Tài liệu miễn phí Đầu tư Bất động sản
Download Tài liệu học tập miễn phí Đầu tư Bất động sản
Property Investment In China's Emerging Cities
Market standards evolve with advances in building technologies and changes in tenant preferences. Recent advancements focus on the efficient use of resources. our responsibility to our clients requires us to continuously monitor these changes in each of the markets in which we operate in order to remain competitive. to determine the appropriate improvements that will maintain our competitive edge, our asset managers collaborate with their international colleagues, service partners, tenants and clients...
8/30/2018 1:44:45 AM +00:00
Choosing An Investment Vehicle European Real Estate Fund Regimes
ur mission is to provide real estate investment management services consistent with our clients’ objectives for superior long term, risk adjusted performance, preservation of capital and diversification. We believe there are economic, environmental and social implications associated with the full range of our real estate investment management decisions, and that a commitment to decision-making that incorporates sustainable real estate best practices will add long-term value to the investments that we manage for our clients....
8/30/2018 1:44:45 AM +00:00
Real Estate Investment In Asia Pacific: Migrating Capital
in the united states, RREEF Real Estate’s engineering procedures include detailed practices to improve resource efficiency and environmental practices. the engineering team is deeply involved both in acquisitions due diligence, and in working closely with asset management to develop sustainable property management guidelines with third- party property managers. asset managers are also increasing the number of “Green leases” signed with tenants in order to address energy efficiency through the leasing process by better aligning incentives between tenant and landlord to improve energy efficiency. in the uK, RREEF Real Estate is incorporating carbon studies into its due diligence when considering refurbishments to quantify...
8/30/2018 1:44:45 AM +00:00
RREEF Global Real Estate Investment Outlook & Market Perspective 2011
Embodied in the RREEF Real Estate Risk Management discipline is a focus on ensuring a safe environment for guests on our clients’ properties, as well as for the community within which our clients’ properties are located. today, the continuation of stringent guidelines for environmental policy and risk management affords RREEF Real Estate highly preferential rates for liability premiums. RREEF Real Estate has a longstanding interest in the well-being of our employees, vendors and contractors. We support fair wages and fair benefits for workers employed by our contractors and subcontractors subject to our fiduciary obligation to our shareholders. We also perform...
8/30/2018 1:44:45 AM +00:00
Globalization and Global Trends in Green Real Estate Investment
the RREEF Real Estate sustainability Council was formed in February 2010 to develop and support RREEF Real Estate’s commitment to sustainability. it comprises 18 senior members of RREEF Real Estate representing each geographic region and functionality across the firm. the Council reports to the RREEF Real Estate Global investment Committee, which is comprised of 13 senior investment professionals who are responsible for adopting and transmitting best practices throughout the organization. the Council is chaired by Kurt Roeloffs, Global Chief investment officer of RREEF Real Estate. patricia Connolly, Director of sustainability at RREEF Real Estate, is Co-Chair of the Council. Kurt also...
8/30/2018 1:44:45 AM +00:00
2011 U.S. Real Estate Investment Outlook and Market Perspective
the Council is chaired by Kurt Roeloffs, Global Chief investment officer of RREEF Real Estate. patricia Connoll Director of sustainability at RREEF Real Estate, is Co-Cha of the Council. Kurt also oversees sustainability research, strategy, practices, and resources. andrew nelson is a Director of Research at RREEF Real Estate and leads RREEF Real Estate’s global research on sustainable investment practices and industry trends in sustainability. there are three Deutsche bank members on the Council representing Db Climate Change advisors (“DbCCa”), an Db Global logistics services (“DbGls”). the participation of these Deutsche bank groups on the Council allows us benefit from DbCCa’s focus on research in...
8/30/2018 1:44:45 AM +00:00
The Greening of U.S. Investment Real Estate – Market Fundamentals, Prospects and Opportunities
sustainability engages a wide variety of key stakeholders. First and foremost, our clients expect us to invest responsibly on their behalf, and our portfolio managers are increasingly updating clients or fund investors on our sustainable practices and accomplishments. to aid in our effort to maintain efficient and well-occupied buildings, we work with our contract property managers to communicate the goals and measures we set on a global level, as well as for each property, so that tenants are also encouraged to support and undertake sustainable activities. Finally, we partner with our corporate parent, Deutsche bank, to explore synergies among the various...
