The purpose of this study was to study how the global events of the last decade have changed and impacted organizations strategies such as, financial structure and placement strategies to prepare for uncertainties within the real estate market. The study was based on the theory of Corporate Strategy, Financial Structure, and Private Placement Strategies. An epistemology methodology was followed. The findings show that businesses want to own the property where they conduct their business since it seems like a less unstable option compared to leasing properties or facilities. Furthermore, banks see investments into real estate as a secure investment therefore the need for changes in capital structures are not necessary. Even if valuation of properties goes up and down according with different economical events, businesses that operate in the real estate market still see their real estate investments as valuable and not as volatile as the market predicts. To conclude, businesses and organizations are today more prepared for future uncertainties and unexpected financial events than prior to 2008. Organizations can use these findings to map, strategize, and prepare for future uncertainties within the real estate market by controlling risks.

從2003年下半年開始，面對大陸經濟結構中的不合理投資，尤其是房地產行業的過快與過大的投資，對大陸經濟正常的永續發展，帶來巨大的隱患，大陸宏觀調控連續祭出了一系列緊縮的政策，將積極財政貨幣政策改為穩健財政貨幣政策，提高利率、控制土地與信貸、首次使用浮動匯率等等措施，所有這些都對房地產行業帶來了巨大的影響。 大陸房地產市場在經過2006年至2007年的快速上漲階段之後，由於大陸祭出了緊縮的貨幣政策與限制國外熱錢進入大陸房地產的規定之後，在大部分的城市中，房價出現了下降的情況，市場購買者觀望氣氛濃烈，在這樣的整體大環境下，能否制定合理的行銷策略，打開市場的通路，在房地產市場已出現反曲點的情況下，取得優異的銷售成績，對於房地產業者來說，將顯得十分重要。本研究介紹了房地產行銷管理的概念和發展階段，分析了房地產行銷現階段所存在的問題，提出了解決這些問題的整體解決方案。 為了協助投資北京房地產的台商，適應房地產市場新的變化，認識房地產市場的規律與發展策略，及時進行策略性的調整。本研究在研究者本身對房地產行業特殊性認識經驗的基礎上，以研究者自行設計的北京房地產產業鏈與波特五力模型相整合的模型為基礎，對影響北京房地產企業策略的共通性的因素做了審慎的實證分析。運用實證分析可以有效判斷出，大陸的宏觀調控政策並不是打擊房地產，而是穩定房價，引導投資合理的佈局。 本研究運用對比分析，借鏡於國外和其他地區的房地產市場發展的經驗，從經濟學的角度為大陸房地產行業的發展正本清源，理清房地產與工業化、城市化、消費水準、人均GDP 的互動關係與發展規律，聚焦於重點分析北京地區的城市規劃、房地產總供給量與總需求量的平衡關係。對於北京高度國際化的特點，也重點分析了外資對北京房地產的重要影響。 針對企業一般策略選擇模型的分析，本研究掌握北京房地產企業的策略篩選的一般性原則。比較大陸與海外房地產企業的策略特色，希望在房地產行業發展宏觀調控、經濟泡沫等複雜的新變化之下，為北京房地產企業的策略篩選提供有價值的借鏡功能。 有鑑於全球經濟的走緩和大陸經濟的未來挑戰，北京從去年底今年初以來，其實早以推展「後京奧時代」的經濟重編計劃，包括製造業西移、品牌產業的打造、區域經濟的重劃，及有計劃的對外投資等。根據很多經濟專家的研判，在2008年北京奧運之後，大陸經濟成長勢必降溫，但還不致於泡沫化，本研究也證實這樣的看法，其主要理由有三:第一，2007年大陸出超佔GDP比重約為8.1%，所佔比率尚低，雖然受到次貸危機的衝擊可能下修，但龐大的內需市場相對受到的衝擊較小，仍可維繫經濟的持續成長，預估2009年經濟成長仍可維持在8%以上(參見附錄C)。 第二，大陸經濟規模大，相較於過去承辦奧運的小國家而言，症候群相對較小(參見附錄D)，且北京佔全中國人口只有1%左右，佔全中國GDP的比重也不到5%，在奧運後陷入不景氣的機率相對降低。第三，大陸當局政策調整的靈活度大，從過去強調嚴控通膨，轉為強調優先維持「平穩較快」的經濟成長，並維持抑制通膨的力道。同時，最近大陸放寬對中小企業融資、紡織品、成衣出口退稅重新上調等措施，均有助於緩和外部經濟情勢之逆轉。透過實證分析，本研究得出2008年北京奧運之後，北京房地產之成長力道勢必降溫，但還不致於泡沫化。 2008年北京奧運之後，大陸經濟的問題，看似房市的泡沫化，其實不是類似於日本的流動性過剩問題，本質上大陸屬於二元經濟，地方政府的創GDP工程，例如國企、形象工程、基礎建設工程等過熱，故要有一定程度的限制與保護，但民企過冷，政府誤認是流動性過剩，進行宏觀調控，反而加速二元經濟，使過冷的民企部門更冷。在北京奧運結束之後，中共把振興經濟的重心放在刺激內需。本研究預期，最有可能從大陸內需新政中受惠的產業首推動住房等產業，官方可能以補貼經濟房與雙限房(指限制售價及建築面積的房子)的做法，滿足中下階層民眾的居住需求，但北京當局只增加經濟房供給量，相關救市措施可能性不大，短期內宜先觀望。 