Plan and market mismatch: Urban redevelopment in Beijing during a period of transition

Abstract: With the emergence of the real estate market since 1990, the operation Beijing's economy has led to a re‐shaping of its inner city. By reviewing the Old and Dilapidated Housing Redevelopment (ODHR) programme in Beijing in the 1990s, this paper seeks to uncover the forces that led to the prevailing large‐scale urban redevelopment which induced serious environmental and socio‐economic problems. By analysing conflicts between major stakeholders of the ODHR programme, the paper finds that the root cause of these problems was embedded in the ‘mismatch of plan and market’ by which local officials and local developers utilised their privileges inherited from a planned economy to benefit from the emerging real estate markets. As a result, the hidden agenda of local elites was facilitated during the urban redevelopment process.     

城乡统一的不动产拆迁与征收制度构建研究

为了解决当前中国在城市房屋拆迁征收与农村土地征收中的制度与政策差异导致在不动产征收过程中出现的一系列问题。运用伦理学和法理学的系统分析方法,对中国城乡分割的不动产拆迁与征收相关法律进行了研究。结果表明：（1）当前中国不动产拆迁与征收制度主要存在集体土地所有权主体弱化、城乡土地用益物权征收与补偿标准不一致、征收公共目的性依据不足、补偿标准理论依据欠缺、征收补偿程序缺乏司法救济等问题;（2）现行中国财产权法律保障体系为城乡统一的不动产拆迁与征收制度构建提供了坚实的产权法理基础、补偿标准同一化基础与现实基础;（3）通过不动产物权权能构成与性质完善、不动产拆迁与征收程序等法律规范和补偿评估标准的改革。建立城乡统一的不动产拆迁与征收制度,可以充分有效的保障被征收人的核心利益,从制度上解决土地征收与房屋拆迁中的激烈矛盾和现实问题。     

The Influence of Interest RateReduction on the Real Estates

The fluctuation of interest rate may affect the market of real estate.In Oct. l997,the central bank declared the interest rate reduction.This will promote the investment in the field of real estate,on the other hand,the developers' interest burden will be reduced as well.Thus,the cost of building will be declined and its price also will fall.At present,if we want to stir the real estate market,the overstocked buildings must be sold .The decline of interest rate makes the goal possible to reach.     

The Real Option Method of Real Estate Exploitation Evaluation

Real estate exploitations have high risk and its exploitation environment is quite uncertain. The traditional investment value methods, such as the net present value and discount cash flow methods, usually undervalue the real estate value. In this paper the real option pricing theories and methods are applied to discuss real estate investment value under uncertainty. This method provides a new approach for real estate items.     

Research on Calculating Method of Capitalization Rate in Real Estate Appraisal

In order to formalize China's real estate appraisal, an examination and registration system for real estate appraisers has been put into practice. China Institute of Real Estate Appraisers has edited a series of textbooks for this purpose and the standard rules and specifications for real estate appraisal are available. During reading the text book as well as the rules and specifications, the author found that there are some mistakes and uncertainty in the formula of overall capitalization rate. Because of its sensitivity to the value of real estate, it is extremely important to use correct overall capitalization rate. Based on the information collected, the author has systematically analyzed the overall capitalization rate formula, and clearly defined the concept involved. In this paper, it is expected to provide some insight into the improvement of real estate appraisal theory in China and offer some valuable reference for real estate practice.     

Application of Residential Environmental Adaptability to Environmental Influence Assessment of Real Estate Project

In this paper, the Environment Influence Assessment (EIA) characteristics of real estate are analyzed and the application of residential environmental adaptability to the EIA of real estate is mentioned.The assessment index system of residential environmental adaptability and the method of assessment are submitted, which can be used to guide the EIA of real estate in order to create a suitable residential environment and improve the living standard.     

Cost Management of Real Estate Development

After China's entry into WTO, some well-rounded foreign real estate agencies and home financial company have entered into China's real estate market. Encountered with gradually matured market, the real estate enterprises pay more attention to the issue of how to preserve the biggest profit space. In this paper, the cost management will be investigated deeply and related measures will be put forward. This paper follows the principle of standing out the emphasis and exploring deeply the essential problem. With the theory-coupled-examples method, the fundamentality of cost management in decision-making and programming design stage is studied. The object system method is used to evaluate the quality of the decision-making and using compound engineering designing principle to manage the cost. The results prove that the decision-making as well as programming design stage is the key of cost management, which should be taken seriously by China's real estate enterprises.     

