Thesis (M.U.D.)--University of Hong Kong, 1996. / Includes bibliographical references (leaves 60-62) Also available in print.

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

Master of Arts / Department of Economics / LeiLei Shen / This paper aims to examine the effect of property taxes on selling prices in China’s real estate market. I collect the data in China’s 35 major cities before and after the property tax has been implemented, and estimate the effects of property taxes using the Differences-in-Differences method. I find that the effect of property taxes in Shanghai and Chongqing does not lead to lower house prices in these two cities.

Orientador: Ana Cristina de Almeida Fernandes / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-09T20:40:26Z (GMT). No. of bitstreams: 1 Paiva_ClaudioCesarde_D.pdf: 2445606 bytes, checksum: da58d334e0a46171fd606cf21c316b2e (MD5) Previous issue date: 2007 / Resumo: A problemática fundamental da tese é compreender, a partir de incursões teóricas e empíricas, a estreita imbricação entre o capital financeiro e o capital imobiliário, que procuram interagir de maneira sistêmica para potencializar a acumulação de capital. Desta maneira, será possível realizar uma reflexão teórica não somente acerca das articulações e conflitos existentes entre os agentes que participam do processo de apropriação do espaço urbano, mas, sobretudo, compreender a força do capital financeiro imobiliário no capitalismo contemporâneo. Não obstante, procura-se enfatizar em diversos momentos do trabalho que não se trata de uma relação recente entre essas duas frações do capital, mas de uma relação que adquire contornos diferenciados no capitalismo contemporâneo, onde o padrão de acumulação está baseado predominantemente na financeirização. Num contexto em que o setor imobiliário emerge como alvo privilegiado do investimento realizado por grandes investidores institucionais e por instituições financeiras bancárias e não-bancárias, o capital financeiro imobiliário surge como resultado de uma busca incessante para ¿revolucionar¿ as formas de acumulação de capital, decorrentes da exploração de ativos imobiliários. Para tanto, um conjunto de inovações financeiras são implementadas, por meio de novos instrumentos e novas formas de atuação do capital imobiliário, no sentido de reduzir as barreiras aos investimentos em ativos imobiliários e maximizar os lucros provenientes do mercado imobiliário. Com isso, uma sagrada trindade se estabelece entre o capital financeiro, as inovações financeiras e o capital imobiliário. A emergência do capital financeiro imobiliário torna-se um elemento chave para compreender a dinâmica da economia contemporânea, em virtude de sua capacidade de participar ativamente do processo de acumulação e de sincronizar seu poder destrutivo, quando se torna um turbilhão especulativo. Essa última dimensão do capital imobiliário se tornou bastante evidente com a crise econômica desencadeada pelo estouro da bolha imobiliária no Japão no início da década de 1990 / Abstract:The main issue to be dealt with in this thesis is realizing, by means of empirical and theoretical findings, what is the tight bond between financial capital and real estate capital, which interact in a systematic way so that capital accumulation becomes more powerful. By doing so it will be possible to build up a theoretical reflection ¿ not only on the connections and conflicts between the agents who take part in the process of urban spaces appropriation, but, above all ¿ to understand the power of real estate financial capital in contemporary capitalism. However, it is strongly emphasized throughout the text that this doesn¿t mean there is just a relation between these two fractions of capital; instead, it is shown that they combine themselves into a relation which acquires specific features of nowadays capitalistic system, whose capital accumulation standard remains mainly based on financialization. Within a context in which real estate economic sector becomes the primary target of investment brought about by large institutional investors and by banking or non-banking institutions, real estate financial capital rises as a result of a non-stopping search for ¿revolutionizing¿ capital accumulation forms, through the exploitation of real estate assets. To make it possible, a whole collection of financial innovations are implemented, by means of new instruments and new ways of performing real estate capital accumulation; these new paths mean lowering the regulation regarding investment on real estate assets and maximizing real estate market profits. A holy trinity rises as an outcome of this process: financial capital related to financial innovations and real estate capital. The emergence of real estate financial capital becomes a key-element for understanding the dynamics of contemporary economics, due to its power of commanding the dynamics of capital accumulation process and synchronizing its destructive power, whenever it turns into a speculative spiral. This last particular aspect of real estate capital has become quite evident after the economic crisis set off by the blowing of a real estate speculative bubble in Japan, in the beginning of the 1990¿s / Doutorado / Desenvolvimento Economico, Espaço e Meio Ambiente / Doutor em Desenvolvimento Economico