8/30/2018 1:44:45 AM +00:00
RREEF Real Estate 2011 Sustainability Report
published in september 2008, “Globalization and Global Trends in Green Real Estate Investment” analyzed green building trends and issues in key regions around the world. the paper found that developers and property managers were adopting greener business practices in all regions of the world, and at all stages of economic development, but that the rate of adoption and the key drivers varied considerably. For example, the top markets for green property investment in the coming years was expected to be concentrated in the wealthier European and north american economies, but significant potential for green construction and retrofits existed in almost...
8/30/2018 1:44:45 AM +00:00
Taxation Of Real Estate Investment Trusts: A high Level Summary Of The REIT Regimes In Europe, Asia, The United States And Canada
“ as a founding member of Greenprint, RREEF Real Estate has and continues to play a leadership role in defining the metrics that Greenprint will collect in future reporting rounds, and how the reporting process can be increasingly automated, transparent, and compatible with the established set of portfolio management tools widely used in the commercial real estate industry.”
8/30/2018 1:44:45 AM +00:00
The Internal Rate Of Return In Real Estate Investments
“ We believe that sustainability, environmental quality, and resource consumption present risks that should be managed by the same structure and process as are other risks. as a leader in the real estate industry, we are dedicated to increasing building performance throughout our portfolio of properties.”
8/30/2018 1:44:45 AM +00:00
REAL ESTATE UPDATE January 2009
The International Foundation of Employee Benefit Plans is the largest educational association serving benefit plan advisors. For over 50 years, the International Foundatio has served as the premier source of benefits education and information, providing objective accurate and timely information. Services include in-person training, distance learning and publications covering a broad range of topics. Programs are available for all levels, from basic concepts to advanced strategies. The Foundation also sponsors the CEBS designation program with the Wharton School of the University of Pennsylvania. The International Foundation offers a membership with free services like personalized research, online peer networking, publications and daily industry...
8/30/2018 1:44:44 AM +00:00
ROYAL HOST REAL ESTATE INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR END DECEMBER 31, 2003 RESULTS
The first aspect, the tax exemption, has been highly controversially disputed, as it privileges the REIT company towards other company forms. The BMF considers the REIT necessary to preserve Germany’s competitiveness on international financial markets and to maintain jobs for highly skilled employees. Furthermore, the introduction of REITs is expected to have strong positive fiscal and economic impacts: 7 Germany has by far the largest real estate reservoir in Europe, which at this time remains, for the most part, not yet institutionally invested, but owner- occupied or held by private owners. 8 Channelling these assets to REITs would make bound resources more fungible,...
8/30/2018 1:44:44 AM +00:00
China Real Estate Development Investment Management
The provinces have primary responsibility for property law in Canada. In all provinces except Québec, property law has developed through the English common-law process. In Québec, property law is governed by the Civil Code of Québec (which is derived from the Napoleonic Code.) There is no constitutional protection for property rights in Canada. Consequently, property can be expropriated by government and quasi-governmental authorities, but, appropriate compensation must be paid. Interests in land are generally held directly in fee simple or by leases as leasehold interests. Condominium or strata title ownership is also common throughout Canada. All provinces maintain a system of...
8/30/2018 1:44:44 AM +00:00
HISTORIC TURNING POINTS IN REAL ESTATE
Property may be leased as well as purchased. One form of leasing arrangement is a long-term ground lease, in which a tenant leases vacant land and develops it. Once the development is complete, the ground tenant sublets space to retail, oce or industrial tenants, depending on the type of development. Ground leasehold interests may be bought and sold in a manner similar to fee simple property interests. Commercial Leasing Most commercial oce and retail space, and much of the standard industrial space in Canada, is available only through a commercial lease. Most commercial lease transactions start with an agreement to lease, although...
8/30/2018 1:44:44 AM +00:00
Capital Structure Decisions In Real Estate Investment
Residential leases are regulated by provincial legislation. In some cases, the applicable legislation will override the terms of the lease agreement, regardless of the intention of the parties. In some provinces, the ability of the landlord to increase residential rents is limited by provincial regulation. Financing Most real estate !nancing is arranged through institutional lenders such as banks, trust companies, pension funds, credit unions and insurance companies. Credit terms will vary from institution to institution and will depend on the nature of the transaction and the risks involved. Interest Rate Interest rates on real estate !nancings can be either !xed...
