University of Macau / Faculty of Law

University of Macau / Faculty of Law

Thesis submitted in the fulfilment of the requirements for the Degree of the Master of Management in Finance and Investment, 2015/2016 / South African inner-city , through a series of political cycles, social transformations and shifts in local government structures, have undergone significant physical change in a deteriorating direction. This change has largely manifested in the dilapidation of inner-city real estate stock, in that brownfield buildings, or buildings with former residential, commercial and industrial functions, have been re-appropriated for alternative (often illegal) uses that have potential consequences for that redevelopment and, through the sourcing of necessary capital, maybe restored and rehabilitees to better serve inner-city inhabitants and stake holds. / GR2018

A research report submitted to the Faculty of Engineering and the Built Environment in partial fulfilment of the requirements for the degree of Master of Science (Building), University of the Witwatersrand, 2016 / South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This report assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This reports contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation. / MT2017

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation Johannesburg, 2016 / This study was aimed at investigating what the antecedents are for achieving financial success in post mergers and acquisitions, particularly in the field of commercial property in an emerging economy. This study sought to understand the reasoning and the value addition behind mergers and acquisitions activities in the real estate sector. This paper used empirical research to conduct the investigation of the hypothesised relationship between financial performance and three key independent variables, namely; corporate entrepreneurial culture, resource sharing and infrastructure support. An analysis by testing the hypotheses that predict the relationships of the variables was undertaken through various statistical models. Mergers and acquisitions often take place in entrepreneurially oriented organisations as a means of increasing competitiveness, productivity and growth, therefore this paper tests the financial performance post mergers and acquisitions transactions. It also tests the role of corporate entrepreneurship and corporate culture (corporate entrepreneurial culture) specifically on the impact that it has on financial performance. Understanding the financial performance relationship with other variables is significantly important because it is argued by some researchers that the benefits of mergers and acquisitions sturdily enhance revenue growth through market share, create economies of scale through cost efficient methodologies and often produce tax gains. This paper tests the validity of these theories. / MT2016

Thesis is submitted in partial fulfilment for the degree of M.Sc. Building (Property Development and Marketing) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 / Background The perception of inconsistent and uncertain valuations has been the subject of debate worldwide. However, it is a phenomenon that has gone largely ignored in South Africa. The effect of unreliable valuations cannot be overstated, as all lending and investment decisions are based on valuation estimates. Objectives This study seeks to investigate the level of valuation accuracy in South Africa by comparing mortgage valuation estimates done prior to finance of the properties against their actual realised transaction prices. Methods and Results Valuers from four financial institutions as well as from external valuation firms were randomly chosen to participate in a questionnaire and in addition 32,826 properties which were valued and sold between January to December 2016 were also analysed. The valuation estimates and actual transaction prices were collected in an Excel file. While data from the banks and valuers was collected and analysed using Qualtrics. Data was analysed using R software version 3.3.3 to come up with descriptive and inference statistics. The result of the analysis showed that the level of valuation accuracy for the properties in South Africa used in the study is high (2.03%), which shows a very high level of accuracy compared to the adopted benchmark of 10%. The accuracy level across the three provinces in our study namely Gauteng, KwaZulu-Natal and Western Cape is 2.23%, 1.93% and 1.58% respectively, indicating that valuation accuracy is higher in Western Cape than Gauteng and KwaZulu-Natal Conclusion The study revealed that valuation estimates were good proxies of the market value (actual realised sale prices). Based on the 10% acceptable margin of error benchmark adopted by this study it shows that valuers in South Africa are indeed accurate in as far as estimating residential cost values. Based on the 2.03% level of accuracy obtained in this study, we recommend that valuation stakeholders adopt 5% maximum margin of error between valuation estimates and actual realised prices. / XL2018

A atuação dos arquitetos no sistema dominante do mercado imobiliário nos últimos anos é praticamente inexistente. O ritmo adotado nos processos de incorporação transformou o projeto em produto imobiliário, sem qualidade e sem identidade na cidade, respondendo apenas à taxa de retorno dos empreendimentos. Recentemente, com grandes investimentos no setor da construção e o aquecimento do mercado, o processo de desenvolvimento do produto defronta-se com as questões da sustentabilidade, tema este que tem sido amplamente explorado globalmente, e onde o setor da construção civil participa com parcela de grandes proporções no consumo de energia, geração de resíduos e emissões de carbono no planeta. O momento, portanto, passou a exigir mudanças efetivas dos agentes da construção civil, e para este estudo, fez-se uma abordagem da organização atual das empresas de projeto, construção e incorporação, da sua adaptação frente às novas exigências e das ações adotadas, elucidando as questões da sustentabilidade do edifício associadas ao projeto, que por trazerem princípios intrínsecos às características da arquitetura, representam um novo paradigma do projeto arquitetônico na produção atual e a efetiva participação do arquiteto na construção imobiliária. / The architects role in the dominant system of the real estate market in the latest years is practically non-existent. The rhythm adopted in the incorporation process transformed the Project in a real estate product without quality and identity in the city, answering only to the rate of the return on the business. Recently, with big investments in the construction sector and the heating up of the market, the product development process faces sustainability questions, a theme which has been extensively explored globally, and where the civil construction sector participates with a part of large proportions, in the consumption of energy, generating residuals and carbon dioxide emissions in the planet. The moment, therefore, moved on to requiring effective changes from the civil construction agents, and for this study, the actual organization of the project, construction and incorporation companies, their adaptation facing new requirements and actions adopted, explaining the sustainability questions of the building associated with the Project, was borded, which by bringing intrinsic principles, characteristic of the architecture, represent a new paradigm of the architectural Project, in the current production and in the effective participation of the architect in the real estate construction.

by Tang Wai-man. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 80-85). / Abstracts in English and Chinese. / List of Figures --- p.vii / List of Tables --- p.viii / Chapter CHAPTER1 --- INTRODUCTION --- p.1 / Chapter 1.1 --- E-commerce in Real Estate --- p.2 / Chapter 1.2 --- Need for Negotiation Supports --- p.3 / Chapter 1.3 --- Need for Real-time Information --- p.4 / Chapter 1.4 --- Motivation and Research Contributions --- p.4 / Chapter 1.5 --- Organization of the Thesis --- p.5 / Chapter CHAPTER2 --- LITERATURE REVIEW --- p.7 / Chapter 2.1 --- Electronic Markets --- p.8 / Chapter 2.1.1 --- Classifications --- p.8 / Chapter 2.1.2 --- Evolution of market systems --- p.9 / Chapter 2.1.3 --- Future trends --- p.21 / Chapter 2.2 --- The Middlemen --- p.12 / Chapter 2.2.1 --- Middlemen for HK property market --- p.14 / Chapter 2.2.2 --- Information transparency and efficiency --- p.14 / Chapter 2.2.3 --- Impacts of IT to the middlemen --- p.15 / Chapter 2.3 --- Negotiation Support Systems --- p.16 / Chapter CHAPTER3 --- TRANSACTION PROCESS --- p.18 / Chapter 3.1 --- Preparation --- p.19 / Chapter 3.2 --- Negotiation --- p.20 / Chapter 3.2.1 --- Evaluation --- p.21 / Chapter 3.2.2 --- Adjustment --- p.22 / Chapter 3.2.3 --- Concession --- p.22 / Chapter 3.3 --- Termination --- p.23 / Chapter CHAPTER4 --- MODEL OF NEGOTIATION --- p.26 / Chapter 4.1 --- Negotiation Process --- p.26 / Chapter 4.2 --- Direct Negotiation Without a Middleman --- p.28 / Chapter 4.3 --- Two-Stage Negotiation Approach --- p.29 / Chapter 4.4 --- Property Matching --- p.30 / Chapter 4.4.1 --- Principles --- p.30 / Chapter 4.4.2 --- Process --- p.32 / Chapter 4.4.3 --- Utility function --- p.34 / Chapter 4.5 --- Rating of Counteroffer --- p.38 / Chapter 4.6 --- Recommendation Price --- p.41 / Chapter CHAPTER5 --- INFORMATION NEEDED FOR NEGOTIATION --- p.42 / Chapter 5.1 --- Textual information --- p.43 / Chapter 5.2 --- Numeric data --- p.44 / Chapter 5.3 --- Signalling --- p.45 / Chapter CHAPTER6 --- SYSTEM --- p.47 / Chapter 6.1 --- System Design --- p.47 / Chapter 6.2 --- Overview of the Transaction Process --- p.48 / Chapter 6.2.1 --- Preparation --- p.48 / Chapter 6.2.2 --- Negotiation --- p.49 / Chapter 6.2.3 --- Termination --- p.57 / Chapter 6.3 --- Functionality --- p.52 / Chapter 6.3.1 --- Price Trend --- p.52 / Chapter 6.3.2 --- News --- p.52 / Chapter 6.3.3 --- Property Listing --- p.53 / Chapter 6.3.4 --- Property Searching --- p.53 / Chapter 6.3.5 --- My Property --- p.54 / Chapter 6.3.6 --- Alert --- p.54 / Chapter 6.3.7 --- Negotiation --- p.55 / Chapter CHAPTER7 --- EXPERIMENT AND RESEARCH FINDINGS/EVALUATION --- p.58 / Chapter 7.1 --- Objectives --- p.58 / Chapter 7.2 --- Design of the Experiment --- p.60 / Chapter 7.3 --- Overview of the Experiment --- p.61 / Chapter 7.4 --- Results and Findings --- p.62 / Chapter CHAPTER8 --- CONCLUSIONS AND FUTURE WORKS --- p.65 / Chapter 8.1 --- Conclusions --- p.65 / Chapter 8.2 --- Future Works --- p.67 / APPENDIX A ALGORITHM FOR PROPERTY MATCHING --- p.69 / APPENDIX B1 PRICE TREND --- p.70 / APPENDIX B2 READING AND SENDING NEWS ARTICLES --- p.71 / APPENDIX B3 PROPERTY LISTING --- p.72 / APPENDIX B4 PROPERTY SEARCHING --- p.73 / APPENDIX B5 SEARCHING RESULT --- p.74 / APPENDIX B6 MY PROPERTY --- p.75 / APPENDIX B7 SYSTEM ALERT --- p.76 / APPENDIX B8 ONGOING NEGOTIATIONS --- p.77 / APPENDIX B9 TERMINATED NEGOTIATIONS --- p.78 / APPENDIX B10 SIGNALLING --- p.79 / BIBLIOGRAPHY --- p.80

