Real estate industry plays a significant role in high speed of economic development in China. However, with increasingly high housing price and scare land resources, real estate development is caught in a vicious circle. A large number of families could not afford their housing while housing prices have no trend to decrease which leads to huger gap between the rich and the poor and causes indirectly instability of society. Therefore, creating a healthy and stable real estate investment market is extremely urgent. The purpose of the thesis is to research the relationship between leading index of macro economy prosperity and real estate investment based on the reality. We found that leading indicator Granger causes real estate investment while real estate investment Granger causes leading indicator at the same time. Based on that, this paper also forecasts the real estate investment with VAR models in the following 7 years which was proved to a circle of real estate market. In the light of our research, some target suggestions are pointed out at last.

Real estate industry plays a significant role in high speed of economic development in China. However, with increasingly high housing price and scare land resources, real estate development is caught in a vicious circle. A large number of families could not afford their housing while housing prices have no trend to decrease which leads to huger gap between the rich and the poor and causes indirectly instability of society. Therefore, creating a healthy and stable real estate investment market is extremely urgent. The purpose of the thesis is to research the relationship between leading index of macro economy prosperity and real estate investment based on the reality. We found that leading indicator Granger causes real estate investment while real estate investment Granger causes leading indicator at the same time. Based on that, this paper also forecasts the real estate investment with VAR models in the following 7 years which was proved to a circle of real estate market. In the light of our research, some target suggestions are pointed out at last.

Real estate industry plays a significant role in high speed of economic development in China. However, with increasingly high housing price and scare land resources, real estate development is caught in a vicious circle. A large number of families could not afford their housing while housing prices have no trend to decrease which leads to huger gap between the rich and the poor and causes indirectly instability of society. Therefore, creating a healthy and stable real estate investment market is extremly urgent. The purpose of the thesis is to research the relationship between leading index of macro economy prosperity and real estate investment based on the reality. We found that leading indicator Granger causes real estate investment while real estate investment Granger  causes leading indicator at the same time. Based on that, this paper also forecasts the real estate investment with VAR models in the following 7 years which was proved to a circle of real estate market. In the light of our research, some target suggestions are pointed out at last.

As cities across the United States grapple with soaring housing costs, planners and policymakers have argued that upzonings are key to addressing rising housing unaffordability. Upzonings, or alterations to municipal zoning regulations allowing for increased development capacity, are expected to spur additional housing production, relieve housing demand, lower housing costs, and ultimately improve racial and economic integration. Although cities and states have started to consider upzonings as part of official housing policy agendas, minimal research to date has explored the factors that could alternately further or frustrate upzoning’s objectives of improving housing affordability and racial and economic segregation. Seeking to fill part of this gap in the literature, this dissertation explores how upzoning unfolds in three different contexts (Austin, TX; Newton, MA; and New York, NY), exploring how local context shapes the extent to which upzoning will reach these objectives. The first essay, “How do upzonings impact neighborhood demographic change? Examining the link between land use policy and gentrification in New York City,” investigates how upzonings relate to neighborhood racial change in New York City. The second essay, “How does real estate investor ownership mediate accessory dwelling unit (ADU) asking rents? Evidence from Austin, TX” explores how the involvement of differently situated actors in the real estate market impacts the affordability of accessory dwelling units. The third essay, “Upzoning and the homevoter hypothesis: Evidence from Massachusetts,” examines the extent to which incumbent homeowners will seek to capitalize on upzoning-induced financial gains and take advantage of a proposed jurisdiction-wide upzoning. Collectively, findings from this dissertation indicate that whether upzoning will be successful (i.e., whether it will deliver its promised benefits of improved housing affordability and reduced racial and economic segregation) likely will hinge on prevailing real estate market conditions, as well as differentiated market responses to upzoning from different actors in the real estate industry. These findings are relevant to planners and policymakers because they indicate that upzoning may not unfold similarly in all contexts, but rather that real estate market conditions and uneven market responses to upzoning will shape the extent to which upzoning delivers its expected benefits.