8/30/2018 1:44:44 AM +00:00
RESIDENTIAL RENTAL REAL ESTATE INVESTMENT (RRREI) IN MELBOURNE: DEVELOPING AN INVESTOR MODEL
A purchaser should assess the environmental risks associated with a property being purchased. In Canada, government ocials do not “certify” that a property is free from such risks. A property’s environmental status can be ascertained by inspecting applicable company and public records. In virtually all cases, a purchaser will want to do an “environmental audit” of the property which may include conducting scienti!c testing and a technical analysis of the property. Lending institutions often require such an audit before advancing any funds. Development Controls Property development is provincially regulated, primarily at the municipal level. Municipalities typically control land use and the density...
8/30/2018 1:44:44 AM +00:00
Advanced Real Estate Investment and Analysis REAL 240/840
The class will contain a mixture of standard lectures, guest speakers, and case discussions. Topics covered will span the real estate equity and debt markets, both public and private. The bulk of the course focuses on commercial or income-producing real estate, but we will spend some time studying the housing markets. Grading will be based on five assignments that will constitute 90% of your final grade. There are four longer cases and one shorter case. Case #3 constitutes 10% of your grade. The other four cases each constitute 20% of your grade. ...
8/30/2018 1:44:44 AM +00:00
Foreign Investment in Canadian Real Estate
Readings for the course are attached. The readings come from a series of articles provided in a bulk pack. The volume of material is not overly burdensome for a course of this type, but some of the material is difficult. All readings should be done prior to the class for which it is assigned. In general, I have tried to pair academic papers with recent industry reports, with the goal of marrying sound theory and empirical analysis with relevant current events and practices. Class sessions are organized with the same goal in mind. ...
8/30/2018 1:44:44 AM +00:00
A Special Research Report: 2010 Real Estate Investment Outlook
Real estate investment is about creating and adding value through the effective management of property assets. Real estate is fundamentally no different from other mainstream investments: the analysis of property investments can be easily integrated into the capital market framework. Capital asset pricing theory evolved into the capital asset pricing model (CAPM). The CAPM model, described by Franfurter (1995: 104) as the ‘keystone’ of financial theory, has been tested in financial securites (stock exchange) markets over three decades. Accordingly CAPM was adapted in this study to incorporate real estate variables, and its accuracy was tested in modelling the price of three bedroom houses and two bedroom flats using...
8/30/2018 1:44:44 AM +00:00
Real Estate Investment Presentation
The 'how to' approaches are typified by their 'wealth pyramiding' approach. The 'how to get rich' formulae these authors provide in their self-labelled 'best seller' texts typically portray real estate as the investor's best opportunity to 'create personal wealth'. The key element of this approach is to borrrow heavily to buy as many properties as possible. These properties are then re-mortgaged to draw on equity build-up to provide the deposit for the next investment property. The implicit assumption of these authors is of a continuing strong growth in property values. Importantly, what many writers in this area have recognised is that the property market is less...
8/30/2018 1:44:44 AM +00:00
Personal Real Estate Investing
The third approach, modern capital budgeting, recognises that today’s (present) value of an investment asset is the cash flow it can generate in the future, not the returns it has provided in the past. Accordingly, investment appraisal must adopt an ‘ex ante’ - forward- looking analysis - as distinct from the backward-looking focus of the traditional financial approaches typified by the ROI calculation. Modern capital budgeting, also known as ‘modern financial theory,’ focuses on deterministic discounted cash flow, and the probabilistic approaches of project risk analysis (Pyhrr, Cooper, Wofford, Kapplin, and Lapides (1989). Traditionally, under this approach, the required return on an investment is a function of...
8/30/2018 1:44:44 AM +00:00
Amazing technology tools that simplify real estate investment
Traditional financial approaches, on the other hand, measure financial dimensions, and provide quantitative data on which real estate investment decisions can be based. The most widely used of all financial ratios - in real estate or any other investment - is 'return on investment' (ROI). In attempting to define and quantify the investor's required rate of return, this area of the literature provides a more analytical approach than the 'how to' authors. Typically, the ROI approach is used to measure performance ‘ex poste’ - after the event. Where the widely-used ROI approach falters is that it gives little consideration to income taxes, changing cash flows over time,...
8/30/2018 1:44:44 AM +00:00
The Introduction of Real Estate Investment Trusts [REITs] in Germany
To continue the flats and houses price data sets from 1994 to 1999 (latest year data available), the author sought to rebuild the pre-1995 LGA’s median prices from surburb prices. The Department of Human Services (Victoria) has documented the suburbs within each pre-1995 LGA. But reconstructing prices by LGA on the basis of this document proved not sufficiently accurate for the continuity of the flats and houses price data sets: comparison of the overlapping time period (1989-1994) showed material differences. However, researchers at Swinburne University have correlated postcodes with pre- 1995 LGAs. Using Australia Post’s internet site to identify these postcodes , and the Melways street directory,...