Verskeie faktore, finansieel en nie-finansieel, kan die opbrengs op winkelsentrum-beleggings beïnvloed. Hierdie faktore is egter nie almal ewe belangrik nie. Sommige, byvoorbeeld die huurdersamestelling, kan ‘n wesenlike impak op die finansiële resultate hê. Ander faktore is onbeheerbaar, byvoorbeeld die inflasiekoers. Die bestuur en bestuursagente van winkelsentrums het bepaalde doelwitte wat hulle moet bereik. In die geval van ‘n kommersiële eiendom soos ‘n winkelsentrum is dit heelwaarskynlik maksimering van die markwaarde (toekomstige kontantvloeie). Ten einde die gestelde doelwitte te bereik, moet die bestuur: • weet watter faktore die opbrengs van die winkelsentrum kan beïnvloed • beheerbare, halfbeheerbare en onbeheerbare faktore kan identifiseer • dié faktore wat die grootste impak op opbrengs kan hê, kan identifiseer • bewus wees van die verwantskap tussen die verskillende faktore ‘n Lys van 133 subfaktore wat die opbrengs op winkelsentrums kan beïnvloed is geïdentifiseer. Hierdie fakore is in die volgende vyf hoofkategorieë ingedeel: • ligging • ekonomiese omstandighede • bestuursstrategie • huurderverwante aangeleenthede • verbruikersverwante aangeleenthede Hierdie raamwerk dui aan watter faktore die opbrengs van winkelsentrums kan beïnvloed, hoe belangrik elke faktor is, en in watter mate die faktore beheerbaar is al dan nie. / Prof. A. Boessenkool

M.A. (Geography) / The timeshare industry is one of the least researched segments of tourism accommodation or lodging. In the international scholarship the existing writings are mostly focussed on marketing, consumer behaviour and management issues. Within existing writings on timeshare most material relates to timeshare developments and the industry in either North America or Western Europe, the two leading regions for timeshare in the world. Outside of these areas only a limited amount of work has been done on timeshare. An important gap relates to the evolution and development of timeshare in particular countries and of the role of timeshare as part of tourism development. This research contributes to the limited body of literature and knowledge concerning the evolution, organisation and challenges of the timeshare industry in South Africa. The study contributes to international scholarship on the timeshare industry as one of the first detailed investigations which has been conducted in an important timeshare destination in the global South. Three core themes run through this study. First, the research analyses the evolution of the timeshare industry in South Africa from its inception in the late 1970s to the present-day (2012) and analyses its critical challenges and issues that have shaped and re-shaped its development. Second, the research maps and interprets the evolving geography of the timeshare industry in South Africa and situates the current position of the timeshare industry within the African and global context. Finally, the research seeks to understand also the changing position and importance of timeshare as part of a changing South African tourism economy.