摩根史丹利在2008年所發表的研究報告指出，中國大陸房地產市場崩潰(即價格與成交量大幅下跌)的可能性高，房地產商減價促銷的情況已經在大陸多個主要城市出現，大陸房地產市場在2008年上半年遭受嚴峻考驗，預估2008下半年也難有突破。地產企業除了出現獲利顯著下滑之外，也可能面臨嚴重的償付能力困難，但大陸房地產市場長期仍然看好。 大陸房地產在歷經五年的快速成長之後，如今已面臨調整期。2008年1至6月大陸房屋銷售面積達2兆5892萬平方公尺，比2007年同期下降7.2%。目前大陸的房價還很高，一般老百姓仍買不起房子，房價還會再大幅下調，只要房價下來之後，銷售量自然會上去，過去幾年大陸的房地產發展太快，對資源造成嚴重的排擠效應。 目前大陸營建業正處於水深火熱的境地，房地產行業發展到2008年，所面臨的最大困難就是缺錢，從所有上市房地產公司的報告就可以清礎地看出來。大陸房地產業缺錢的主要原因有四點，一是國際形勢不好，房地產商的境外融資計劃基本上全部泡湯；二是大陸國內實行緊縮貨弊政策，對房地產行業控制得更緊；三是開發商過去兩年不理智地爭地王，大搞土地儲備，錢花過了頭；四是2008年初以來，全大陸房屋成交量急遽下滑，至2008年8月底已下滑近50%，這一點是最重要的因素。 大陸房地產在未來可能出現五種情況， 一是失業率上升；二是住宅打折求售，但成交量急遽萎縮。住宅市場從來都是買漲不買跌；三是地方政府的出讓金收入大幅度減少；四是住宅開發商萎縮、虧損、被併購，甚至破產；五是銀行的金融安全，受到房貸申請人停止還款，和住宅開發商的不良貸款的雙重威脅。 目前當務之急，是要給市場信心，官方應儘快鬆綁房地產行業貸款，解除綑綁房地產行業的各種枷鎖，惟有如此，未來大陸的房地產市場才能長期看好。 房地產景氣循環，大致是5至7年，預估今年與明年都不會有大行情；不過這段時間正好是佈局的最佳時機，保留現金，逢低強進土地與良好的專案，才有可能在下一波大多頭循環時，有所表現，但好的標地物，大都需要資金、機會與時間的等待，往往是可遇而不可求。而不論是募集資金，或是組織資產管理公司，目前宜處於熱身階段，等市場更為積弱不振，得以花費更少力氣適時進場，快穩準狠兼備，成為有如獅子在草原稱霸一般的房市超級贏家。 / To correct some unhealthy development in the Mainland China’s economic structure, especially the overheated investment in the real estate industry, which could cause huge harm to Mainland China’s economy. Mainland China has started macro economic control since the second half of 2003.Those financial and monetary policies have been set to control land and credit, by using flexible-exchange rate, higher interest etc.Thus at the same time all new changes will take place in real estate market , in addition to new threats. We know it is very important for Beijing housing enterprises to understand the law of real estate and get in line with its new changes.In this paper,by combining analysis of its particularity and Porter’s five force analysis, the researcher design a model of Beijing real estate industry structure.With this model, the researcher analyzed the common factors of Beiing real estate contruction companies.We can see it is sure that the Mainland China government wants to control macro economy to keep housing price stable, and not heating the real estate market. By contrastively analyzing development experience of other countries and areas in relation to real estate, we hope we can find the solutions for the Mainland China .We also hope to identify the connection between real estate and industrialization, urbanization, consumption level, and average GDP.On one hand, we analyze city planning of Beijing.On the other hand we balance between gross supply and demand in real estate.With the globalization of the world economy, we also discuss that more overseas investment are getting into Beijing’s real estate market . By constructing the strategic model, we can establish suitable development strategy or implementation.We can learn from inside and outside real estate companies, and in dramatic competition, the research hope some modern strategic management theory can be applied to those Beijing real estate companies.