8/30/2018 1:44:44 AM +00:00
Real Estate Investment Trusts, Small Stocks And Bid-Ask Spreads
Furthermore, Swinburne’s figures by LGA were an average for flats and houses: these figures were likely to over-state rentals for flats and under-state them for houses. For the missing years, estimated rentals were derived by interpolation. In a revision of this paper, the estimated rentals will be recast as yield-based in an effort to improve accuracy. To cover the next five years – 1985-1989 – the author used the Ministry of Housing and Construction’s (Victoria) published statistics for two bedroom dwellings (defined for this study as ‘flats’) and three bedroom dwellings (defined here as ‘houses’). In common with Swinburne University, the Ministry drew its figures from ‘The...
8/30/2018 1:44:44 AM +00:00
TANZANIA REAL ESTATES INVESTMENT OPPORTUNITIES
In the second half of 1999, the newly constituted Residential Tenancies Bond Authority’s statistics came on stream. These provided – for the first time in Victoria – virtually a full set of rental statistics, as tenants and landlords are required by Victorian government regulation to pay a bond to the above authority on signing a tenancy agree-ment. The 1999 figures for this study were compiled by striking an average of ‘The Age’ figures for the first half of the calendar year and the tenancy authority’s figures for the latter part of the year. The other data input used was the ‘risk free’ interest rate referred to in...
8/30/2018 1:44:44 AM +00:00
Investment Courses at the Wharton School
Turning to the growth in rentals for three bedroom houses, using a comparable 1975 urban aggregate index of 100, the following rent index table indicates that rentals have only grown at 74 percent of the indexed growth in housing prices (overall index growth of 580 for rentals, compared with 786 for prices). However, the rental growth was uneven across regions: the inner urban LGAs of Prahran and South Melbourne showed a growth in their respective rental indices of 1028 and 1013, clearly ahead of growth in their price indices of 494 and 942. The entire inner urban region showed an indexed growth in rentals...
8/30/2018 1:44:44 AM +00:00
Responsible Investment policy for Real Estate (RIRE)
On behalf of its clients, PGGM Investments manages several real estate investment portfolios structured around listed real estate and private real estate. PGGM Investments recognizes the impact real estate has on the environment as well as on societal systems, for instance with regard to CO2 emissions. This document addresses PGGM Investments’ policy on integrating material environmental, social and governance (ESG) issues into our real estate investments. The scope of this policy covers both the listed and the private real estate portfolios. There are differences between the two types of portfolio in terms...
8/30/2018 1:44:44 AM +00:00
Real Estate Investment Trusts Structure, Performance and Investment Opportunities
There are many underutilized and vacant urban lots throughout the world, which are held by private investors who are interested in maximizing their wealth by land development. Three approaches are commonly used for property and land valuation (Appraisal Institute, 2001; Baum and Crosby, 1988; Isaac, 2002). The first is the cost approach, which estimates the property by summing the land value and the depreciated value of any improvements. The second is the sales comparison approach which compares the characteristics of a subject property with those of comparable properties sold in similar transactions. This kind of method is a...
8/30/2018 1:44:44 AM +00:00
Top Canadian Investment Cities 2010-2015
The above three approaches are used for the valuation of land as a site for the construction of a particular building at the current time. Which approach is more applicable is problem-specific. For example, in a situation where the purchase of real estate is for investment, the income approach seems more suitable, whereas for individual use, the sales comparison approach is more acceptable. Another way for the valuation of land is to consider a vacant piece of land as a potential site for development in the future so that it is viewed as an option for purchasing one of...
8/30/2018 1:44:44 AM +00:00
Luxembourg Real Estate Investment Vehicles
The inherent uncertainty in property prices are traditionally characterized by probability distributions (Ratcliff, 1972 and Squirell, 1985). However, the lack of precise information on properties often poses a problem. As mentioned by Bagnoli and Smith (1998), appraisers use a great deal of judgment to identify the characteristics (attributes) of properties that relate to property prices. Additionally, they usually have to consider qualitative characteristics, such as structural quality, architectural attractiveness and location convenience. In order to express the inherent imprecision in the ways that people think and make decisions about the pricing of real estate, they propose a fuzzy...
8/30/2018 1:44:44 AM +00:00