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.     

Liquidity Risk Management of the Open-end Securities Investment Fund

The main object of this paper is to research the liquidity risk management of the open-end securities investment fund in line with the real position of China's securities market and investment regulation of the open-end securities investment fund.So the paper concentrates on discussing the redemption forecasting methods,stock liquidity assessment system,portfolio selection in line with the redemption forecast,and financing from the other institution,which are the main parts of liquidity risk management of the open-end securities investment fund.     

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.     

Environmental Legislation,Real Estate Appraisal and Investment in the UK

This paper considers the behavior of actors in real estate markets in the face of environmental uncertainty. Environmental legislation has increased in scale and scope with obvious implications for property markets. Developers, investors, occupiers, and lenders may all be affected by changing environmental standards. Any factor that creates valuation uncertainty will have major impacts. Blighted sites and properties will be shunned, while existing real estate portfolios will be adversely affected. A survey of UK property practitioners on their attitudes to environmental hazard reveals that firms seem pessimistic as to their ability to quantify and model the economic and investment implications of environmental risk. There are concerns here for the wider economy and for the business community through supply-side constraints and suboptimal location. There are implications, too, for local and regional regeneration strategies as whole areas may be blighted by potential contamination. There may be mispricing and arbitrage opportunities in relation to such assets that can be exploited through first mover advantage by firms willing and able to develop effective risk-sensitive appraisal models.     

Preliminary Analysis of Application of CRM in the Real Estate Enterprise

Customer Relationship Managment is a kind of new-type management mechanisms that aims at improving the relation between the enterprise and customer and increasing the customer's loyalty and satisfaction.This thesis begins with the connotation of CRM and explains the structure of CRM system.Then the thesis lays particular emphasis on describing CRM application in real estate enterprises under the environment of e-commerce in terms of enterprise's key competitiveness.It is pointed out that a comprehensive appraisal from multiple angles should be carried out to evaluate the CRM system.     

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.     

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.     

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.     

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.     

An Empirical Study and Forecast of the Cyclic Fluctuation of Real Estate Investment in China

As one of the key factors affecting the real estate,the development investment exerts leading influence on the real estate industry,which has become the pillar industry in the economic development of China.This paper aims to show the evolution route,the inner rule and the mechanism of the cyclic fluctuation of the real estate investment in China,and to give a reasonable short-term forecast of the investment based on the establishment of the ARIMA model,in order to contribute to a nicer performance of the industry in the future.     

Functions of Project Management Company in Real Estate Development

In this paper,the functions of project management company in real estate development are discussed, which include control procedures at different stages from the planning, designing, construction to the finished stage, the project's market orientation and sales planning and their optimization.     

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.     

Application of AHP in Commercial Real Estate Orientation

Although the commercial real estate in our country has made a great progress in these years,the vacancy rate is very high.It is not only a loss to the developer,but also a waste to the social resources.As keen competition between the commercial real estate developers is on coming,the market orientation will be decisive.The Analytic Hierarchy Process(or AHP) is a qualitative and quantitative analysis method,the application of which to the business orientation can make our item more easily to succeed.In this paper,the AHP is applied to the market orientation of an item in Shenzhen.It is hoped that this will contribute to raising the decision accuracy,by formatting pair wise comparative matrixes according to the rate of contribution the variant factors applied to the target.     

Congestion Management Analysis Based on Flow Gate Rights

In order to alleviate the congestion economically and effectually under the competitive circumstance of electricity market,an applied method of congestion management,which based on FGR(Flow Gate Rights),has been proposed.The share of line has been used to define the power plant's influence on congestion.The proportional principle has been used to compute local marginal price.Then they are both used to balance the charge of FGR.The ISO(Independent System Operator) will dispatch the system to meet the FGR holders' rights.This method is used to alleviate congestion effectually,activate power plants to take part in scheduling positively,and level off the price.An instance is used to illustrate the feasibility of this method with FGR.     

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.     

Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China

Based on the Modigliani's Life-Cycle Hypothesis of consumption,and relevant data,the paper empirically studies stock market and real estate market wealth effect in China by using the method of unit root test and cointegrating regression.The results show that,regardless of short-run effect and long-run effect,the stock market wealth has significantly negative effect on civil' consumption level,but real estate market wealth or housing market wealth has significantly positive effect on civil' consumption level.