Few areas of research in the finance literature have received greater attention than the efficient market hypothesis. Much of the research has been directed toward the securities market while very little research has been done in the real estate markets. The existing research on real estate market efficiency has been either descriptive or illustrative with very little empirical testing being performed. The major reason for the lack of empirical testing has been the inability to develop an adequate data base. The results of the empirical work that has been done do not support the widely held belief that real estate markets are inefficient. This study, using the autoregressive-integrative-moving average (ARIMA) time series analysis technique, tests the weak-form efficiency of the Dallas-Fort Worth office properties real estate market. According to the weak-form efficient market hypothesis, all price information should be capitalized into current real estate prices and not provide the basis for earning abnormal returns in trading. Price data formed from office building sales dating from January, 1979 to January, 1985 are used to test the market. The data was gathered from the files of several professional appraisal firms located in the Dallas-Fort Worth area. The transaction information includes (1) transaction price; (2) location of the property; (3) net rentable area; (4) gross income multiplier (GIM); (5) net income multiplier (NIM); and (6) net operating income. The results of the study indicate a lack of significant autocorrelation. This suggests that the Dallas-Fort Worth office properties real estate market is weak-form efficient. As further evidence of weak-form market efficiency, ARIMA models are estimated to predict future sales prices but they are unable to outperform a simple mean series forecast. The results indicate that a change in traditional real estate theory concerning market efficiency may be warranted.

The diploma thesis focuses on a market analysis of a selected segment of a residential market and subsequently estimates the value of a real property from that segment. The aim of this work is to apply the analysis's conclusions to the appraisal of a family house and assess the extent in which the administrative value of the house approximates its market value. The introductory part explains the most important concepts and methods used. The core part is divided into two parts -- market analysis and the appraisal itself. The market analysis is based on a top-down method that first concentrates on a macroeconomic situation of the economy and then on a selected segment of the real estate market. Value of a chosen real property -- a family house -- is estimated using four different methods: administrative costs approach, administrative comparison approach, reproduction costs approach (market based) and sales comparison approach. In its conclusion the thesis evaluates current perspectives of family houses' market and based on results of methods used estimates the final market value of the chosen real estate.