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Syftet med denna kandidatuppsats är att undersöka differensen i direktavkastning mellan Sveriges tre största CBDs (Central Business Districts): Stockholm, Göteborg och Malmö. Som utgångspunkt studeras kontorsmarknaden, och relationen mellan yielden och ortens storlek. Initialt redogör uppsatsen för begreppen direktavkastning och direktavkastningskrav, dess ingående parametrar, uppbyggnad och vilka faktorer som påverkar dess variation och storlek. Vidare följer en genomgång av begreppet risk, för att undersöka de risker som associeras med fastighetsinvesteringar och hur dessa risker påverkar yielden. Uppsatsens övergår sedan till dataundersökning som utöver en 10-årsperiod granskar de undersökta områdenas hyresnivåer, yielder och vakansgrader. Undersökningen gjordes för att studera huruvida fluktuation och samspel av de utvalda variablerna kan motivera skillnader i yielden. Studien skiftar sedan fokus till nutiden och hur yielder tillämpas och uppskattas av branschens aktörer. Initialt genomfördes en enkätundersökning som ställdes ut till verksamma personer i fastighetsbranschen, på både ägar- och konsultsidan, med innehav och/eller kompetens inom områdena i fråga. Därefter genomfördes två semistrukturerade intervjuer med två av de deltagande i enkätundersökningen. Intervjuerna baserades på observationer och samband som uppkom i samband med enkätundersökningen. Resultatet visar en alltmer komplex bild än vad som förväntades. Marknadens tillämpning av yielder tycks mindre teoretisk än vad som framställs i litteraturen. Det gör att ingående parametrar är svåra att precisera utan att ta till en mer övergripande uppskattning. Vår undersökning visar då att ortens storlek inte spelar en direkt avgörande roll till varför yielderna skiljer sig mellan de studerade områdena. Däremot erhåller den snarare en indirekt roll, där utgångspunkten är en riskavvägning av områdets långsiktiga förutsättningar för uthyrning och försäljning av kontorsfastigheter. Detta härleds i stor utsträckning till områdets utbud, ekonomiska tillväxt och förväntningar på driftnettoutvecklingen. I den bemärkelsen tycks Stockholm CBD ha ett försprång som en mer socioekonomiskt utvecklad stad. Detta motiverar i förlängningen en lägre risk och förklarar således varför direktavkastningskraven tenderar att vara lägst i Stockholm CBD. / The purpose of this report is to evaluate the yield spread between Sweden's largest CBD’s: Stockholm, Gothenburg and Malmö. The report takes its stance in the office market, and whether the size of the city influences the yield The initial parts of the report refer to the theoretical determination of what defines an appropriate yield. In doing so, the report discusses the impact of the various, intertwining factors that constitute the theory. A thorough review of the fundamentals of risk is then introduced. The segment entails a review of the different types of risk associated with a real estate investment, and how this assessment impacts the yield. Moving on, the report performs a 10-year analysis of how the yield-, rent- and vacancy rates have moved within the three areas. The analysis introduced a discussion of whether the volatility of the latter two variables has impacted the yield historically. The report then turns its focus to a contemporary state and looks at how the current real estate market determines risk regarding the three areas. The report includes a market survey that is directed towards people in the industry that work for owning or consulting real estate companies, and that have the experience to make assumptions in the areas in question. Two of the people involved in the survey were then invited to reflect upon the results in two separate, semi-structured interviews. The results indicate that there is no outstanding factor that explains the varying yields. The market seems to determine the yield in a manner that is a lot less theoretical than what could be expected from the reviewed literature. Thus, the individual components that make up the formula for the yield are very difficult to determine. In order to understand the reasons why the yield differs between the areas, a more holistic approach is required. Ultimately, the size of the city seems to play an indirect role, and boils down to an assessment of the area's long term leasing risk and exit risk. This, in turn, relates to the area’s overall asset supply, economic expansion and expectations to grow the net operating income. Stockholm CBD seems to outshine the others in that regard and appears to be reviewed as a more developed and socioeconomically established city. Ultimately, that resonates with a lower risk and, subsequently, a lower yield.

During the last fifteen years, the professional architecture literature has encouraged practicing architects to increase their involvement in real estate development. Such participation may take several forms ranging from early conceptual development to financial investment. A typical scenario involves a developer asking the architect to forgo all or part of his professional fee in return for an investment interest in the project. However, the literature has done little to equip these novice architects/investors with the practical tools necessary to make informed investment decisions. If an architect is considering such an investment, he must do so with an understanding of what he is giving up and what he can expect in terms of future benefits. / M. Arch.

by Tong See Wai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 78-80). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgements --- p.iii / Table of Contents --- p.iv / List of Tables --- p.vii / List of Figures --- p.viii / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Background and Data --- p.5 / Chapter 2.1 --- Linkage between Hong Kong's real estate market and stock market --- p.5 / Chapter 2.2 --- Review of Hong Kong mortgage lending policy --- p.6 / Chapter 2.3 --- Corporate Profiles --- p.7 / Chapter 2.3.1 --- Cheung Kong (Holdings) Limited --- p.7 / Chapter 2.3.2 --- Hang Lung Development Company Limited --- p.7 / Chapter 2.3.3 --- Henderson Land Development Company Limited --- p.8 / Chapter 2.3.4 --- New World Development Company Limited --- p.8 / Chapter 2.3.5 --- Sino Land Company Limited --- p.8 / Chapter 2.3.6 --- Sun Hung Kai Properties Limited --- p.9 / Chapter 2.3.7 --- Swire Pacific Limited --- p.9 / Chapter 2.4 --- Sources of Data --- p.10 / Chapter 3. --- Literature Review --- p.12 / Chapter 4. --- Methodology --- p.17 / Chapter 4.1 --- Nominal Rate of Capital Gain --- p.17 / Chapter 4.2 --- Internal Rate of Return --- p.19 / Chapter 5. --- Results --- p.25 / Chapter 5.1 --- Empirical Findings --- p.25 / Chapter 5.1.1 --- Results from Aggregate Data --- p.25 / Correlations of Returns --- p.26 / Average Rate of Capital Gain --- p.26 / Chapter 5.1.2 --- Results from Disaggregated Data --- p.27 / Graphs --- p.27 / Correlations of Returns --- p.28 / Property Developers --- p.28 / Housing Estates --- p.28 / Testing the Significance of Correlation --- p.29 / Cross Correlation Matrix on Stock --- p.30 / Regression --- p.30 / Average Returns on Housing and Stock --- p.31 / Unleverage --- p.31 / Leverage --- p.31 / Comparison of the Average Unleveraged Return with the Average Leveraged Return --- p.31 / Housing --- p.31 / Stock --- p.32 / Comparison of the Average Return calculated from Aggregate Data with that calculated from Disaggregated Data --- p.32 / Housing --- p.32 / Stock --- p.33 / Chapter 5.2 --- Discussion --- p.33 / Chapter 5.2.1 --- Correlation of Returns --- p.33 / Chapter 5.2.2 --- Average Return --- p.35 / Chapter 5.2.3 --- Hedging --- p.39 / Chapter 6. --- Conclusion --- p.40 / Tables --- p.41 / Figures --- p.58 / References --- p.78

by Lee Sui Hung, Yeung Ying Ying, Angel. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 108-109). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.viii / LIST OF TABLES --- p.ix / Chapter / Chapter I. --- Introduction --- p.1 / Summary --- p.1 / Methodology --- p.2 / Chapter II. --- OVERVIEW OF HK MANUFACTURING COMPANIES INVOLVED IN CHINA PROPERTY MARKET --- p.4 / Rationale shift of business focus --- p.4 / Opportunities to Access to China Property Market --- p.5 / Optimistic View on China Property Market --- p.5 / Strategic Considerations --- p.8 / Company Profile --- p.8 / Habour Ring International Holdings --- p.9 / Luks International Co. Ltd --- p.10 / Chuang's China Investment Ltd --- p.11 / Shell Electronic Manufacturing (Holdings) Co. Ltd --- p.11 / Immediate Responses in Capital Market --- p.12 / Downturn of Property Market in China --- p.13 / Chapter III. --- INVESTING IN CHINA PROPERTY MARKET --- p.16 / Demand Side --- p.16 / Domestic Demand --- p.16 / Individual property purchase --- p.17 / Population growth --- p.17 / Improvement of living standard --- p.17 / Overseas Demand --- p.18 / Relatives at homeland --- p.18 / Expatriate demand --- p.19 / Vacation and investment demand --- p.19 / Supply Side --- p.19 / Government --- p.19 / Welfare House --- p.20 / Squeezed profit house --- p.20 / Commodity Premise --- p.20 / Multi-level and high-rise residential properties --- p.20 / Hotel-flat and villa --- p.20 / Foreign Investment --- p.21 / Secondary Market --- p.21 / Key Successful Factors in China Property Market --- p.21 / Macro Environment and Market Sentiment --- p.22 / Monetary policies --- p.22 / Regulatory and taxation policies --- p.23 / Project Analysis: Demand Potential --- p.24 / Property location --- p.24 / Transportation --- p.25 / Hard and software availability --- p.25 / Domestic demand potential --- p.25 / Economic dependency and overseas demand --- p.27 / Project Planning and Operations --- p.27 / Scale --- p.27 / Time span and cash flow position --- p.28 / Pre-sales and Cash Flow Position --- p.28 / Marketing Strategies --- p.29 / Company --- p.29 / Credibility --- p.29 / Other Business Performance --- p.29 / Experience and Expertise --- p.29 / Management Attitude --- p.30 / Chapter IV. --- EXTERNAL ANALYSIS OF ASIA COMMERCIAL: THE IDENTIFICATION OF INDUSTRY OPPORTUNITIES AND THREATS --- p.31 / Company Background --- p.31 / External Analysis: The Identification of Industry Opportunities and Threats --- p.32 / The Role of the Macro-environment --- p.32 / Hong Kong --- p.33 / The PRC --- p.34 / The technological environment --- p.35 / The social environment --- p.35 / The Five Forces Model --- p.36 / Watch manufacturing industry --- p.39 / Potential competitors: strong --- p.39 / Rivalry among established companies - strong --- p.40 / Competitive structure --- p.40 / Demand conditions --- p.40 / Exit barriers --- p.41 / The bargaining power of buyers - strong --- p.42 / The bargaining power of suppliers - weak --- p.42 / The threat of substitute products - weak --- p.43 / Watch retail industry --- p.43 / Potential competitors ´ؤ weak --- p.43 / Cost advantages and economies of scale --- p.44 / Barriers to entry and competition --- p.44 / Rivalry among established companies ´ؤ semi strong --- p.44 / Competitive structure --- p.44 / Demand conditions --- p.44 / Exit barriers --- p.45 / The bargaining power of buyers - strong --- p.45 / The bargaining power of suppliers - weak --- p.45 / The threat of substitute products - weak --- p.46 / The PRC property market --- p.46 / Potential competitors - strong --- p.48 / Rivalry among established companies - strong --- p.48 / Competitive structure --- p.48 / Demand conditions --- p.49 / Exit barriers --- p.50 / The bargaining power of buyers - strong --- p.50 / The bargaining power of suppliers - weak --- p.50 / The threat of substitute products - strong --- p.50 / Summary --- p.51 / Chapter V. --- INTERNAL ANALYSIS OF ASIA COMMERCIAL: RESOURCES AND CAPABILITIES --- p.53 / Manufacturing --- p.55 / Physical --- p.55 / Switzerland --- p.55 / PRC --- p.55 / Hong Kong --- p.56 / Technological --- p.56 / Human --- p.56 / Brand Names --- p.56 / Marketing --- p.57 / Profitability --- p.57 / Summary --- p.60 / Production capability --- p.60 / Product market --- p.60 / Cost advantage --- p.61 / Management knowledge --- p.61 / Finance --- p.61 / Wholesale and Retail Business --- p.62 / Human --- p.62 / Government license --- p.63 / Finance --- p.63 / Macroenvironment --- p.63 / Brand Name Effect --- p.64 / Acquisition of Brand Name --- p.64 / Performance of Wholesale and Retail Business --- p.65 / Property Development --- p.66 / Macroenvironment --- p.66 / Demand --- p.66 / Location --- p.67 / Partners --- p.67 / Finance --- p.68 / Cost and Cash Flow --- p.68 / Property Sales Agent and Project Manager --- p.68 / Pre-sale Results --- p.69 / Financial Impact --- p.70 / Capital history --- p.73 / Share dilution --- p.73 / Reasons for Failure of Property Development --- p.74 / Demand --- p.74 / Property location --- p.74 / Domestic demand potential and overseas demand --- p.74 / Secondary property market and investment purpose --- p.75 / Project operation --- p.76 / Project scale? --- p.76 / Land concept of the management --- p.76 / Commitment by property expertise companies? --- p.77 / Easy access to finance? --- p.78 / Why Did Asia Commercial Fail? --- p.78 / Mismanagement --- p.78 / Management structure --- p.78 / Management was reluctant to change --- p.80 / Underestimated requirement of working capital and overestimated funding ability --- p.80 / Prior strategic commitments --- p.81 / Past glory obsessed future performance --- p.82 / Chapter VI. --- BUSINESS FOCUS --- p.83 / Differences between Businesses --- p.84 / Value Chain --- p.85 / Customers --- p.89 / Contacts with customers --- p.89 / Demand from customers --- p.90 / Competition --- p.92 / Mentalities and Talents --- p.95 / Strategies --- p.99 / Value-added Integration --- p.100 / Diversification --- p.102 / Changing Business Nature --- p.104 / Implications to Hong Kong Manufacturing Firms --- p.105 / BIBLOGRAPHY --- p.108

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