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019 / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 169-177). / Co-living, while a relatively new concept for the real estate industry, has become increasingly pervasive within the United States over the past decade. This form of communal rental housing offers reduced personal and private space in exchange for certain benefits, including a 15-30% reduced rental rate when compared to studio units. Changing social and economic factors have led to an increased interest in this type of residential product among both real estate developers and tenants alike. Today, there are approximately 30 co-living companies operating in the United States with close to 3,500 rooms in operation (JLL 2019a). Furthermore, this growth is expected to accelerate as global funding for co-living has increased by more than 210% since 2015 and around 7,000 rooms are planned to open in the United States over the next two years (JLL 2019a). However, while the concept has gained traction, it remains a nascent product type within real estate. Even with high growth, co-living's long-term sustainability remains to be proven. This thesis uses a mixed-methods approach to evaluate the long-term resiliency of co-living as a product type. Our research provides insight into the various types of co-living business models currently active in the United States, and we conduct a thorough review of the international and domestic co-living markets. Financial models are utilized to assess the financial resiliency of co-living given potential changes to certain market conditions and demand drivers. We investigate the planning policies affecting co-living in targeted markets in the United States. The thesis concludes with a report on the market perception of co-living from real estate professionals and the general populous. / by Sam Pepper and Aaron Manji. / S.M. in Real Estate Development / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019 / Cataloged from PDF version of thesis. / Includes bibliographical references (page 86). / Joint ventures are widely used in real estate investments, and especially so in development projects where partners bring different value to the venture: an Operating Partner who has the desire and operational capabilities to manage the investment but lacks the capital to fund the entire project, and a Money Partner who has the capital, but lacks the expertise and the desire to manage the project. A formal joint venture (partnership) agreement governs the relationship between the Operating Partner and Money Partner in the development project. Real estate investment performance is generally evaluated at the property level (before considering the impact of financing) and then at the venture level (taking into account the impact of financing). Differing real estate investment performance within the venture, due to specific partnership terms, has generally taken a back seat for performance evaluation, and is less of a focus when the investment is performing well. / However, with the current competitive real estate market flooded with cheap financing options, partnership terms between the Operating Partner and Money Partner ought to be scrutinized more carefully, as certain terms can serve as additional sources of return, or "safety net", when dark clouds over the real estate market loom ahead. This paper will focus on partnership terms in a real estate joint venture which can be quantified, discuss the metrics that can be used to evaluate the investment performance of joint ventures, and explain the need to employ probabilistic modelling methods. After setting that context, deterministic modelling methods (Discounted Cash Flow, or "DCF") as well as probabilistic modelling methods (Monte Carlo simulation) will be applied to quantify the impact of relevant partnership terms on a hypothetical real estate development project. / This will be followed by a discussion on how one can use the results of the Monte Carlo simulation alongside traditional DCF with scenario analysis which is more commonly used in the industry. Lastly, the paper will provide a casual narrative from the perspective of a financial analyst who is doing financial modelling from the asset level down to the partnership and partner level and using Monte Carlo simulation analysis. / by Wee Kian, Alvin Ong. / S.M. in Real Estate Development / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019 / Cataloged from PDF version of thesis. / Includes bibliographical references (page 36). / Leaseholds play roles in many different types of transactions -- from single-family home purchases to multi-tenant office tower developments. Despite their flexibility, however, leaseholds are rare in the US and are not widely understood by investors and developers. Compared with freeholds, leaseholds involve additional layers of complexity and can present valuation challenges. If not structured thoughtfully, they can substantially erode the value of the real estate by lowering its quality and usability. Nevertheless, leaseholds can be useful devices to facilitate real estate investment and significantly impact communities by bringing together parties that would not have otherwise worked together. This thesis focuses on leaseholds in the US: how they are valued, how they are structured, and what issues they pose. It analyzes the motivations behind each party involved in a leasehold and finds that they can benefit from acting more like joint venture partners rather than opposing counterparts, specifically concerning issues related to leasehold improvement financing and the redevelopment option. / by Justin Lai. / S.M. in Real Estate Development / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019 / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 50-51). / This thesis affirms that self-storage is further maturing into a core type asset class in juxtaposition to the characteristics of the traditional core asset types: multifamily, office, retail and industrial. This shift is shown by an increased participation of traditional core investors in the space, the resiliency of the product and the future of the industry. Core investors seek a risk and return profile that favors the conservative end of the security market line. They seek more stabilized and forecastable assets than value add or opportunistic funds (Geltner, Miller, Clayton, & Eichholtz, 2014). Even though the percentage of self-storage in institutional portfolios is still small due to fragmentation of the industry and self-storage's total market share, the investment opportunity is growing due to its proven resiliency through market and natural disruptions. This resiliency is evident in the micro-level occupancy and cash flow performance of self-storage properties as well as the macro-level total returns of the class over time. The resilient nature of the class and the resulting higher long-term returns have attracted core asset investors to diversify their portfolios to include self-storage assets at an increasing rate. The future of self-storage is strong due to positive sentiment and culture associated with self-storage. Sophisticated parties on both the user and investors sides are increasing their participation in the industry. The resulting outlook is positive for growth and maturation of the self-storage asset class. / by Charles Hope. / S.M. in Real Estate Development / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate