Incentives and Performance in Real Estate Brokerage

This article has two objectives. One is to offer a theoretical model to study how the difference in commission structures affects the performance of agents at full-commission firms (e.g., RE/MAX agents) relative to other agents. The other is to provide an empirical test of the relative performance of full-commission agents. We predict that in equilibrium the selling price and the expected time it takes to sell a listing through a full-commission agent are the same as they are with a traditional agent. Our theoretical predictions are supported by our empirical results.     

Trading Intensity and Real Estate Performance

This paper investigates whether it is possible to create value through the active management of direct property portfolios. Using data from the USA, the UK and Australia, we examine whether trading intensity and portfolio growth explain the risk and return characteristics of listed property companies. The results suggest that beating the market by pursuing tactical asset selection and investment timing strategies is difficult even when acquiring and disposing of properties in illiquid private property markets. When the property type in which the firm specializes is included as a control variable in the regressions, none of the portfolio management intensity indicators developed in this paper is significantly associated with abnormal performance or systematic risk.

Alpha and Persistence in Real Estate Fund Performance

This paper investigates whether fund managers investing in the direct real estate market can systematically and persistently deliver superior risk-adjusted returns. The research that has been published has typically focused on the performance of managers trading public real estate securities. Our study draws on a unique data set of commercial real estate funds collated by the Investment Property Databank (IPD) in the United Kingdom, covering up to 280 funds over the period 1981 to 2006. The widespread finding is that very few managers appear to be able to generate excess risk-adjusted returns. Furthermore, there is little evidence of performance persistence in either fund returns or risk-adjusted fund returns.     

Corporate Real Estate and Stock Market Performance

An interesting question in corporate real estate literature is whether real estate can improve the stock market performance of property-intensive non-real estate firms. Using a data set comprising 75 non-real estate corporations that own at least 20 percent properties, this paper empirically assesses and compares the pair-wise return, total risk, systematic risk and Jensen abnormal return performance of composite (with real estate) and hypothetical business (without real estate) firms. We employed Morgan Stanley Capital International world equity index instead of a local market index to provide some insights into the performance of the local market relative to the global market during the 1997–2001 volatile periods experienced by many Asian countries. Our results suggest the inclusion of real estate in a corporate portfolio appears to be associated with lower return, higher total risk, higher systematic risk and poorer abnormal return performance. It is therefore likely that non-real estate firms own properties for other reasons in addition to seeking improvement in their stock market performance. Further research is needed to explore the main factors contributing to corporate real estate ownership by non-real estate firms.     

养老地产新生

如何以老年产业为基础,调整城市产业运营方式,转变养老事业的财政单一性投入,鼓励市场资本介入,这无疑是政府、开发商、投资者三方共同关注的焦点。     

房贷集中度管理 如何影响房地产与银行业?

过去十余年,房地产市场因上下游产业链条长,且横跨生产、消费、流通等领域,对经济增长发挥了拉动作用,但房地产资金与金融体系绑定较重,使其成为现阶段我国金融风险方面最大的"灰犀牛".2020年12月31日,央行、银保监会联合发布《关于建立银行业金融机构房地产贷款集中度管理制度的通知》,明确建立银行业金融机构房地产贷款集中度...     

烫手的"121"房贷新政

房地产泡沫有多大? 是什么样的一个文件让房地产商们急得像热锅上的蚂蚁,并试图集结起来,开始用同一个声音说话?1 21号文件其实非常明确:对手续不全、自有资金不足的房地产项目不得发放贷款;不得使用银行贷款垫资;主体封顶才能发放按揭贷款;提供投资性购房人的贷款条件.央行何以在这个时候出台了这样一个文件,使得房地产商们如坐针毡.这使得人们自然将周正毅案发与央行出台房贷新政相挂钩.上海感冒,全国吃药.对于风险的防范,使得央行痛下决心进行房贷大检查.也有媒体认为,央行在起草通知前曾做过较为周密的调研."起草者努力的成果是,这次央行的措施,最厉害的并不是其中某一条或两条,而是全面地将所有的口子都堵住了."一位业界资深人士作此评价.     

New Perspectives on Real Estate Valuation

The Journal of Real Estate Finance and Economics -     

房产税税率、房产税收入与房地产税制度设计

基于房产税税率对房产税收入影响理论,运用数理模型,依据沪渝两市自然数据,考量房产税税率变化对房产税收入的影响.结果显示:房产税税率对房产税收入具有重要影响.若提高上海市房产税税率,房产税增收效果更明显;若下调重庆市房产税税率,房产税增收效应更显著.鉴于此,未来房地产税立法改革思路:一是坚持房地产税税负不增加;二是平衡好房地产税立法与其他收费制度的关系;三是统筹税制改革的协同推进;四是兼顾房地产税的地方财政属性;五是谨慎推进.同时,应遵循税收法定原则、地方财政原则、公平原则、确实原则、渐进原则和结构性调整原则.此外,在制度设计方面,纳税人的设计要体现财产税性质,征税范围要涵盖农村,课税对象要包括存量住房,税率要体现差异性,计税依据要由市场价格评估值确定,税收优惠要兼顾免税面积和特殊人群.     