O arquiteto tem no processo de produção do projeto o foco principal de sua atividade atualmente. Afastado do conjunto das práticas de produção do espaço, o arquiteto tem encontrado a materialidade de seu fazer arquitetônico nas práticas projetuais, representada principalmente pelo desenho. Assumindo diversos significados, o desenho serve de instrumento fundamental de sua prática como suporte ao projeto, como instrumento de expressão e materialização das ideias e também como registro de soluções. O presente trabalho investiga o processo de produção do desenho do projeto em grandes escritórios da cidade de São Paulo, dentro do atual contexto produtivo mercadológico. Tendo como objeto de estudo o desenho do projeto, identifica na estrutura de organização do processo projetual, questões relevantes implícitas no papel mediador do desenho nas relações de produção do projeto e da arquitetura em que a prática do arquiteto se insere. / Nowadays, the architect main focus in the design process is its production. Kept apart from space production practices, the architect uses his abilities in design activities, mainly in drawing production. Assuming several meanings, the drawing is an essential practice tool as design support, as an expression and materialization instrument and as media to record solutions. This work investigates the drawing production in the design process within main architectural offices in São Paulo City, considering the actual market production status. With the main focus on design drawing, identifies relevant questions related to the drawing\'s mediation role on design process structure organization between both the design and the building production, activities related to the architect practices.

Esta investigação se propôs a refletir sobre o Programa Minha Casa, Minha Vida (PMCMV) e suas dinâmicas de produção no contexto da Região Metropolitana de Fortaleza (RMF). O caminho percorrido por esta análise privilegiou aspectos políticos que fomentaram o Programa e seu aparato institucional. Notou-se que a retomada de investimentos e recursos para o financiamento habitacional ensejou ampla reconfiguração das empresas construtoras e incorporadoras no âmbito nacional, resultando na expansão imobiliária que rompeu fronteiras urbanas para além dos municípios e mercados antes não explorados. Essa dinâmica interferiu na realidade de Fortaleza e sua região metropolitana, exprimindo características particulares em seu Território e nas suas formas de produção. O recorte do objeto empírico se deu em Fortaleza, Caucaia e Maracanaú, municípios que mais concentraram empreendimentos do PMCMV. Procurou-se dar relevância a estrutura de provisão da habitação, onde o agente privado se mostra como elemento chave do desdobramento desta análise, uma vez que no desenho institucional do Programa as empresas podem assumir todas as etapas da promoção imobiliária, desde a escolha e aquisição do terreno, elaboração do projeto, decisões sob o canteiro, até sua comercialização. Uma vez que a centralidade da decisão da produção habitacional recai nos mecanismos de regulação do mercado, problematiza-se as escolhas do estoque de terrenos para a habitação popular na RMF realizadas desde o lançamento do Programa, em 2009, até 2015 junto a modalidade PMCMV-Empresas. Este trabalho espera contribuir no sentido de alertar dos riscos do retorno das lógicas financeiras do mercado como principal mecanismo de coordenação coletiva do solo urbano. / This investigation proposed at reflecting on the Programa Minha Casa, Minha Vida (PMCMV) and its production dynamics on the context of the metropolitan area of Fortaleza. The path taken by this analysis privileged political aspects that fomented the Program and its institutional apparatus. It was verified that the resumption of investments and resources for housing finance operations gave rise to wide reconfiguration of the construction companies and developers, resulting on a real-estate expansion that went through urban boundaries, beyond city limits and unexplored Market territories. This dynamics interfered on the scenario of Fortaleza and its metropolitan area, expressing particular characteristics on its territory and on its ways of production. The cut-off of this empiric object takes its place on Fortaleza, Caucaia and Maracanau, cities that concentrated PMCMVs real-estate projects on the state of Ceará - Brazil. It was aimed to highlight the structure of housing provisioning, where the private agent shows itself as a key-element on this analysis unfolding, since the Programs institucional framework allows companies to assume each and all of the stages of the real estate development, like the land selection and acquisition, project elaboration, decisions on the building site, and also its commercialization. Once the centrality of decisions on the housing production falls on the Market regulation mechanisms, the choices on the stocks of land for social housing on Fortalezas metropolitan area, since the launch of the Program, 2009, until 2015, when of PMCMV Empresas, are problematized. This thesis hopes to contribute on alerting about the risks of the recurrence of Market finance logics as the main mechanism of colective coordination of the urban land.

