The real estate brokerage has the lowest barrier to enter in and withdraw from the industry of the real estate. The competition of the real estate brokerage is fierce; therefore the formulation of brokerage¡¦s marketing strategy will affect the speed of transaction. The transaction in metropolitan and non-metropolitan area affected by the orientation of product, execution of government authority, the habits or taboos of buying real estate, household income, transaction price, service pattern, and groups of purchasing real estate...etc, these make the implement of marketing strategy is somewhat different. The implement of marketing strategy of different real estate broker will also impact the management performance. ¡§Service¡¨, will be the guidance to formulate marketing strategy for the future development of real estate brokerage. This research explores the difference and similarity of marketing strategy of real estate brokerage in metropolitan and non-metropolitan area through the application of the marketing strategy from ¡§Good Morning Real Estate¡¨.

As the result of the real estate bubble on 1990, the domestic real estate market is constantly sluggish which makes an impact on the development of relevant industries in Taiwan. In recent 15 years, the housing industry has been deeply impacted in particular. In order to stimulate the recovery of the real estate market and the development of economy, Taiwan government promoted many related projects in order to boost the prosperity of Real Estate industry. Such as ¡§Improving Real Estate Market Polices¡¨, ¡§Two-year Reduction Policy of Land Value Increment Tax to Half¡¨, release limitations on foreign ownership of Taiwan property ¡§Real Estate Appraisal regulation¡§¡§Certified Real Estate Registration Agent Code¡¨ Legislation of real estate management¡¨. Meanwhile ¡§The Conference of National Economy and development¡¨, ¡§A series of strengthen economy quality¡¨ and ¡§Economic Development Advisory Conference¡¨ have been convoked and recommended ¡§real estate securitization¡¨ might be the workable way. In 23rd July 2003 the Legislative Yuan passed the Real Estate Securitization Statute and Enforcement Rules of the Real Estate Securitization Statute. The purpose of the enactment was through securitization stimulating the real estate market and effectively developing real estate. Real estate securitization, by definition, the financing mechanism alters the investor¡¦s investment, from a direct investment to a securitized investment. The trust company issues securities over a portfolio of properties to raise fund from the capital market other than mortgage loans from banking system. The implementation of the real estate securitization can combine the real estate market with the capital market and effectively facilitate the development of real estate resources. These transactions have grown increasingly popular over time, providing the long-awaited fueling of the domestic real estate market. Therefore not only the real estate industry enables to utilize the funds raised from the general public, but also improves distressed government finance . By referring to the experience of the US and Japan , Taiwan Real Estate Securitization Statute was constructed by two kinds of Real Estate Securitization, the investment trust of real estate (REITs) and real estate assets trust (REATs). The Act being adopted from the Real Estate Investment Trust system of USA; and the Real Estate Asset Trust system of Japan. The real estate securitization has been brought into practice for over 3 years since implementation of Taiwan¡¦s Real Estate Securitization Statute. Till the end 2006, Financial Supervisory Commission ratified 15 cases of real estate securitized products, over NTD 69,694 million of real estate securities was issued. Among them, 7 cases regard REITs as the structure issues NTD 51,800 million which about 75% of total market share. The purpose of this study is to discuss the Development of Real Estate Investment Trust in Taiwan by analyzing and referring the current situations and relevant legal mechanisms in US and in Japan. Through real case study probes actual operation of REITs also gives suggestions for their prospective development and impacts. In addition, the research provides recommendation and valuable information to the current market and insights about the future development of Taiwan¡¦s REIT market.

The purpose of real estate securitization is to change the investment on real estate to securities, enabling the relationship between the investor and the object from a direct object ownership to an ownership of securities having creditor¡¦s rights. Through securities, the real estate market and the capital market can be combined, making the value of real estate change from fixed capital state to capital securities with circulating function so as to enlarge the processes of investment and participation, and increase the channels of capital collection for development of real estate. In recent years the expenses of local governments have been increasing with the expansion of their functions and capabilities. The incomplete and poor management of the system of expenses lead to a serious financial predicament confronted by local governments. And after the promulgation of Local Governments Autonomy Law and Law of Separated Income and Expenses of Central and Local Governments, the duties and rights of county governments and city governments have been tremendously promoted. The natures of independence and initiative being lacked in the policies of the past are found in the drafting and implementation of the existing policies. Therefore, the traditional public land management and the old land development model can no longer achieve economic interests. In addition, as tax income is decreasing gradually, to get a more efficient land use model, it is inevitable to see the trend of securitization. On 11th March, 2002 the Council for Economic Affairs of Executive Yuan passed the draft of ¡§Real Estate Securitization Law.¡¨ It imported two systems from foreign countries: the American and Japanese real estate investment trust and capital trust. They built up the structures for the legal systems of real estate securitization of Taiwan, as well as the issue and listing of beneficiary securities. As the draft not only took the American and Japanese legal systems as reference, but also met the environment and needs of that time, it should have been an applicable draft. Nevertheless, such aspects as how to solve the problems discovered, and the problems probably derived from its application on local governments are worthy of further investigation. In fact public real estate does not have lower expectation for securitization than the construction industry and banking industry. However, over the punishment on public real estate, trust itself has law to exert limitation. Before the related laws, like Nation-Owned Property Law, Land Law, etc. are revised, it deserves further investigation on whether trust can be a target for the issue of beneficiary certificates. This research refers to the implementation experience of the American and Japanese real estate securitization, accumulates the public land trust system of Japan, finds out the relevant cases of Taiwan in the past similar to ¡§real estate securitization,¡¨ examines the relevant systems, and raise the relevant problems that may possibly be confronted in times of application of real estate securitization on county-owned land management. There was a Chinese saying, ¡§It is useless to rely on law only.¡¨ Whether it is successful to apply real estate securitization on county-owned land management not only depends on the complete revision of law by the central government. A release of public land restriction and the local governments¡¦ willingness to change the existing systems will also affect the promotion of the policy. Besides, the research also focuses on the survey of questionnaires answered by various related supervisory departments of local governments (including villages, towns, city offices) that have practically participated the public land management and land development, so as to understand the local governments¡¦ cognition and attitudes towards the meaning of real estate securitization, and the problems they encountered when promoting the management of public land. Through the questionnaire survey, the right opportunity for local governments to promote real estate securitization can be known. It can be a reference for local governments to make their public land management and land development realized.

