房产

维修资金管理办法实施：业主凭卡可查询账户收支情况；北京公积金管理若干规定3月1日实施细 则4月将出台；年涨幅约6％ 国务院发展研究中心预测：2006全国房价还会上涨；深发展首推房贷双周供；2006年将增加廉租房土地供应 不再审批别墅类用地；上海采用《家庭居室装饰装修施工合同》示范文本。[编者按]     

房产

34％ 上半年全国房地产开发面积增加 7月20日，国家统计局发布的最新数据显示，6月份，“国房景气指数”为102．93，比5月份上升1．06点，比去年同月上升0．85点。上半年，全国房地产企业完成土地开发面积10973万平方米，同比增长34％。     

房产

银行保险联合推出房贷险新举措；北京二环内土地受限；广州商品房进入系统必须销售；6710套深圳推出经济适用房平抑过高房价     

房产

南卢湾滨江CBD“叫板”陆家嘴 作为浦西园区内所占腹地最大的卢湾滨江区域,将成为卢湾未来发展最重要的增长极。卢湾区已投入170亿元巨资,在1．95平方公里范围内,打造一个滨水活动丰富、生态环境优良,现代服务业与居住功能并重发展的城市综合区——卢湾南部滨江生态商务区。     

房产

北京 前7个月商品期房现房销售面积持续双降,北京 7月新开楼盘均价12156元／平方米,北京 合作建房新进展：私募基金2亿元作拿地首笔款,上海 调高公积金贷款上限至50万元,深圳 商品房价涨幅领先 银行叫停二手房贷款.[编者按]     

不动产统一登记中房产测绘问题及处理研究

伴随着我国经济的高速发展,人民群众物质生活水平得到了全面提升,房地产行业的发展进程,也得益于经济的发展而被全面推动。在不动产统一登记政策的指导下,人们越发关注房地产行业的发展进程,但是在对不动产统一登记的过程中,经常会出现测绘问题。因此本文主要从房产测绘着手,明确具体的测绘内容,随之提出相应问题,最终阐述具体的优化方案...     

房产——两岸三地宜居房产评选

《黄帝内经》有言：“宅者，人之本，人因宅而立，宅因人得。存，人宅相扶，感通天地。”可见，中国人有着深厚的宅文化，重视居所。而在2073年，哪些楼盘才是符合当下审美意识，最适宜居住的楼盘？     

房产转让巧避税

个人转让住房，涉及营业税，个人所有税，土地增值税，印花税等税种。从2005年开始，个人转让住房的税收政策一次比一次严厉，但国家还是规定有一定的税收优惠政策。售房者要尽量利用有关税收优惠政策，节约缴税成本。     

房产

北京：房屋权属初始登记实行网上申请；上海：实行二手房经纪、交易双备案；西安：申购经济适用房须公示；杭州：《城市房屋使用安全管理条例》出台；大连：取消住宅交易不合理收费；[编者按]     

Estate房产

禁止中介吃差价；北京出台经济适用住宅设计标准；北京市地税局重申二手房土地增值税；北京新建经济适用房将由政府回购；南京《业主临时公约》明确业主权利义务；温州全国首个个人合作建房项目破冰。     

Optimal Real Estate Portfolios

In recent years, increasing attention has been paid the problem of analyzing, evaluating and selecting real estate investments within the context of a portfolio. Most approaches simply attempt to adapt existing theory and models from the well-developed literature of securities investments. Most adaptations or extensions to real estate are not without serious problems, however, because of several fundamental difficulties relating to optimization technology inadequacies and a general lack of reliable and consistent market data.
This article deals with the major problems of utilizing some of the classic securities investment models for real estate. Further, a risk-return model is advanced which overcomes most of the fundamental problems outlined earlier in the article.     

Commercial Real Estate Returns

In the commercial real estate market, which is perceived to be relatively inefficient, investors have comparative advantages; hence there are significant costs to diversification. This paper presents for the first time a series of market (or quasi-market) returns for a large data base. This data base is believed to be the most complete commercial real estate data base yet constructed. The paper empirically evaluates the benefits of diversification along various dimensions within the commercial real estate opportunity set. The analysis confirms certain aspects of prior work concerning inflation protection and diversification opportunities while concluding that even investment grade real estate investments are heterogeneous assets.     

房地产投资风险管理

对房地产投资开发过程中所存在的各种风险进行了分析,运用数学和概率统计的知识,分析了衡量房地产投资风险大小的几种方法,并提出了针对各种潜在风险的规避与控制措施。     

Measuring Residential Real Estate Liquidity

There are many factors, other than price alone, that may affect the liquidity of real estate. This study develops a liquidity measure based on the Cox proportional hazard technique, a statistical model widely used in the epidemiologic and social sciences. The odds ratio, along with an estimate of market value for a home, are used to construct a liquidity measure. This measure can extract from the data a rich statistical profile of the variables that affect liquidity.     

Research on Real Estate Investment

AREUEA is pleased to acknowledge the financial support of the National Council of Real Estate Investment Fiduciaries (NCREIF) whose members are listed on the preceding page. We also thank Mike Miles for his role in maintaining an excellent relationship between NCREIF and AREUEA over the years. Finally, the editors acknowledge the continuing financial support of their colleges at The Ohio State University and of the Homer Hoyt Institute.     

The Real Estate Pricing Puzzle

The state-of-the-art with respect to pricing real estate is similar to that with respect to pricing securities just prior to the development of the CAPM. Reading the entrails of real estate markets, however, has proven a formidable task, and the problem is not limited to inadequate data. Perhaps the most important lesson to date is that available pricing models are not up to the task.     

Real Estate Returns and Inflation

The ability of assets to protect an investor from purchasing power risk due to inflation has received a good deal of attention in the literature recently. The focus of much of this research has been on the properties of common stocks as inflation hedges. Bodie [1976] finds that the real return on equity is negatively related to both anticipated and unanticipated inflation; a similar result is obtained by Fama and Schwert [1977] . Bernard and Frecka [1983] examine individual common stock returns and find that the majority exhibit this negative relationship. This paper uses similar logic to examine the ability of a well-diversified portfolio of real estate to hedge against anticipated and unanticipated inflation.