Esta investigação se propôs a refletir sobre o Programa Minha Casa, Minha Vida (PMCMV) e suas dinâmicas de produção no contexto da Região Metropolitana de Fortaleza (RMF). O caminho percorrido por esta análise privilegiou aspectos políticos que fomentaram o Programa e seu aparato institucional. Notou-se que a retomada de investimentos e recursos para o financiamento habitacional ensejou ampla reconfiguração das empresas construtoras e incorporadoras no âmbito nacional, resultando na expansão imobiliária que rompeu fronteiras urbanas para além dos municípios e mercados antes não explorados. Essa dinâmica interferiu na realidade de Fortaleza e sua região metropolitana, exprimindo características particulares em seu Território e nas suas formas de produção. O recorte do objeto empírico se deu em Fortaleza, Caucaia e Maracanaú, municípios que mais concentraram empreendimentos do PMCMV. Procurou-se dar relevância a estrutura de provisão da habitação, onde o agente privado se mostra como elemento chave do desdobramento desta análise, uma vez que no desenho institucional do Programa as empresas podem assumir todas as etapas da promoção imobiliária, desde a escolha e aquisição do terreno, elaboração do projeto, decisões sob o canteiro, até sua comercialização. Uma vez que a centralidade da decisão da produção habitacional recai nos mecanismos de regulação do mercado, problematiza-se as escolhas do estoque de terrenos para a habitação popular na RMF realizadas desde o lançamento do Programa, em 2009, até 2015 junto a modalidade PMCMV-Empresas. Este trabalho espera contribuir no sentido de alertar dos riscos do retorno das lógicas financeiras do mercado como principal mecanismo de coordenação coletiva do solo urbano. / This investigation proposed at reflecting on the Programa Minha Casa, Minha Vida (PMCMV) and its production dynamics on the context of the metropolitan area of Fortaleza. The path taken by this analysis privileged political aspects that fomented the Program and its institutional apparatus. It was verified that the resumption of investments and resources for housing finance operations gave rise to wide reconfiguration of the construction companies and developers, resulting on a real-estate expansion that went through urban boundaries, beyond city limits and unexplored Market territories. This dynamics interfered on the scenario of Fortaleza and its metropolitan area, expressing particular characteristics on its territory and on its ways of production. The cut-off of this empiric object takes its place on Fortaleza, Caucaia and Maracanau, cities that concentrated PMCMVs real-estate projects on the state of Ceará - Brazil. It was aimed to highlight the structure of housing provisioning, where the private agent shows itself as a key-element on this analysis unfolding, since the Programs institucional framework allows companies to assume each and all of the stages of the real estate development, like the land selection and acquisition, project elaboration, decisions on the building site, and also its commercialization. Once the centrality of decisions on the housing production falls on the Market regulation mechanisms, the choices on the stocks of land for social housing on Fortalezas metropolitan area, since the launch of the Program, 2009, until 2015, when of PMCMV Empresas, are problematized. This thesis hopes to contribute on alerting about the risks of the recurrence of Market finance logics as the main mechanism of colective coordination of the urban land.

O trabalho procura compreender o processo de estagnação urbana do distrito do Pari, um fenômeno que ocorre em determinadas áreas da metrópole como uma forma de criarem fronteiras de expansão ao capital imobiliário. Para compreender como esse processo ocorreu no distrito do Pari foi analisada a história da formação geográfica do bairro, a história social e demográfica, a história da atividade imobiliária e econômica e a história da Política pública do espaço. O processo ocorrido no Pari mostrou que o distrito concentra diversas atividades, usos, estrutura e população que, na verdade, podem ser considerados estagnados. Mas, mais importante do que a estagnação, é o fato que a sociedade considera essas atividades, usos, estrutura e população com desprezo e isso é uma forma ideológica que traz este conceito, uma vez que é associado com as classes mais pobres. / This thesis seeks the understanding the process of urban stagnation that took place in the District of Pari, São Paulo, Brazil. Urban stagnation is understood as a process which occurs in certain areas of a metropolis as a means of establishing barriers for the expansion of real estate capital. For the purpose of understanding how this process has occurred in that district it is analyzed its demographic, geographic, urban-spatial, economic, social and governmental history. Similarities and differences between different central districts of São Paulo are studied in order to understand the process Pari has undergone. It was shown that the district concentrates several activities, land uses, structures and population which, in fact, may be considered stagnant, but more important than that is the fact that society as a whole looks upon such activities, population, structures and land uses, with scorn and that stagnation is an ideological way of conveying that contempt, since they are associated with lower social classes.

O arquiteto tem no processo de produção do projeto o foco principal de sua atividade atualmente. Afastado do conjunto das práticas de produção do espaço, o arquiteto tem encontrado a materialidade de seu fazer arquitetônico nas práticas projetuais, representada principalmente pelo desenho. Assumindo diversos significados, o desenho serve de instrumento fundamental de sua prática como suporte ao projeto, como instrumento de expressão e materialização das ideias e também como registro de soluções. O presente trabalho investiga o processo de produção do desenho do projeto em grandes escritórios da cidade de São Paulo, dentro do atual contexto produtivo mercadológico. Tendo como objeto de estudo o desenho do projeto, identifica na estrutura de organização do processo projetual, questões relevantes implícitas no papel mediador do desenho nas relações de produção do projeto e da arquitetura em que a prática do arquiteto se insere. / Nowadays, the architect main focus in the design process is its production. Kept apart from space production practices, the architect uses his abilities in design activities, mainly in drawing production. Assuming several meanings, the drawing is an essential practice tool as design support, as an expression and materialization instrument and as media to record solutions. This work investigates the drawing production in the design process within main architectural offices in São Paulo City, considering the actual market production status. With the main focus on design drawing, identifies relevant questions related to the drawing\'s mediation role on design process structure organization between both the design and the building production, activities related to the architect practices.

O trabalho procura compreender o processo de estagnação urbana do distrito do Pari, um fenômeno que ocorre em determinadas áreas da metrópole como uma forma de criarem fronteiras de expansão ao capital imobiliário. Para compreender como esse processo ocorreu no distrito do Pari foi analisada a história da formação geográfica do bairro, a história social e demográfica, a história da atividade imobiliária e econômica e a história da Política pública do espaço. O processo ocorrido no Pari mostrou que o distrito concentra diversas atividades, usos, estrutura e população que, na verdade, podem ser considerados estagnados. Mas, mais importante do que a estagnação, é o fato que a sociedade considera essas atividades, usos, estrutura e população com desprezo e isso é uma forma ideológica que traz este conceito, uma vez que é associado com as classes mais pobres. / This thesis seeks the understanding the process of urban stagnation that took place in the District of Pari, São Paulo, Brazil. Urban stagnation is understood as a process which occurs in certain areas of a metropolis as a means of establishing barriers for the expansion of real estate capital. For the purpose of understanding how this process has occurred in that district it is analyzed its demographic, geographic, urban-spatial, economic, social and governmental history. Similarities and differences between different central districts of São Paulo are studied in order to understand the process Pari has undergone. It was shown that the district concentrates several activities, land uses, structures and population which, in fact, may be considered stagnant, but more important than that is the fact that society as a whole looks upon such activities, population, structures and land uses, with scorn and that stagnation is an ideological way of conveying that contempt, since they are associated with lower social classes.