none

Thesis (M.B.A.)--University of North Carolina Wilmington, 2009. / Title from PDF title page (February 17, 2010) Includes bibliographical references (p. 49-53)

Thesis (M.U.D.)--University of Hong Kong, 1997. / Includes bibliographical references.

Thesis (M. Sc.)--University of Hong Kong, 1999. / Includes bibliographical references.

Thesis (M. Sc.)--University of Hong Kong, 2000. / Includes bibliographical references (leaves 103-104).

Timeshare ownership is a continually increasing market within the real-estate development industry. Marketed both as deeded property ownership and personal investments in heightened vacation experiences, timeshares have been developed, branded and sold in high vacation destinations around the world. From its precarious beginnings to its currently expanding popularity, timeshares have become a profitable and dynamic branch in real-estate development. Today, several international realestate corporations have branded and cornered the timeshare industry with everexpanding development scope and long-term business planning. This professional report will encompass the following five main categories: 1. An introduction to the timeshares and its development history; 2. Defining the timeshare product, market and clientele; 3. Analysis of timeshare feasibility planning and business dynamics; 4. Analysis of timeshare design and development concepts; 5. Summary and a look to the future of resort development; This professional report will attempt to conceptualize the timeshare development process both through analysis of development concepts and methodologies as well as applying such elements into hypothetical examples. Through the examination of initial project planning, feasibility and cash flow pro forma, and various other programming and design elements, this report will try to present an understanding of the timeshare development process and create a guide for development that can be applicable for real-world use. / text

In the asset-pricing framework, idiosyncratic risk is the risk that is independent of systematic risk and peculiar to one specific asset or company, it is left with no role in expected returns according to the classic finance theory since it could be completely diversified away. However, in the case investors holding under-diversified portfolios, previous theoretical studies generally demonstrate a positive relationship between idiosyncratic risk and expected returns. However, negative empirical evidences regarding the idiosyncratic risk-return tradeoff have been reported recently in the stock market of the U.S. and China, as well as in several real estate literatures. To reconcile the conflict, this thesis is dedicated to investigate the role of idiosyncratic risk in the context of real estate investment. In the theoretical exploration, an asset-pricing model with short-sales restrictions in the market and heterogeneous beliefs among investors is established. Specifically, a simplified version with only three risky assets, in which two of them are direct and indirect real estate investments, demonstrates when investors endowed with incomplete information setting and under-diversified holdings, idiosyncratic risk would play an important role in the expected returns in equilibrium. Furthermore, the comparative static analysis reveals a positive cross-sectional relationship between idiosyncratic risk and expected returns. In the empirical study, this thesis employs the Fama and French (1992) three-factor model to estimate monthly idiosyncratic volatilities of the Listed Property Companies (LPCs) in the A-share market of China, based on the daily data from May 1999 to Aug 2011. Specifically, for each LPC in each month, its idiosyncratic risk is computed as the standard deviation of the three-factor model’s daily residuals. The estimation outputs show that idiosyncratic volatility dominates the LPCs’ overall volatility during the study period, and it is features with a distinct pattern when compared to that of the U.S. REITs: the LPCs’ idiosyncratic volatilities are significantly higher and more persistent; they are less irrelevant to the firm’s market capitalization and present an evident co-movement with the broad market. Hence, this scenario reveals a special interest to further study on the cross-sectional relationship between the LPCs’ idiosyncratic risk and their expected returns. In the cross-sectional test, conditional idiosyncratic volatility forecasted by the EGARCH-GED model is employed as the proxy for expected idiosyncratic risk, as the LPCs’ lagged idiosyncratic risk is shown to be not a good estimate. Over the study period, a firm positive cross-sectional relationship between idiosyncratic risk and expected returns is documented, after controlling for various pricing factors such as firm size and book-to-market equity ratio, indicators of liquidity and momentum as well as returns reversal effect. This evidence not only confirms the prediction of previous theoretical studies and the model in this thesis, it also suggests a profitable trading strategy based on the idiosyncratic risk of the LPCs. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy