 2013, a new REIT tax dispensation for investors in property portfolios. The REIT created a unified regime in South Africa. All portfolios wanting to call themselves REITs had to qualify under certain requirements, and then they would be eligible for the new section 25BB tax dispensation. The South African REIT market is relatively new when compared to the Australian REIT market, which is the second largest in the world. The Australian REIT market has been around for approximately forty three years more than the South African REIT market. The Australian REIT regime is analysed in terms of how REITs are taxed in that country. The final chapter provides a comparison between the South African and Australian REIT regimes. The major differences are identified as to how each country taxes the REITs and the respective shareholders, and from these a few proposals are made which could improve the South African REIT regime in order for it to stand up to worldwide scrutiny.

This paper formally analyzes the role of e-commerce revenue in explaining the changes in industrial rents in the 206 largest Metropolitan Statistical Areas. To analyze this connection, I match commercial real estate data from CoStar, market data from the U.S. Census Bureau, and an estimation of MSA level e-commerce. The results from the generalized least squares model indicate that e-commerce revenue positively affects asking rent and rent growth. This suggests that new fulfillment practices from e-commerce companies are disrupting metropolitan area industrial markets.