A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in fulfilment of the requirements for the degree of Master of Science in Building (Property Development and Management), Johannesburg, 2017 / In 2013 new legislation was introduced allowing for the creation of a new listed property entity called a Real Estate Investment Trusts (REIT). Previously the listed property sector was dominated by two main types of property which were Property Unit Trusts (PUT) and Property Loan Stock Companies (PLS). The introduction of the REIT entity allowed existing listed property companies to convert to REIT status and for new companies to list on the Johannesburg Stock Exchange as REITs. The purpose of this study is to evaluate the impact of REIT implementation and the conversion of PLS and PUT to REIT status on shareholder wealth in South Africa. The study evaluates the change in shareholder wealth through the use of abnormal return calculations during events that led up to the implementation of REITs and conversion to REIT status. The findings show that implementation and conversion to REITs did not result in significant industry gains in shareholder wealth. The events leading to the implementation of REITs however showed positive abnormal returns out lining positive sentiments in the market. For the companies that converted to REIT status their shareholder wealth had negative performance returns. Immediate gains in shareholder wealth are not present. This indicating that the use of REITs as an investment will have to be monitored in the long term. / XL2018

by Victor Fu Sze Wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaf 39.

Law Wai-ling. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 94-98). / Abstracts in English and Chinese. / Abstract --- p.I / Acknowledgments --- p.iii / Table of Contents --- p.iv / List of Tables --- p.vi / List of Figures --- p.vii / List of Appendices --- p.viii / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter Chapter 3 --- How and Why Do Company Investors Take Part in Property Market --- p.9 / Chapter Chapter 4 --- Methodology --- p.14 / Chapter Chapter 5 --- Empirical Findings --- p.19 / Chapter 5.1 --- Hong Kong Property Market in 1991 - 1998 --- p.19 / Chapter 5.2 --- Comparison between Company and Individual Investors --- p.24 / Chapter 5.2.1 --- Number of Transactions --- p.25 / Chapter 5.2.2 --- Duration --- p.27 / Chapter 5.2.3 --- Rates of Return --- p.32 / Chapter Chapter 6 --- Historical Remark --- p.37 / Chapter Chapter 7 --- Conclusion --- p.41 / Tables --- p.44 / Figures --- p.46 / Appendices --- p.59 / Bibliography --- p.94

The Asian REIT market has been developing quickly in recent years and gradually attracted attention of international investors. However, compared with other developed markets such as the US and Australia, very little is known about the Asian REIT market. This research examines the impact of the quality of corporate governance on the performance of two major and similar REIT markets - Hong Kong and Singapore. In this research, the quality of corporate governance is measured by a scoring system that is based on the APREA Corporate Governance Scoring Framework (APREA CGSF) developed by Lecomte and Ooi (2012) for Singapore REITs but modified to suit the characteristics and regulatory requirements of both Hong Kong and Singapore REIT markets. Firm performance is measured by Tobin’s Q. The empirical analysis is based on panel data during 2007-2011 from Hong Kong and Singapore REIT markets. The empirical results show that the quality of corporate governance (as measured by the Integrated Corporate Governance Index or ICGI) has a significant and positive impact on firm performance, holding other factors constant. However, closer examination shows that only about 20% of all the governance provisions included in the ICGI have significant impact on firm performance. This research also finds that REITs with corporate governance that takes into consideration of the interests of other stakeholders in addition to those of the shareholders (such as provision for corporate social responsibility) do not perform better. Incidentally, the empirical results strongly suggest that Singapore REITs perform better than Hong Kong REITs after controlling for all known factors including the quality of corporate governance. This result calls for a deeper explanation. A more detailed study from a new institutional economics perspective may shed light on this issue. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

published_or_final_version / Urban Design / Master / Master of Urban Design

published_or_final_version / Urban Design / Master / Master of Urban Design

This study explores the policy implications of Real estate Investment Trusts on urban restructuring and attempts to uncover if monitoring and evaluating mechanisms are needed. This issue is relevant to South Africa for competing globally and domestically for real estate investment. Furthermore it is relevant to South Africa given the potential impact of unregulated property development and the implications for the poor. The study also investigates the implications of REIT investing over all types of property types and implications for spatial policy proposals / Thesis (M.Dev.Studies)-University of KwaZulu-Natal, Durban, 2009

The property development industry in cities such as Calgary, Edmonton, Denver and Houston experienced a boom characterized by compulsive speculative growth in the 1970's and then a dramatic collapse in 1982. In the wake of the collapse came a crisis in the financial as well as the development sector, which to 1987 is nowhere near resolved. The expansion and decline in the property development industry is seen as a subset of a classical business cycle fueled by the world oil and gas economy, Canadian government regional and economic policies, and changes in money supply and interest rates. These factors are recognized as being contributory, but not a sufficient explanation for the property boom and bust. Additional understanding is offered by an analysis of the decision making process in the development industry. The research, focusing on key decision makers, revealed that repeated decision errors made by developers on strategies related to growth, diversification, and financing contributed significantly to the industry problems. The sources of strategic errors were found to be associated with the key developers' personalities and their perception of the business environment, as well as group and organizational behaviour. In 1976-77 opportunities to gain windfall profits in real estate development encouraged developers to travel from city to city continent wide in search of opportunities. Their fast-paced activity brought key developers stunning successes. Their perceived brilliance attracted followers from the rest of the industry and captured the imagination of the financial community. In 1979-80, as land values began increasing at rates far faster than interest rates, land banking superceded land development as a principal activity. Developers not only borrowed to the maximum under conventional project lending, but they also invented the concept of "appraisal surplus" (the difference between market value and debt) as a measure of their enormous "equity". This in turn permitted them to raise additional capital corporately through debentures and share offering to purchase even more land. By 1981 companies were highly levered financially making them extremely vulnerable to the slightest changes in the marketplace. Rather than recognizing that they were swept up in a property' boom developers, individually and as a group, chose to continue to believe that their "exceptional ability" to turn a profit was the basis for their successes. As the boom accelerated developers abandoned all caution committing to some of their largest and most daring acquisitions at the very peak of the boom. Then, in 1982 the inevitable happened, the bust in the property market. Those public companies with huge financially levered land banks, whose strategies were predicated on continuing inflation and ever increasing market share failed. Those companies, often private, with low debt to equity ratios, conservative financial practices, and income property portfolios survived. Since both sets of companies operated in a similar environment, but one failed and the other survived, the argument that decision making was a crucial factor in understanding the boom-bust property cycle is strengthened. The understanding of change in the activity patterns and in the structure of the built environment is elucidated by the study of decision processes. Insights into decision making and business cycles create a new awareness of the development process. / Arts, Faculty of / Geography, Department of / Graduate