伍詠詩. / "2003年6月". / 論文(哲學碩士)--香港中文大學, 2003. / 參考文獻 (p. 158-161). / 附中英文摘要. / "2003 nian 6 yue". / Wu Yongshi. / Lun wen (zhe xue shuo shi)--Xianggang Zhong wen da xue, 2003. / Can kao wen xian (p. 158-161). / Fu Zhong Ying wen zhai yao. / Chapter 第一部份： --- 楔子 / Chapter 第一章 --- 引言 --- p.p.1 / Chapter 第二章 --- 文獻回顧 --- p.p.8 / Chapter 第二部份： --- 多元現代性的層級差距 / Chapter 第三章 --- 碧桂園廣告分析 --- p.p.26 / Chapter 第四章 --- 碧桂園空間分析 --- p.p.50 / Chapter 第三部份： --- 多元現代性層級差距的文化力量 / Chapter 第五章 --- 香港人跨境置業的因素和意義 --- p.p.74 / Chapter 第六章 --- 香港人跨境置業的博奕和策略 --- p.p.112 / Chapter 第四部份： --- 總結 / Chapter 第七章 --- 總結及討論 --- p.p.133 / 附錄 / 附錄一碧桂園廣告文本目錄 --- p.p.141 / 附錄二碧桂園參考圖片 --- p.p.142 / 附錄三受訪者資料 --- p.p.156 / 參考書目 --- p.p.158

This study provide empirical evidence whether bias in the standard errors of Jensen’s alpha explains conflicting results in the extant literature in real estate funds. Significant alphas in real estate mutual funds and REITs are compared with heteroskedasticity consistent covariance matrix estimators (HC1, HC2 and HC3), Newey-West standard errors, a robust regression tempering the effect of high leverage points, a GARCH model, and a HC3 adjusted wild bootstrap. In the analysis of real estate mutual funds and a separate sample set of REITs, the HCCME had a minimal impact attenuating the number of firms with excess returns. Contrary to expectations the differences from HC1 to HC2 to HC3 were also negligible. The Newey-West standard error provided highly variable results when compared with the OLS results particularly in the REIT sample. Of the techniques to adjust for bias in the standard error, the wild bootstrap with HC3 adjustment to the standard error provided the most conservative result to the number of real estate mutual funds and REITs with significant alphas. The co-movement of real estate funds suggests common exogenous influences. Including state variables such as the changes in unexpected inflation, term spread, default spread, market skewness and industrial production growth in a multi-factor model is used to identify systemic economic factors in significant alphas. The significant alphas varied with the inclusion of these variables, the time period and the bias adjustment.