Research on Relationship between the Level of Urbanization and the Growth of Real Estate Investment

The population proportion index is usually introduced to measure the level of urbanization, which is an important index to the national economy. The fast development of urbanization would inevitably cause the increase of the investment in real estate industry. Introducing the Granger Test of Causality analytical method, in this paper the relationship between the level of urbanization and the investment in real estate industry from 1986 to 2003 in China is analyzed. It reveals that both of them are on the stage of constant up - rising, and the correlation index of 0. 205 shows that the relationship between them is a mutual promoting causality.     

New Financial Tool of Real Estate - Real Estate Investment Trust

The real estate investment trust (REIT) as a new tool of real estate investment is introduced in this paper by the way of analyzing the status quo of real estate circulation funds. The importance of developing REIT in China is analyzed. Referring to the foreign experience, the basic principles, classification of REIT and the different characteristics for the investors and the real estate companies are introduced. The difficulties in developing REIT in the capital market and in the investment market in China are discussed. The countermeasures to deal with the situation are presented. REIT is valuable in forming the real estate investment market and healthy development of real estate.     

Study on Tourism Landscape Real Estate in China

Landscape real estate is a high-grade product of tourism development and real estate industry, and a new real estate development mode integrating both investment and consumption. This paper, based on analyzing concepts and characteristics of tourism landscape real estate, elaborated basic principles of landscape real estate development by taking Guosetianxiang in Chengdu City for example, and proposed suggestions for the future development of tourism landscape real estate.     

Analysis on Unbalance of Real Estate Investment Goal under the Environment of High Profit Margin

With incessant development of Chinese real estate market, the amount and size of real estate corporations are enlarging rapidly and the real estate corporation investment goal is tending to become divertive. So it is especially important to understand rightly the investment goal of the real estate corporations. This paper analyzes the unbalance phenomena of real estate corporation investment under the environment of high profit margin and discusses the serious aftereffect from this unbalance. Finally this paper brings forward the right order of investment goals for the real estate corporations in order to contribute to a nicer performance of real estate corporations in establishing sustainable development stratagem.     

Research on Operating System of Asset Backed Securitization

In recent years, with the sustained and rapid development of economy in China, the capital support is needed for the real estate industry. However, the healthy development of China's real estate was obstructed by the limitation of traditional financing ways. So the Asset-Backed Securitization (ABS) becomes a new feasible solution to this problem. In this paper, the primary conception, functions and the development of ABS overseas are introduced. Then the attention to the operating models, operating procedures and legislation environment is focused. Finally, the practical condition for application of real estate securitization in China is analyzed and relevant countermeasures are put forward.     

宁夏清水河产业带新型城镇化与房地产业耦合发展空间分析

基于新型城镇化与房地产业耦合发展为视角,建立了宁夏清水河产业带新型城镇化与房地产业发展耦合度评价指标体系,借助耦合协调度模型与耦合发展度模型,对该区10个县(区)单元的新型城镇化与房地产业发展的耦合关系进行空间分析。结果表明：① 研究区新型城镇化与房地产业整体协调度处于磨合阶段,系统之间相互作用与影响力显著,但并没有达到协调水平,协调度最高的是同心县,最低的是红寺堡区;② 新型城镇化与房地产业整体发展度处于中等水平,且空间格局差异较大,耦合发展度最高的是沙坡头区,最低的是红寺堡区;③ 依据耦合协调度与发展度的组合可将研究区新型城镇化与房地产业发展耦合关系分为4大类型：高发展协调区、高发展磨合区、中发展拮抗区、低发展拮抗区。建议在未来新型城镇化建设过程中政府应因城因地的采取差别化的房地产宏观调控政策,促进房地产业发展与新型城镇化建设的协调关系。     

Application of Flow Analysis to Risk Management of Land Investment

Combined with the development flow of real estate project,firstly a flow analysis is put forward for land investment risk identification of real estate projects,then by method of list analysis and method of expectancy computing to determine the risk level and the gain and loss of expectancy of land investment.Based on the relation and flow chart of land investment risk,the risk intensity of land investment is computed,in order to achieve an objective,effective and scientific dynamic management of land investment risk.     

A Simulative Method of Investment Decision in Real Estate Development

This paper has simulated major risk factors and estimation indexes which influence on project investment in real estate development. It confirms the scope of risk factors by reaching it's reliability, The problems are resolved in obtaining values of factors and it's probabilistic distributing;the limitation is over come in estimating the income of investment by a point-estimation.An impersonal and reliable method of investment decision is provided in real estate development, and the result is ideal in practive test.     

Investment Choice for the Tail Part of Real Estate Based on a Fuzzy Comprehensive Evaluation

As the real estate industry in P. R. China developed rapidly in recent years and the housing price constantly rose, the Tail Part of Real Estate (TPRE) became a new investment option for shrewd investors due to its huge profit possibilities. We appraise the investment values of different TPREs and provide the investor with scientific decision making support regarding the selection of TPREs. We introduce the TPRE concept and analyze the causes and factors influencing TPRE formation. We construct a mathematical fuzzy comprehensive evaluation model to analyze the investment options for TPREs. We provide an example showing how to analyze the TPRE investment choices using our method provided herein. It could be a good reference for the investors in choosing a TPRE for investment.     

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.     

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.     

Some Considerations of Macroscopic Readjustment and Control to Real Estate Development

This paper investigates the content and requests of macroscopic readjustment and control to real estate development. Four aspects of the government role during real estate investment and development: macroscopic readjustment and control, planning, coordination supervision and service were expounded.     

Analysis on Location Selection for Real Estate Development Based on Set Theory

In order to increase the early decision-making accuracy of the real estate development and lower the overall risk of real estate investment, this paper explored the locations for projects of real estate development in the aspects of theoretical methods and technical levels. The evaluation system of housing project sites was established. It constructed the set model for real estate development projects and studied the concrete operation of the model in practice with a prac- tical example with the rough set theory. The test results showed that the method can reduce impacts from the experience and subjective awareness of decision-makers and increase the accuracy of location decisions.     

Real Option Method in Real Estate Investment Decision

Through analysis of basic assumptions and limitations of the conventional real estate investment decision method, in this paper, its unconformity to the investment environment, which includes a great number of uncertain elements, is pointed out. By analyzing the real option and the price formula, the pattern of real option in real estate investment decision is put forward and this breaks through the limitations of the conventional investment decision method and makes the decision scientifically and reasonably, moreover, it has some directive significance to investment administration work of real estate corporation.     

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.     

Discussion on Problems and Countermeasures of RealEstate Management in China

The problems and their causations of real estate management in our country are analysed and four countermeasures are presented in this paper. It is hoped to advance quality and level of real estate management in our country and to promote healthy development and positive circulation of real estate industry.     

Influence of Real Estate Mortgage Reform on the Chongqing Real Estate Enterprises and Countermeasures

In this paper, primarily, the real estate mortgage reform by the Central Bank of China is introduced. The influence of the reform on Chongqing Real estate enterprises by analyzing the problems existed in real estate development in Chongqing is expounded. To decrease the influence, the developer and the government should make efforts together. For the developers, they can find more ways to finance the projects, optimize the products supply system and strengthen the risk-resisting abilities. For the government, it should find all the ways to create a suitable external environment for the real estate market.     

Development And Countermeasure of Timeshare Estate

In this paper the concept and active impaction on economy of timeshare were introduced. According to supply, demand and basic condition, developing timeshare estate were provided with basic condition in China. Analyzing the history of timeshare we can get the conclusion that it was unused real estate to startup the timeshare and so the development of timeshare in China have partly active effect. At last, in this paper the policy risk, consumption anticipation risk, lack of demand risk, product design risk, market orientation risk, system management risk, competition risk, internationalization risk, and market impression risk were analyzed except the market risk, business risk and polity risk and so on which were the common risks of real estate. And the countermeasure and measure how to promoting the development of timeshare estate were put forward.     

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.     

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.