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A DECISION SUPPORT SYSTEM FOR REAL ESTATE INVESTMENT CHOICE

The GCC region is a small but important part of the global economy. Its 2007 real GDP was around US$810 billion, accounting for just 2.1% of the global total 12 . Despite the relatively small size of their economies and populations13 , the rate of GDP growth in GCC countries reached 6.4% in 2007, which is similar to the Asia Pacific average (5% to 6%). Its growth rate exceeded the averages for Latin America, Europe, the OECD and the Middle East. In terms of GDP per capita, Qatar, the UAE, and Kuwait rank among the highest...

8/30/2018 1:44:44 AM +00:00

THE NEW REAL ESTATE INVESTMENT TRUSTS IN MALAYSIA: LESSONS FROM LISTED PROPERTY TRUSTS

The success of MIPIM Asia’s sixth edition last year confi rmed the dynamism of the Asian property market and the fact that the show is now the international event for major real estate companies operating within the region or seeking to work internationally with Asia Pacifi c players. The emerging presence of retailers refl ected Asia Pacifi c’s potential for retail expansions and the attractiveness of retail real estate. Within that framework, this 2012 MIPIM Asia edition offers a new positioning, with the launch of a Retail Summit, a quality programme which aims at bringing together a vast range of...

8/30/2018 1:44:44 AM +00:00

INVESTMENT & RETAIL SUMMITS: SPONSORS & PARTNERS

A study from 1979-1989 indicated that REITs performance is positively affected by the flow of information in the market. The demand for such information is largely attributable to institutional investors monitoring their investments (Chan, et al, 2003). Overall, institutional investor involvement in REITs market is essential and the lukewarm response from institutional investors may have contributed to the slow development of the Malaysian LPT market. Why are institutional investors not interested in investing in Malaysian LPT market? What then are the desirable investment conditions for them to be actively involved in...

8/30/2018 1:44:44 AM +00:00

Investment Companies & Financial Institutions at MIPIM 2012

The population under study is the pool of publicly listed institutional investor corporations in Malaysia (i.e. investors). There are 57 investors in total and all were contacted to request for a personal interview with senior fund managers whom were able to represent the overall view of the investors. Out of 57 potential respondents, only 21 agreed to be interviewed for this study. The types of participating investors are as shown in Figure 1 below. The overall feedback from the remaining 36 investors that declined to be interviewed is that they do not invest...

8/30/2018 1:44:44 AM +00:00

New On The Horizon: Revenue Recognition For Real Estate Investment And Development

The investors issue various types of funds and more than 60% of investment focuses are in Islamic, Bond/ Income, Equities and Aggressive/ Growth. The investors’ overall perception towards LPTs and investment strategies on LPTs are shown in Table 1 below. 85% of investors (18 respondents) have neutral perception of LPTs, out of which 52% may consider but 33% of investors will not invest in LPTs in future. Only 5% of investors have previously invested in LPT but is not seeking for further investment. In summary, the study tends to agree with Shun (2004) that...

8/30/2018 1:44:44 AM +00:00

Quick and Simple Ways a Real Estate Investment Will Earn More for Self Directed IRA Owners

Before the implementation of 2005 REITs guidelines, LPTs are required to be subsidiaries of financial institutions and the investors think this hinders LPTs from acquiring prime, high-yielding properties. Investors feel the existing real estate assets of LPTs are not attractive, causing low transaction volume and resulted in the lowered liquidity level of LPTs market. Overall, most investors want an average daily transaction volume of at least 250,000 units as evidence of liquidity in the REITs market. In response, REIT corporations intend to inject their prime and more renowned properties into the...

8/30/2018 1:44:44 AM +00:00

Understanding Shariah Investment

The development of the LPT market is slower compared to overseas REITs. For example, while Malaysia launched its first LPT in 1989, REITs in Japan (introduced in 2000) now amount to 12 listed JREITs with approximately US$11 billion market capitalization (European Public Real Estate Association, 2004). Investors rationalize that small market capitalization, coupled with stringent gearing limit prevent LPTs from acquiring more lucrative prime properties and most investors feel that market capitalization of at least RM500 million per fund is more suitable in the Malaysian context. Some empirical evidence shows that...