Mechanism and Regional Characteristics of Economy Bubble in Real Estate Industry of China

In this paper starting with characteristics of real estate industy,the mechanism of fonmation of the real estate economy bubble is explained with real cases,and the regional characteristics are interpreted through analyzing the average sale price of commodity house in cities as Beijing,Tianjin,Shanghai and Hainan province and the whole country from 1987 to 2001.In the end of the paper,the author concluded that the regional characteristics of real estate economy bubble are decided by such characteristics as non-fluidity of the product,diversity,venture capital and market region.So the government should not only inspect and manage macroscopically the economy bubble but also control the regional economy bubble,which will ensure the steady development of the whole industry and prevent the systematic influence on the macro economy resulting from bursting of the regional economy bubble.     

Theory On Internal Control In The Real Estate Enterprise

Whether the international economic and financial environment pressure or domestic economy grows dynamical inadequacy suggests that the economy may enter a downward cycle in 2012. Policy is still the most important factor which will determine the trend of the real estate market. In the face of tighter monetary environment, limiting the purchase, credit limit, limit and strict regulation of real estate and the rapid growth of the low-income housing supply, housing price quantity fall into a downward trend, market situation is complex and severe. Strengthening the construction of internal control in the real estate enterprise is effective means to manage enterprise strictly, innovate in management, improve management efficiency ,prevent various risks, achieve business objectives and goals .Through the internal control principle in the real estate and the necessity of analysis , the paper presents the main control measures in the real estate development process.     

High Tech in the Deep South: Biomedical Firm Clusters inMetropolitan Atlanta

The relation between biomedical firms and their metropolitan region location in Atlanta, Georgia is examined as an empirical test of both innovative milieu agglomeration theory and place specific strategies for life science companies in the Deep South. This sectoral analysis utilizes questionnaires and targeted interviews to highlight the economic development role of real estate in suburban employment and residence sites (SEARS) and the intra-metropolitan directional migration of firms. Clustering of related industries is fostered by a shortage of appropriately configured laboratory and office space at the intermediate stage of the business growth cycle, encouraging information sharing and cooperative behavior via proximity by necessity. Lack of a key networking individual or mediating organization critically retards development of this potential growth engine.     

Method for Analyzing the Value of Stocks of Listed Real Estate Companies

The new listed real estate companies will greatly influence the real estate stocks in Shenzhen and Shanghai Stock Exchanges. Based on this special background, this paper established an operable model by comprehensively applying the Grey Theory, DEA Appraisement and its sequence arrangement method to compare various values of real estate stocks.     

A Study on the Phases Division of Real Estate Project Life Cycle in China

Recently,many large and medium-sized real estate companies in China have attempted to construct a standard project management system regarding project culture,organization and value chain,to enhance their ability of integrating resources and effectively delivering projects.An appropriate definition of project phases is the base of standard management for these enterprises.According to the existed literature and the observation of some real estate companies,a Six-Phase(SP) approach is presented.The method standardizes real estate project in China by dividing a project life cycle into six phases.A case study shows that the six phases correspond appropriately with those suggested by the departments of four real estate companies.An industry survey by means of questionnaire has also been conducted.The respondents,most of which are the CEOs from 50 real estate companies in China,agreed that this approach is reasonable and acceptable.     

Real Estate Administration by Internet

The government plays an important role in modern economic life. The administration by Internet is ranked first among the IT highway's five application areas. The author of this paper introduced the status of China's real estate administration by Internet, analyzed the problems existed and constructed a framework of real estate administration by Internet, which will facilitate China's real estate administration and modernization.     

Technological Change and Environmental Policy: The Diffusion of Environmental Technology

As concern for environmental protection is growing within all sectors of society, industrial firms are being forced to become more accountable for their actions. Government policies, in the form of environmental standards, have been designed to reduce the level of toxic pollutants being discharged by firms. In order to comply with these standards, firms must either change the nature of their production processes or employ technologies that reduce the level of effluent being discharged. This paper investigates the role of environmental policy in driving firms to adopt pollution control technologies. The policy addressed is the Province of Ontario's Municipal Industrial Strategy for Abatement (MISA) which seeks to compel firms to reduce discharges of industrial effluent through the application of the “Best Available Technology Economically Achievable.” The impact of this policy instrument on the adoption of pollution control technology in the Ontario organic chemical industry is examined. The analysis is based on interviews with firms in the chemical industry which reveal that environmental policy has played a central role in inducing firms to adopt pollution control technologies. The paper draws on literature about technology diffusion, especially the relationship between suppliers and users of technology, and examines the process through which environmental technology is transferred to regulated firms. The relationship between the suppliers and users of technology is strong, especially between the large multinational users and smaller independent domestic technology suppliers.     

Direct and Interactive Effects of Brokerage Roles on Innovation in Clustered Firms

Social network analysis has generated a great number of research findings in the organizational and management literature, in which the so‐called territorial clusters have often been represented through the network metaphor. However, while scholars primarily examine the network structure and the internal heterogeneity, we have specifically analyzed the diverse types or roles of informational brokers which firms can perform. We also posit that innovation generated by these firms is moderated by their own capabilities and, more particularly, we analyze how innovation is affected by brokerage roles and the moderating effect of R&D in the Spanish ceramic tile cluster. Our results show that different brokerage roles played by clustered firms have different implications in terms of innovation. Another relevant and related result refers to the interactive effect of brokerage roles and absorptive capacity, which becomes more or less significant depending on the role being played in each case.     

Dilemma and Choice: Consideration of the Real- estate Guaranty Company in China

With the implementation of the policy for house monetarization,the real-estate guaranty company develops quickly in our country.However,there exist many problems as it is a newly emerged thing in financial system of real estate.The problems are as follows: the estate security company is defined as a medium agency in legislature,which does not conform to its feature as financial business;the local restrictions will cause the decrease of credit,weakness in risk-taking capacity and supervision of the company.Such predicament hinders the development of the guaranty company seriously.In order to resolve these problems, the crucial way is to clarify the status of the guaranty company as a non-bank financial institution,and to set up a national guaranty company to offer official security to the people of low income and enhance internal and external supervision.Only through these steps can we realize the functions of the guaranty company for real estate and give full play of its potential function.     

The E‐economy and the Rise of Technocapitalism: Networks,Firms, and Transportation

ABSTRACT The e‐economy is part of a larger phenomenon, technocapitalism, that is transforming business organizations and the ways in which they transact, produce, and ship their goods. Technocapitalism is an evolution of market capitalism that is rooted in technological innovation and supported by such intangibles as creativity and knowledge. This paper considers first the main characteristics of networks that support the e‐economy and its source phenomenon, the emergence of technocapitalism. Networks are thought to be the main vehicle through which the e‐economy spreads, and they have major effects on the organization of business firms. The culture of technocapitalism, with its emphasis on continuous innovation and rapid adjustment, is largely behind the rising importance of networks. A second section then considers the deconstruction of business firms and its relation to networks, the e‐economy, and the rise of technocapitalism. A historical perspective is provided to show the contrast with previous eras. The deconstruction of business organizations involves a major transformation of the norms and ways in which firms are run and structured. Finally, the likely implications for transportation and shipping of the rise of the e‐economy, its networks, and the deconstruction of firms are discussed. The logistics, pricing, and infrastructure of shipping are likely to be substantially affected by the spread of the e‐economy, its networks, and the deconstruction of firms.     

Valuing Project With Strategic Options with the Real Options Approch

The traditional method used often is net present value method(NPV)for valuing project. NPV is useful in many cases, but it doesn't get to the heart of how intimately linked capital allocation is to long term corporate strategy. In general,past investment projects generate future as well as current opportunities-an important consideration that NPV rarely takes into account. This paper presents an advanced valuation techniques-the real options approach that remedies some of the deficiencies inherent in traditional NPV. The main emphasis will be on techniques that emphasize the role that the adoption of projects plays in the overall long term strategy of a corporation. Because in reality the future markets have the great uncertainty that produces risky or opportunity with project so as to change the value of project. This will have an effect on decision making. The real options approach recognize that financial market information can be useful for determining the expected cash flows of a project as well as the appropriate discount rate and can thus provide more accurate estimates of value. Base on this, how to use the real options approach is introduced. The role that the real options approach played in valuing the project with abandonment or defer or extend etc. strategic options is described with examples.     

Model of Real Estate Portfolio Investment Based on the Least Risk

The high-speed development demands new real estate investment theory. Using the experiences of the Western developed countries for reference in property investment and modern portfolio investment theory, the paper introduces the conception of systematic and unsystematic risk with the centre of risk and profit. Consequently, the model of real estate base on least risk and anticipated profit is studied in the discussion of its concerned hypothesis and determining the concerned parameters. With living example analysis, we reach the conclusion that portfolio investment risk is smaller than single investment if the investor adjusts the tactics of portfolio investment.     

The Fuzzy Synthetic Evaluation of the Risks of Commercial Banks

After China accedes to the World Trade Organization, the marketing environment for the enterprise of real estate development will change. In accordance with the change and according to basic principles of marketing, the new ideas regarding marketing innovation for the enterprise of real estate development have been put forward in this paper.