房贷新政出台引起波波涟漪

6月13日,央行正式对外颁布了 <关于进一步加强房地产信贷业务管理的通知>(简称<通知>),对房地产开发商的开发贷款、土地储备贷款、个人住房贷款、个人住房公积金贷款等7项贷款全面提高了"门槛".新政策出台后,各方都做出了不同的反映.     

房贷新政下商业银行需防范房贷业务风险

4月14日被业界普遍认为房地产领域有史以来调控力度最大的"新国十条"出台,继而北京市等地方政府也出台了调控政策.一系列房贷新政对房地产开发贷款及房屋销售做出了严格的规定,精准地打击了楼市投机,对抑制房价过快上涨起到了立竿见影的作用.银行作为房地产行业资金来源的主渠道,在严格执行国家调控政策的同时,应深刻认识当前房贷新政背景下房贷业务可能面临的风险,早做准备,采取措施,防范和化解房贷风险.     

中国房地产金融运行状况和发展展望

中国房地产金融对支持房地业快速发展起到了重要作用,但存在金融创新不足、金融风险较大等问题,需要进一步完善房地产金融市场,加快金融创新,维护金融稳定,支持房地业的健康发展。     

Commercial Real Estate Return Performance: A Cross-Country Analysis

This paper investigates the return performance of publicly traded real estate companies. The analysis spans the 1984–1999 time period and includes return data on over 600 companies in 28 countries. The return data reveal a substantial amount of variation in mean real estate returns and standard deviations across countries. Moreover, standard Treynor ratios, which scale country excess returns by the estimated beta on the world wealth portfolio, also reveal substantial variation across countries in excess real estate returns per unit of systematic risk. However, when we estimate Jensens alphas using both single and multifactor specifications, we detect little evidence of abnormal, risk-adjusted returns at the country level. We do, however, find evidence of a strong world-wide factor in international real estate returns. Furthermore, even after controlling for the effects of world-wide systematic risk, an orthogonalized country-specific factor is highly significant. This suggests that real estate securities may provide international diversification opportunities.     

Corporate Real Estate Ownership Implications: International Performance Evidence

In this paper we explore corporate real estate ownership internationally. Based on a sample of 4,636 companies from 18 industries and 9 countries we document distinct patterns and trends in the corporate ownership level of real estate. Real estate ownership appears to be driven by industrial rather than national differences, with corporate real estate ratios ranging between 0.13 for Business Services and 0.63 for the Mining sector. Overall, real estate ownership appears to be decreasing over time, which may be due to the gaining popularity of lease alternatives. When analyzing the stock performance of the companies in our sample, we discover a significantly negative relationship between real estate ownership and a firms systematic risk. Idiosyncratic risk bears no significant relationship with real estate ownership. With respect to stock returns our results show that returns are lowest among firms with the highest real estate ownership levels in each industry. After controlling for the variation in risks, the remaining return patterns differ strongly across industries, with a significantly negative relationship between stock outperformance and real estate ownership for Communications and Business Services and a positive but not significant relationship for Transportation.     

信托:房地产融资的新亮点--访北京国际信托投资有限公司总经济师时宝东

成为房地产融资新宠 <银行家>:信托投资公司在房地产融资市场起的作用越来越重要,请您谈谈我国房地产信托业发展的情况.     

解读房地产“四月新政”

四月以来房地产调控政策比较分析 自2009年12月开始的房地产调控政策没有像地产商们预期的那样由"调控"变成"空调",而是重拳频出,国务院4月17日出台的<关于坚决遏制部分城市房价过快上涨的通知>(简称"国十条")更是被称为史上最严厉的房地产调控政策,其对投资性、投机性购房的遏制力度比之前颁布的<关于促进房地产市场平稳健康发展的通知>(简称"国十一条")、<研究完善促进房地产市场健康发展政策措施>(简称"国四条")明显加大.     

Performance of Thinly Traded Assets: A Case in Real Estate

Thinly traded private assets do not fit into the traditional finance paradigm of a liquid and well‐functioning market where trading is continuous and instantaneous. Since private assets cannot be bought and sold easily, they bear liquidity risk. Classical finance theories cannot properly gauge the performance of illiquid private assets because they implicitly assume such illiquidity is trivial. This paper proposes an alternative performance metric for the illiquid private asset, which explicitly captures liquidity risk in a formal analysis. Applying the new performance metric, we are able to explain the decades‐old “real estate risk premium puzzle.”     

房价新规与欠发达地区房地产业

抑制房地产过热是本轮宏观调控的重点。为了进一步控制房价的过快上涨,5月29日,国务院批转了建设部等九部委《关于调整住房供应结构稳定住房价格的意见》(以下简称《意见》)。作者对咸宁市房地产市场的调查显示,房价新规对欠发达地区房地产市场会有积极的作用,但实施效果会受当地客观条件的影响。