published_or_final_version / abstract / toc / China Area Studies / Master / Master of Arts

Made available in DSpace on 2015-12-03T18:33:08Z (GMT). No. of bitstreams: 1 Fabio_Roberto_Iorio.pdf: 803352 bytes, checksum: 494f597b54e29be057b6e68d97e681f9 (MD5) Previous issue date: 2014-05-27 / The REITs have raised interest mainly to individual investors in order to serve as an alternative to traditional investments in Brazil, in view of the very favorable environment for this type of application in recent years. Despite a doubt practical this investor regarding the form of allocation of resources within this category of investment cast is the main objective of this study is to analyze the performance of portfolios formed by REITs traded on the BM&FBOVESPA to compare two different training strategies portfolios: a portfolio theory proposed by Markowitz (1952) when it is assumed that the distributions of rates of return expected for the future are similar to those observed in the past, through a strategy of adjusting portfolios based on the criterion maximizing the Sharpe ratio (1966); an alternative strategy naive diversification and a third model portfolio, the theoretical portfolio of Real Estate Investment Funds Index BM&FBOVESPA (IFIX), used as an indicator of average stock performance on the real estate funds market in Brazil. To meet this goal, the following performance indicators were analyzed: profitability, risk measured by standard deviation and Sharpe Performance Index (1966), during the period from April 2011 to September 2013. Additionally, the test of differences between means (Student's t test) in order to verify the existence of any difference in mean performance of returns between two portfolios was used. The results presented showed that the theoretical portfolio of Real Estate Investment Funds Index (IFIX) had the best performance in terms of risk-return ratio. In the same direction, it could also observe the superiority of the Markowitz portfolio compared to the naive diversification strategy. Given this observation may suggest that the method of portfolio optimization developed by Markowitz (1952) constructed based on the criterion of maximizing the Sharpe ratio (1966) tends to be able to provide a performance based on the best risk-return relationship that a naive diversification strategy, establishing itself as an additional tool to the individual investor / Os fundos de investimento imobili??rio t??m despertado o interesse, principalmente, dos investidores individuais no sentido de servir como uma alternativa ??s aplica????es financeiras tradicionais no Brasil, tendo em vista o contexto bastante favor??vel a esta modalidade de aplica????o nos ??ltimos anos. A despeito de uma d??vida de ordem pr??tica deste investidor em rela????o ?? forma de aloca????o dos recursos dentro desta categoria de investimento moldou-se o objetivo principal deste estudo que consiste em analisar o desempenho de carteiras formadas por fundos de investimento imobili??rio negociados na BM&FBOVESPA ao comparar duas diferentes estrat??gias de forma????o de portf??lios: a teoria de carteiras proposta por Markowitz (1952) quando se admite que as distribui????es das taxas de retorno esperadas para o futuro s??o semelhantes ??quelas observadas no passado, mediante uma estrat??gia de ajuste das carteiras com base no crit??rio de maximiza????o do ??ndice de Sharpe (1966); uma estrat??gia alternativa de diversifica????o ing??nua e um terceiro modelo de portf??lio, a carteira te??rica do ??ndice de Fundos de Investimento Imobili??rio BM&FBOVESPA (IFIX), utilizada como indicador de desempenho m??dio das cota????es do mercado de fundos de investimento imobili??rio no Brasil. Para cumprir este objetivo, foram analisados os seguintes indicadores de performances: a rentabilidade, o risco medido pelo desvio-padr??o e o ??ndice de desempenho de Sharpe (1966), durante o per??odo de abril de 2011 a setembro de 2013. Adicionalmente, foi utilizado o teste de diferen??a entre m??dias (Teste t de Student) com o intuito de verificar a exist??ncia de eventual diferen??a de m??dias de desempenhos de retornos entre duas carteiras. Os resultados apresentados evidenciaram que a carteira te??rica do ??ndice de Fundos de Investimento Imobili??rio (IFIX) obteve o melhor desempenho em termos de rela????o risco-retorno. Nesta mesma dire????o, p??de-se observar tamb??m a superioridade da carteira de Markowitz em rela????o ?? estrat??gia de diversifica????o ing??nua. Diante desta observa????o pode-se sugerir que o m??todo de otimiza????o de carteiras desenvolvido por Markowitz (1952) constru??do com base no crit??rio de maximiza????o do ??ndice de Sharpe (1966) tende a ser capaz de proporcionar um desempenho com base na rela????o risco-retorno melhor que uma estrat??gia de diversifica????o ing??nua, constituindo-se como uma ferramenta adicional ao investidor individual