8/30/2018 1:44:44 AM +00:00

Taxation of Real Estate Investment Trusts

Investors mentioned that better tax treatment for REITs in Malaysia (tax exemption at both fund and investor levels) will enhance overall return, although the new tax-exemption at fund level is found to be encouraging. REIT corporations advised that their properties injected into REITs are carefully selected, high yielding properties in prime location. This study found that as all REIT corporations intend to hold 20 – 30% equity in their REITs, it is in their primary interest that their REITs continue to grow and provide attractive returns. In fact, one REIT corporation intends to wait until their...

8/30/2018 1:44:44 AM +00:00

Real Estate Investment Analysis

Indian legislation covers patents, copyrights, trademarks, geographical indicators and industrial designs. The Patent Act 1970 has been amended several times to meet India’s commitments to the WTO, such as increasing the term of a patent to 20 years. Trademarks can be registered under the Trade Marks Act, 1999, which provides for registration of trademark for services in addition to goods, simplifies procedures, increases the registration period to 10 years and provides a six-month grace period for the payment of renewal fees. Copyrights are protected on published and unpublished literary, dramatic, musical, artistic and film works under the Copyright Act...

8/30/2018 1:44:44 AM +00:00

Stimulating Nigeria's Emerging Real Estate Markets: Investment Opportunities Through The Public Sector

India is a signatory to the Paris Convention for the Protection of Industrial Property and the Patent Co-operation Treaty, and it extends reciprocal property arrangements to all countries party to the convention. The convention makes India eligible for the Trademark Law Treaty and the Madrid Agreement on Trademarks. The country also participates in the Bern Convention on Copyrights, the Washington Treaty on Layout of Integrated Circuits, the Budapest Treaty on Deposit of Micro-organisms and the Lisbon Treaty on Geographical Indicators. As a member of the WTO, India enacted the Geographical Indications of Goods (Registration & Protection) Act (1999). ...

8/30/2018 1:44:44 AM +00:00

Working Paper Series: on the real effects of private equity investment

The RBI formulates implements and monitors the monetary policy. It is responsible for regulating non-banking financial services companies, which operate like banks but are otherwise not permitted to carry on the business of banking. The banking sector in India is broadly represented by public sector banks (where the government owns a majority shareholding and includes the State Bank of India and its subsidiaries); private sector banks; foreign banks operating in India through their branches/wholly owned subsidiaries; and regional rural bank and co-operative banks, which usually are regional. The RBI has released draft guidelines for the licensing of new banks...

8/30/2018 1:44:44 AM +00:00

UK Real Estate Investment Trusts: a discussion paper

Many foreign companies use a combination of exporting, licensing and direct investment in India. India permits 100% foreign equity in most industries. Units setting up in special economic zones (SEZs), operating in electronic hardware or software technology parks or operating as 100% export-oriented units also may be fully foreign-owned. Nevertheless, the government has set sector-specific caps on foreign equity in certain industries, such as basic and cellular telecommunications services, banking, civil aviation and retail trading. Foreign direct investment is made through two routes: automatic approval and government approval: Automatic Route: Foreign investors or an Indian company do not need...

8/30/2018 1:44:44 AM +00:00

The Determinints Of International Commercial Real Estate Investments

The principal forms of doing business in India are the limited liability company (public company or private company); limited liability partnership (LLP); partnership firm; association of persons; representative office, branch office, project office or site office of a foreign company; and trust. Foreign investors may adopt any recognized form of business enterprise. The limited liability company is the most widely used and the most suitable form for a foreign direct investor. Joint ventures also are popular. The formation, management and dissolution of limited liability companies is governed by the Companies Act 1956 (Companies Act), which is administered by the...

8/30/2018 1:44:44 AM +00:00

Planning for Real Estate Investment in Turkey

A foreign company can commence operations in India by incorporating a company under the Companies Act as a subsidiary (including a wholly owned subsidiary) or as a joint venture company. Private or public companies are formed by first obtaining name availability approval, followed by registering the memorandum and articles of association and prescribed forms with the Registrar of Companies (ROC) in the state in which the registered office is to be located. If the documents are in order, the ROC will issue a certificate of incorporation. The filing for company formation is made in electronic form. A private company can...

8/30/2018 1:44:44 AM +00:00

GUIDELINES ON THE REAL ESTATE INVESTMENT TRUSTS

A public company is a company that is not a private company. A public company may offer its shares to the general public and no limit is placed on the number of members. A private company that is a subsidiary of a company that is not a private company is also a public company. However, the status of a private subsidiary with more than one shareholder, where one is a foreign corporate body (holding company) and the other shareholder is not, depends on the status of its holding company. A “section 25” company is a company formed for the purpose...

