房地产经纪业信息共享制度的形成路径研究

对美国房地产经纪行业的经济史进行考察,通过对其经纪人制度、经纪市场运行机制的转变、多重上市服务系统的建立以及政府监管和行业自律并行的行业管理模式的分析和阐述,识别出房地产经纪行业信息共享制度的形成路径。同时指出我国房地产经纪行业还处于信息非共享的发展阶段,就其影响因素进行分析,并结合美国信息共享制度的形成路径,提出我国信息共享制度的实现依赖于不断完善的经纪运行体制、统一的会员管理制度和严格有效的行业管理,需要依靠政府监管部门的强制性力量和行业协会的共同努力来完成。     

关于房地产经纪机构代理房屋租赁须委托银行收、付租金的暂行办法

一、为保护房屋出租人、承租人的合法权益,根据《城市房地产中介服务管理规定》、《城市房屋租赁管理办法》制定本暂行办法。二、凡在本市范围内从事房屋租赁代理业务的房地产经纪机构及房屋出租人、承租人均应当遵守本办法。房屋租赁代理是指房地产经纪机构接受房屋出租人委托,代理出租房屋并在出租人授权范围内与承租人签订房屋租赁合同的经营活动。三、房地产经纪机构从事房屋租赁代理业务必须通过指定银行代收、代付租金。向房地产经纪机构、房屋出租人及承租人提供租金代收、代付服务的银行由北京市国土资源和房屋管理局(以下简称市国…     

信息共享——房地产经纪业发展的必然趋势

房地产经纪服务作为房地产中介服务中最重要的组成部分之一,主要是利用各种信息,通过一定的组织形式,利用房地产经纪人所拥有的各种专业知识及其特有的活动方式和方法,为房地产交易中的各类服务主体提供各种服务。房地产经纪服务的性质决定了该行业对信息资源的高度依赖,信息是房地产经纪服务企业赖以生存和发展的基础。因此,房地产经纪服务所需信息的来源以及传播渠道是否通畅,可靠性是否稳定以及能否有效利用,直接决定了房地产经纪企业生产效率的高低,决定了企业竞争力的大小,更决定了在网络技术日益发展的今天,房地产经纪服务企业以及行业能否经受住各种挑战,保持健康稳定的发展。     

二手房经纪市场博弈及其效率分析

与二手房直接交易市场相比，二手房经纪市场由于房地产经纪的参与有效降低了买卖双方的交易成本，是一种更为有效的交易市场。一些房地产经纪利用二手房经纪市场中存在的信息不对称，从最大化自身利益的角度出发，采用欺诈手段欺骗消费者，赚取不法利润。通过一个动态的三阶段博弈模型，描述了房地产经纪与消费者之间的博弈策略，指出房地产经纪的失信行为降低了二手房经纪市场的需求，导致二手房经纪市场处于低效运行的状态，并提出了有效遏制房地产经纪失信行为的对策。     

面对市场考验 中介行业出路何在?

上海二手房市场,在中央和上海一系列楼市新政调控下,风云突变,中介经纪创业面临前所未有的市场考验。自4月份以来,三个月内上海二手房中介经纪门店关闭1500多家,据5家著名大公司调查,3月份佣金为6592万元,4月份为2591万元,5月份为1827万元,6月份为1966万元,分别为上个月的39.31%,70.51%、107.61%。今年6月,上海二手房指数比5月下跌,月环比为-0.2%,是上海多年业首次下跌。整个二手房市场处于浓重的观望气氛中,并呈有价无市局面。楼市新政出台以来,市场上的投资尤其是短期投资需求日渐减少,供自住需求在观望中调整预期。几年来,上海二手房市场持续快速发展,据上海工商2004年5月31日资料,上海房地产经纪机构共有10859户(包括分支机构),占全市纪纪机构的96.1%;上海房地产经纪人27480人,占全市经纪人的90.1%,房地产经纪人已成为上海经纪人队伍的主体,占绝对多数。多年来,由于对中介经纪机构的经纪人管理和管理的滞后与脱节,造成目前法规不能全、行为不规范、自律不到位,管理没跟上,百姓信任度低。上海市房地产经纪行业协会,为鼓励房地产经纪企业做大做强做优,培育品牌企业,促进房地产经纪企业的调     

《房地产经纪管理办法》出台

近日，住房和城乡建设部、国家发展和改革委员会、入力资源和社会保障部联合出台了《房地产经纪管理办法》，这是我国第一个专门规范房地产经纪行为的部门规章。《办法》将于2011年4月1日实施。     

美国房地产经纪市场运行效率综述

房地产经纪市场的运行效率是房地产市场发展水平的重要标志,也是衡量其是否成熟的主要标准,研究房地产经纪市场的运行效率具有重要的意义。由于目前对我国房地产经纪市场运行效率的研究基本上处于空白,借鉴美国房地产经纪市场运行效率的研究成果,可以为开展我国房地产经纪市场运行效率的研究提供指导。     

评《房地产经纪业规范化管理研究》

近年来我国房地产经纪方面的纠纷日益增多，出现了一些亟待解决的突出问题，不仅严重影响了房地产经纪行业的形象，而且严重损害了消费者的合法权益，破坏了房地产市场的正常交易秩序，进而在一定程度上影响了房地产业的健康稳定发展，使如何有效规范管理房地产经纪业，维护房地产交易安全成为社会普遍关注的热点问题。     

《百家房地产中介机构承诺提供“放心中介”联合宣言》说明

一、总说明 1、本宣言共有8条承诺内容,自2000年7月1日起生效。 2、房地产中介机构是指提供房地产咨询、房地产价格评估、房地产经纪等房地产中介服务的机构。 3、本宣言内容一经发布,所有承诺的房地产中介机构必须严格遵守承诺内容。 4、已承诺房地产中介机构,     

房地产经纪的历史与未来

房地产经纪行业古已有之,是一个古老的传统行业,改革开放之前的一段时期内,国家实行了房地产公有化,禁止房地产买卖活动,房地产经纪活动也随之     

基于主成分分析的我国房地产业周期波动研究

运用主成分分析法构造房地产业景气综合指标（主成分）,第一主成分贡献率为0．96829,说明它保留了原始变量96．829％的信息,在房地产业周期波动分析中就可以把其他主成分舍弃。第一主成分与原始变量的相关系数p称为因子负荷量为0．70632,表明第一主成分反映了商品房销售额指标70．632％的信息。选择商品房销售额指标作为代表,来研究房地产业周期变动的特征和规律性是可行的。运用时间序列加法模型和乘法模型分析了我国房地产业周期波动的特征和规律性,我国房地产业循环波动的周期为12-13年。     

房地产投资的量度

根据天津市多年来房地产供求关系的有关资料，将最小二乘法和马尔可夫(Markov)预测法相结合，对天津市(城区)的房地产需求趋势进行了预测，并根据预测结果对未来的房地产需求情况进行了分析，经验证用这种数学模型预测出的结果与事实相符。     

Errors in Variables, Links between Variables and Recovery of Volatility Information in Appraisal-Based Real Estate Return Indexes

The present article proposes a multivariate approach to unsmoothing appraisal-based real estate return indexes to recover the true market volatility information in real estate returns. It scrutinizes the role played by errors in variables, in conjunction with an analysis of other economic activities relevant to real estate returns, to exploit the functional relationship and the mechanism of interactions between real estate returns and these economic activities. Appraisal smoothing can therefore be detected and corrected properly and efficiently, without presuming a weakly efficient real estate market. The approach is then applied to U.K. real estate indexes as empirical examples. The results suggest a reasonable volatility in U.K. real estate investment that is close to reality. It is found that the volatility of the true market return on real estate is 1.5404–1.9282 times that of the return on the appraisal-based indexes, in contrast to figures of 2.4862–5.8720 produced by the fully unsmoothing procedure.     

Estimating Returns on Commercial Real Estate: A New Methodology Using Latent-Variable Models

Despite their widespreao use as benchmarks of U.S. commercial real estate returns, indexes produced by the National Council of Real Estate Investment Fiduciaries (NCREIF) are subject to measurement problems that severely impair their ability to capture the true risk–return characteristics–especially volatility–of privately held commercial real estate. We utilize latent-variable statistical methods to estimate an alternative index of privately held (unsecuritized) commercial real estate returns. Latent-variable methods have been extensively applied in the behavioral sciences and, more recently, in finance and economics. Unlike factor analysis or other unconditional statistical approaches, latent variable models allow us to extract interpretable common information about unobserved private real estate returns using the information contained in various competing measures of returns that are measured with error. We find that our latent-variable real estate return series is approximately twice as volatile as the aggregate NCREIF total return index, but less than half as volatile as the NAREIT equity index. Overall, our results strongly support the use of latent-variable statistical models in the construction of return series for commercial real estate.     

Information and communication technology in the real estate industry: productivity,industry structure and market efficiency

This survey of changes in the real estate industry due to information and communication technology (ICT) covers three areas: (a) A brief survey of ICT applications in the property industry, (b) speculation about implications for market structure and productivity within the real estate industry, and (c) comments on the wider macroeconomic implications of these changes. Improvements in information and productivity may lead to important long-run changes in business processes and industry structure tending to favour larger firms and promoting specialization of functions. Changing the information structure of real estate decision systems could change system dynamics and improve allocative efficiency. On the other hand, under different institutional arrangements, better information could increase the amplitude of real estate cycles and destabilize economies.     

房地产需求的分析与预测

房地产是一种稀缺资源、重要的生产要素和生活必需品，根据我国1996～2003年的房地产需求量及其影响因素的数量、房地产的需求结构，建立数学模型，分析和预测2005～2007年的房地产需求总量及其结构，并提出几点建议。     

The Effects of the Real Estate Crisis on Institutional Stock Prices

This article investigates the contagious movement of financial institutions' common stock prices in response to real estate news. The basic hypothesis is that because real estate assets are traded infrequently, the market has incomplete information about their true value. The stock price reaction by banks, thrifts and insurance companies to announcements of poorly performing real estate portfolios is studied. Consistent with the hypothesis, significantly negative reactions obtain, both within and across industries, to these announcements. Reflecting the differential regulatory environment and disclosure policies, insurance companies, in general, react more strongly to adverse real estate news. Also, the price reaction of an individual firm is significantly associated with the level of its real estate exposure.     

What Does the Stock Market Tell Us About Real Estate Returns?

This paper analyzes the risks and returns of different types of real estate-related firms traded on the New York and American stock exchanges (NYSE and AMEX). We examine the relation between real estate stock portfolio returns and returns on a standard appraisal-based index, and find that lagged values of traded real estate portfolio returns can predict returns on the appraisal-based index after controlling for persistence in the appraisal series. The stock market reflects information about real estate markets that is later imbedded in infrequent property appraisals. Additional analysis suggests that the differences in the return and risk characteristics across different types of traded real estate firms can be explained in part by appealing to real estate market fundamentals relating to the degree of dependence of the real estate firm upon rental cash flows from existing buildings. These findings highlight the heterogeneity of securitized real estate-related firms.     

Market Efficiency and Return Statistics: Evidence from Real Estate and Stock Markets Using a Present-Value Approach

This paper develops a methodology to identify asset price response to news in the framework of the Campbell–Shiller log-linear present-value equation. We further show that a slow price adjustment in real estate markets not only induces a high serial autocorrelation in excess returns, but also dampens the return volatility and the correlation with excess returns in other asset markets. Using Hong Kong real estate and stock market data, we find that the quarterly real estate price assimilates only about half the effect of market news, whereas the quarterly stock price incorporates the news fully. Our analysis identifies a cumulative price adjustment that recovers lost information in real estate returns due to market inefficiency and thereby restores the real estate return volatility and the correlation between real estate and stock markets.     

Resource Combination and Security Price Reactions: The Case of Real Estate Joint Ventures

Joint ventures are a commonplace occurrence in the U.S. economy. In particular, firms undertaking real estate projects frequently use the joint venture as a method of combining resources. This paper examines security price reactions around real estate joint venture announcements. The evidence indicates that significant increases in the values of the participating firms occur within a two-day announcement period. The changes in values appear to be due principally to the amount of information about the local real estate market possessed by the participating firms, and an information signal about the potential financial viability of the proposed project conveyed by the presence of anchor tenants. While the results are important in their own right, they are also significant in another respect. They seem to confirm the efficiency with which the capital market processes information about the markets for trading real estate claims.