上海房地产代理行业的“出身”和“变脸”

随着上海房地产业的发展,房地产代理已成为一个引人注目的行业。目前,仅在上海房地产经纪协会注册登记的房地产代理企业就有150多家,而那些没有登记在册的房地产代理公司更不在少数。这些房地产代理公司的“出身”千差万别。另外,市场经过长期发展,这些房地产代理公司从业务到组织结构上也出现了一些“变脸”。     

承诺销售“放心房”、提供“放心中介”联合宣言发起单位

承诺销售“放心房”联合宣言房地产开发企业名单(共310家)北京市(16家)北京城市开发集团有限责任公司北京天鸿宝业房地产股份有限公司北京新中实经济发展有限责任公司北京北辰房地产开发股份有限公司北京市兴隆房地产开发公司北京市海淀区房地产经营开发总公司北京市丰台区城市建设综合开发公司北京安地房地产开发有限责任公司北京万通实业股份有限公司北京市西城城建开发公司北京市世源城市建设综合开发公司北京市崇文区城市建设开发公司北京高校房地产开发总公司北京中鸿天房地产有限公司名流投资有限公司北京顺天通房地产开发有限公司重庆南方集团有限公司重庆市裕佳房地产开发有限公司重庆华宇物业(集团)有限公司重庆市职工住宅合作建设发展有限公司内蒙古自治区(8家)呼和浩特市仁和房地产开发有限公司内蒙古赤城房地产开发公司内蒙古众志房地产开发有限责任公司包头市安厦房地产开发有限公司包头市城区改造房地产开发总公司赤峰奥翔城市建设综合开发有限责任公司赤峰市建业房地产开发公司通辽希望(集团)房地产开发有限公司秦皇岛电力公司房地产开发公司秦皇岛市金和房地产开发有限公司秦皇岛市海洋置业有限公司秦皇岛广顺房地产开发有限公司邢台市凰家房地产开发有限公司衡水世纪房...     

福州房市“胃口”之透析

房市“胃口”即指房地产市场的有效需求。房地产生产、流通和分配、消费的目的,都是为了满足有效需求。有效需求在房地产市场的供求经济活动中处于决定性地位。研究房地产发展,研究房地产市场的供求关系,首先应当研究房地产市场的有效需求。     

浅谈房地产“前营销”

前营销是房地产开发的龙头。1995年以来,全国各城市房地产闲置率一直在30—40%之间徘徊,现实压力使广大房地产企业认识到房地产竞争很激烈,粗放型经营已经行不通了。房地产企业要想在日益激烈的市场竞争中占有一席之地,必须了解市场,熟知市场,实施“重心前移”的市场定位.实施前营销战略更成为诸多房地产开发企业打造自己品牌的势在必行之事。     

激活“永恒的产业”在政策

上海市房产经济学会会长、东方房地产学院院长桑荣林日前在上海召开的“开放、搞活房地产二、三级市场改革与实务研讨班”上就“培育房地产市场若干理论问题思考”发表了自己的观点。 一、永恒的产业 实行房地产二、三级市场联动,是全面启动住宅市场的必要举措。桑会长说,房地产与住宅是个从属概念。房地产包括了住宅与非住宅。住宅是一个品种,     

开发商遭遇“拐点”绑架?

房地产开发企业去年大规模拿地的风光持续不多久,到今年,巨量土地储备已经成为房地产企业资金周转环节上最大的风险因素。有业内人士统计,由于土地大量囤积恰逢资金面紧缩,今年房地产行业总资金缺口高达1万亿元以上。庞大的资金缺口将让众多房地产企业招架不住,甚至倒闭。     

房贷证券化“破冰”前行

“房地产金融的多元化”不是个新课题了,但是资金对于房地产业的重要性决定了这个话题的持续“高温”。中国人民银行研究局日前完成的一份研究报告认为,我国应当大力发展多元化的房地产金融市场,形成具有多种金融资产和金融工具的房地产二级金融市场,以分散银行信贷风险。目前,我国房地产金融可说是银行信贷“一统天下”,根据经验,这是危险的,也是不正常的。在成熟规范的市场中,房地产开发和经营的融资不仅应有债权融资和股权融资两种基本形式,在一级市场以外,还应存在着发达的证券化二级市场。在这个二级市场上,各种房地产金融工具同时存在,包括投资基金、信托证券、指数化证券等等。本期专题特编发一组相关文章,意在与各位读者共同探讨。     

物业税“远水不解近渴”

物业税的设立和开征,是"重持有,轻交易"的体现,这对提高房地产资源的利用效率无疑有积极意义,但是,试图通过提高房地产资源的利用效率进而达到调节房价的目的,这即便能够实现也将是一个长期的过程。     

“畅谈”房价

房地产价格的形成是一个复杂的博弈机制，主要的博弈参与者是地方政府、开发商、商业银行、中央银行和购买者，而房地产泡沫的产生则完全是政府行为造成的。     

数百家开发企业和中介机构作出承诺 销售“放心房”、提供“放心中介”

全国“百家房地产开发企业、百家房地产中介机构承诺销售‘放心房’、提供‘放心中介’联合宣言大会”日前在北京人民大会堂隆重举行。 这次活动由大连万达集团等308家房地产开发企业、上海房屋置换股份有限公司等165家房地产中介机构发起,国家建设部、中国消费者协会、经济日报社主办、     

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。     

中国房地产市场金融创新研究

从我国房地产金融市场现状和房地产市场良性发展要求的角度出发,分析了我国房地产市场金融创新的方向、必要性与发展路径,以期为我国房地产资金要素市场的充分竞争和整个房地产市场良性的发展提供理论支持。     

房地产市场广义虚拟财富效应测度研究

中国居民的财富特征与发达国家居民的财富特征明显不同,这是由于我国房地产市场发展程度、金融市场自由化程度、住房自有率的高低、房地产市场的投机程度以及人们对待房地产财富的观念等方面的差异所导致。本文基于广义虚拟经济的视角,利用我国30个大中城市1998—2009年的季度数据,建立房地产财富效应测度模型,对广义虚拟经济条件下房地产财富效应进行了实证检验。计算结果表明:我国30个大中城市的广义虚拟房地产财富效应表现形式存在明显个体差异,大部分城市的房地产财富效应为负,30个城市的总体房地产财富效应也为负,且系数较小不显著。这表明我国近年来房价持续上涨对居民消费产生了一定的挤出效果和抑制作用,但从全国总体来看这种挤出和抑制作用并不明显。     

The Markets for Real Estate Assets and Space: A Conceptual Framework

In this study, we present a simple analytic framework that divides the real estate market into two markets: the market for real estate space and the market for real estate assets. After describing the size and character of flows and stocks in the U.S. real estate market, we use our framework to demonstrate the important connections between the space and asset markets. We illustrate how these real estate markets are affected by the nation's macroeconomy and financial markets, tracing out the impacts resulting from various exogenous shocks on rents, asset prices, construction and the stock of real estate.     

楼市低迷背景下政府“救市”的原因分析

2008年以来,一向只涨不跌、成交旺盛的中国楼市出现了一些引人关注的变化。在房地产市场下滑迹象的刺激下,一些地方政府悄然推出“暖市”优惠政策。文章通过对地方政府在房地产市场中的行为分析,探讨了地方政府出手“救市”的行为根源。     

论房产税改革对房地产市场的调控效应

房地产业是我国的新兴产业,但目前的房地产市场呈现出市场失灵现象。基于房地产市场本身所固有的特性,文章认为,通过对房产税的改革,可以有效地调控房地产市场,为房地产市场持续、健康、有序、均衡地发展创造良好的环境。     

Correlation Dynamics and Determinants in International Securitized Real Estate Markets

We find the correlation movements among eight developed securitized real estate markets and among their stock markets are quite synchronized over the period from 1995 through 2012. There is a high degree of correlation dependence with many of the realized correlation series subject to regime switching. Moreover, international correlations of public property returns could be significantly explained by five real estate variables that include global real estate securities market volatility, co‐existence of real estate investment trust (REIT) influence, underlying direct real estate return performance differential, real estate securities volatility differential and real estate securities market size differential after controlling for macroeconomic influence and stock market effect. The importance of the control and real estate variables in explaining the return correlations varies across the economies examined.     

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.     

An Approach to Industrial Real Estate Market Segmentation and Valuation Using the Arbitrage Pricing Paradigm

This paper investigates whether a segmented market exists for industrial real estate with respect to risk and return characteristics. Given the existence of industrial market segmentation, the next issue examined is whether a submarket perspective or an integrated real estate market orientation provides better rate of return estimates for individual industrial properties using an Arbitrage Pricing Theory (APT) framework. The results support the existence of regional markets for industrial real estate. A submarket orientation rather than an integrated perspective is also found more appropriate in predicting returns on industrial real estate.     

Heterogeneous Investor Sentiment and Institutional Real Estate Investments

Commercial real estate investors differ in their sentiment due to factors such as market expertise, investment strategies and expectations about future market conditions. Focusing on the office market, we investigate whether investors with a multiasset investment focus such as pension funds or insurance companies rely on the sentiment of specialized real estate investors such as public REITs or private developers/owners as source of information in their investment decision‐making. Using disaggregated sentiment measures and vector autoregression (VAR) we find evidence that changes in REIT and private real estate investor sentiment lead to changes in institutional investor sentiment in the suburban office and office REIT market. Our findings suggest that institutional investors rely on the sentiment of specialized real estate investors to make real estate investment decisions. Our study contributes to the existing literature on sentiment in commercial real estate markets by emphasizing the heterogeneity of investor sentiment and introducing a disaggregated sentiment measure. We also contribute to the institutional herding literature.