8/30/2018 1:44:44 AM +00:00

REPUBLIC OF TURKEY PRIME MINISTRY: Investment Support and Promotion Agency of Turkey

Securities can be held in electronic (dematerialized) form through the depository mode. In the case of a public/rights issue of securities of listed companies, the company must give investors an option to receive the securities in physical or electronic form. For shares held in dematerialized form, no stamp duty is payable on a transfer of the shares. Shares of unlisted public company or private company also may be held in dematerialized form. Members, shareholders. An individual or legal entity, whether Indian or foreign, may be a shareholder of a company. A public company should have at least seven members;...

8/30/2018 1:44:44 AM +00:00

THE WALKABILITY PREMIUM IN COMMERCIAL REAL ESTATE INVESTMENTS

General meeting. An Annual General Meeting (AGM) of shareholders must be held at least once in a calendar year and the time between two AGMs should not exceed 15 months (extendable up to three months with approval, except for first AGM). A company may hold its first AGM within 18 months from the date of incorporation and, in such a case, it will not be necessary to hold an AGM in the year of incorporation or the following year. Among the business to be addressed at an AGM is approval by the shareholders of the audited financial statements for the...

8/30/2018 1:44:44 AM +00:00

Strategies For Getting Started In Real Estate

A quorum is establ ished when five members in a public company (two in the case of a private company), or more, according to a company’s articles, are present at a meeting. If a quorum is not present, then subject to the provisions of the articles of association, the meeting is adjourned until the following week, at which time all members present, regardless of number, constitute a quorum. There are two kinds of resolutions: ordinary and special. An ordinary resolution may be passed by a simple majority of members present in person or represented by proxy. Special resolutions require at...

8/30/2018 1:44:44 AM +00:00

The Yale Endowment 2010

Unless a poll is demanded by the chairman of the general meeting or by the specified number of shareholders or by the shareholders holding specified shares, the voting at a general meeting is done through a show of hands. Each shareholder has one vote. In the case of a poll, voting rights of a member are in proportion to his share of the paid-up equity capital. Preference shareholders have the right to vote only on matters that directly affect the rights attached to preference shares. Preference shareholders have the same rights to voting as equity shareholders if the dividend has...

8/30/2018 1:44:44 AM +00:00

STARHILL REAL ESTATE INVESTMENT TRUST

In addition to establishing a wholly owned subsidiary (or setting up a joint venture in India), a foreign company may establish its presence in India by setting up a liaison office, representative office, project or site office or branch. However, a branch of a foreign company attracts a higher rate of tax than a subsidiary or joint venture company. A l iaison off ice (also known as representative off ice) acts as a communication channel between the head office abroad and parties in India. It cannot carry on commercial activities in India and cannot earn income in India. The...

8/30/2018 1:44:44 AM +00:00

Real Estate 2011/2012: A prime European investment market

Eligibility criteria for setting up a branch or liaison office center on the track record and net worth of the foreign head office. For a branch, the head office must have a profit-making track record in its home country during the immediately preceding five financial years (three years for a liaison office). The net worth of the foreign head office cannot be less than USD 100,000 or its equivalent to establish a branch (USD 50,000 or its equivalent to establish a liaison office). Net worth for these purposes is the paid-up share capital (+) free reserves (-) intangible assets (computed...

8/30/2018 1:44:44 AM +00:00

Investment Guide Real Estate

Mergers and acquisitions are generally governed by the Companies Act, 1956 and sector- specific law, such as insurance, pension, banking law, etc. The provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, Listing Agreements with the stock exchange, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, SEBI (Prohibition of Insider Trading Regulations) 1992 must be complied with in the case of listed companies. If a merger has cross-border aspects/nonresident shareholder/investor, the parties must comply with the foreign direct investment policy of the government and Foreign Exchange Management Act, 1999. Indian companies are permitted to acquire businesses/companies abroad if...

8/30/2018 1:44:44 AM +00:00

IMPACT OF MINING SECTOR INVESTMENT IN GHANA: A STUDY OF THE TARKWA MINING REGION

Where an acquisition exceeds the specified threshold or there is a change in control of a listed company, the acquirer must provide an exit opportunity to the shareholders through a timely public offer with appropriate disclosures. In certain acquisitions, such as an inter se transfer of shares between the promoter, Indian promoter and foreign collaborator, pursuant to a scheme of arrangement/amalgamation, no open offer is required, subject to disclosures being made. The government can order the amalgamation of two or more companies if this is in the public interest. The Board for Industrial and Financial Reconstruction can issue an order...

8/30/2018 1:44:44 AM +00:00

Taxation and Investment in India 2012: Reach, relevance and reliability

India’s markets are monopolized in only a few areas reserved for the public sector, such as postal services, defense, atomic energy and railways. The government is considering gradual private participation in areas reserved for exclusive state ownership. Monopolies are rare in activities open to the private sector. The Competition Act, 2002 prohibits anti-competitive agreements, including the formation of cartels and the sharing of territories, restrictions of production and supply, collusive bidding and bid rigging and predatory pricing. The following practices are considered objectionable if they lead to a restriction of competition: tie-in arrangements that require the purchase of some goods...

8/30/2018 1:44:44 AM +00:00

Private Real Estate Investment

This book is designed as a supplementary text for upper division under- graduate and graduate real estate investment courses. The CD-ROM included with the book contains spreadsheets for data analysis tailored specifically to real estate settings. The major thrust is to bridge the gap between theory and practice by showing the student how to implement his real estate education in the real world. The study of real estate follows long traditions grounded in Urban Economics and Finance. There is, however an inherent conflict between the twin realities that the finance market is efficient and the real estate market is not. Practitioners in the real world know, or at least...

8/30/2018 1:44:44 AM +00:00

Introduction to Real Estate Investment Trusts

Companies are required to prepare their financial statements each year as per the provisions of the Companies Act and have them audited by a practicing Chartered Accountant or a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India. The Companies Act permits companies to choose their financial year end. The audited financial statements must be approved by the shareholders in an annual meeting of the shareholders, which should be convened by the company normally within six months from the end of the financial year. All companies are required to file their audited financial statements with the...

8/30/2018 1:44:44 AM +00:00

Alternative Investment Opportunities In Real Estate For Individual Investors

As this is a general edition of The SAR Activity Review, readers will note that the articles cover a wide range of topics. However, to the extent that there is a unifying theme, we feature several articles that aim to address some issues raised during the outreach initiative to depository institutions with assets under $5 billion that the Financial Crimes Enforcement Network (FinCEN) is continuing to conduct this year. The Trends & Analysis section begins with an in-depth look by FinCEN’s Office of Regulatory Analysis (ORA) at SARs filed by firms in the securities and futures industries on suspicious activity...

8/30/2018 1:44:44 AM +00:00

Compare and contrast: Worldwide Real Estate Investment Trust (REIT) Regimes

Several of the success stories highlighted in the Law Enforcement Cases section are groundbreaking cases in the use of charging and in successful convictions. Of particular note, we discuss a conviction on structuring charges where there was no allegation that the funds were illegally derived. In Issues & Guidance, we present an article on the value of BSA data that provides material that BSA Compliance Officers may consider adapting for use when addressing their Boards of Directors. We also spotlight the 314(b) information sharing program in our continued efforts to promote its use by industry. This article complements...

8/30/2018 1:44:44 AM +00:00

Investment Policy for Real Estate Norway Ministry of Finance

Businesses can use this information to identify trends in fraud and money laundering that may affect their revenue, their customers, or their reputations. Compliance professionals are necessarily familiar with the rules, advisories, and analytical reports that FinCEN regularly produces, but can the same be said for a financial institution’s managers and board members? As part of our outreach initiatives, FinCEN staff and I have visited many financial institutions of all sizes representing several different business lines subject to BSA/AML regulations. I have come to further understand the challenges many face in getting the appropriate resources and management...

8/30/2018 1:44:44 AM +00:00

Is There a Disposition Effect in Corporate Investment Decisions? Evidence from Real Estate Investment Trusts ∗

In this issue, we present a number of interesting articles that hew closely to that theme. Our analysis has uncovered important information concerning commercial real estate investment vehicles and how they may be misused for criminal gain. Also, we have looked into burgeoning trends in debt relief scams that may affect your business and your customers. The SARs that have been filed concerning those activities, while they report local activity, have national import and serve to protect your business from losses and your customers from predation. ...

8/30/2018 1:44:44 AM +00:00