潘石屹对地产走势的逻辑推论——我为什么提出百日剧变

其实这个变化不是像地震一样突然发生的,它实际上已积累了一段时间。具体表现出这样三个现象。首先,从全国来看,根据国家统计局的数据,2007年中国房地产行业的销售额比2006年增长了44%,达到了2.9万亿元。这个规模已经是非常大了。第二就是2007年房地产的价格,尤其是在下半年,全中国的房地产价格上涨速度都非常快,而且越是偏远的三线城市涨幅越大,有的城市的价格甚至翻了一番,就像脱僵的野马似的。     

潘石屹在博鳌

在博鳌亚洲论坛上,我发现,潘石屹依然是一个“农村孩子”,真诚,爽直,当然还包括搞笑。他有着成为天下人之朋友的朴素梦想     

潘石屹神话背后的煤老板

在这个地产市场寒风呼啸的冬天里，潘石屹可能是所有房产商中最“衣食无忧”的一个。因为仅在一天中，“三里屯soho”就为他创下了“进账41亿元”的最高记录。     

潘石屹 养精蓄锐中?

敏感的记者一定能发现SOHO中国董事长潘石屹明显减少了与财经类媒体的接触。就连半年业绩报告仅仅只是发布了一段6分钟的视频,用这样的方式简单的总结了SOHO中国宣布"由售转租"后一年的表现。潘石屹在视频中表示,SOHO的转型"成功了"。     

本钢地产 责任地产

"安得广厦千万间,大庇天下寒士俱欢颜,风雨不动安如山?"当诗圣杜甫满怀忧国爱民之情,吟诵出这首千古名篇时,这只是他根本无法实现的美好梦想。如今,在各级党委、政府的高度关爱下,随着一片片棚户房被拆除,一幢幢新楼房拔地而起,在山城本溪,这一梦想和期待正在变成美好的现实。一个"广厦千万间,百姓俱欢颜"的新本溪,     

潘石屹：让理想照进市场

企业生产理想客户跟企业的关系就像钥匙跟锁的关系,一把钥匙开一把锁。跟我们的价值观、审美情趣比较相同的人,一看我们的产品就会受到吸引,就会成为我们的顾客。所以我对我们销售员的要求是：只需把产品介绍清楚就可以了,不需要过多用力推销。我们和客户,其实就是物以类聚,共同欣赏某种文化、某种品味、某个理想。     

潘石屹称2011年是房价的分水岭

SOHO中国有限公司董事长潘石屹表示,“2011年是一个分水岭,2011年之前房价是市场说了算,2011年之后是政府说了算。”     

潘石屹验证“百日巨变”

今年3月底,也就是两个多月前,潘石屹抛出"地产百日巨变"论,引起业界哗然。而现在,潘石屹开始验证他所说的"巨变"了。SOHO中国近日出价55亿元收购了北京中心城区一地产项目,这也是SOHO中国自去年10月在香港进行首次公开募股并筹集到16.5亿美元后进行的第三宗大手笔收购。去年11月,SOHO中国以24.4亿元的价格收购了北京华远地产的两个位于北京CBD区域内的项目。SOHO中国的版图扩张一刻也没停歇过,而且正是快马加鞭的好时候。     

月度地产

人物汪光焘:住房建设规划要考虑中低收入家庭生活成本在5月20日举行的同济大学百年校庆活动上,建设部部长汪光焘表示,住房建设规划要考虑中低收入家庭生活成本。我国已进入多数家庭通过市场购买和租     

月度地产

徐绍史:从三个方面实现节约集约用地6月22日至24日,国土资源部部长徐绍史在河北调研期间指出,如何既严格保护耕地     

The Economics of Maintenance for Real Estate Investments

We propose a theory of urban decay. Following a negative real estate demand shock, property managers optimally suspend maintenance and the probability that they ever restart can be modest. Because maintenance expenditures are proportionately less risky than are the incremental building profits they generate, managers impose a more demanding profit standard on maintenance than on the initial investment. This differential in profit standards means that rather than maintain existing investments, property managers favor new investments, which, if marginally acceptable, they also leave unmaintained. Contractually required maintenance ( e.g ., for publicly subsidized real estate investments), increases the minimum profit for the initial investment acceptance and discourages subsidized real estate investments in favor of unsubsidized investments. However, the required profit for acceptance of a permanently maintained investment is below the profit boundary for maintenance if maintenance is not contractually required. Consequently, the subsidy that induces the investment is least expensive if maintenance is not required, more expensive if maintenance is permanently required and most expensive if maintenance is induced immediately after initial construction but thereafter is at the discretion of the manager. All of our findings are strongest for poorer quality properties.     

American Real Estate and Urban Economics a Canadian Perspective

AREUEA membership spans both the United States and Canada and there is a tendency to homogenize real estate and urban economics into a "North American" cauldron. However, Canadian and American real estate markets, and the cities within which they operate, differ in fundamental ways. If we are to develop appropriate means for analyzing real estate and financial markets in these two countries it is imperative that we understand the underlying differences between American and Canadian cities. This paper sets out in summary form some of the differences that have been identified to date, differences that relate not only to the cities in the two nations, but to the broader cultural and institutional underpinnings as well.     

Evolution of the American Real Estate and Urban Economics Association1

This article summarizes the 45‐year history of the American Real Estate and Urban Economics Association (AREUEA). It describes how AREUEA was created in the mid‐1960s by a few academics interested in promoting real estate research. It tracks the Association's growth into a highly respected international association of real estate academics and researchers employed by industry and governments. The article also examines the activities of its members: officers elected, awards presented, conferences organized and scholars' contributions to its main academic publication—Real Estate Economics. The article identifies the most prolific contributors to the Journal (located both in the United States and internationally) and the impact that the Journal's publications have had on real estate research. Finally, we describe how real estate research interests have changed over time.     

房产

城市别墅全享价值,五期临河珍藏火热公开 距离徐家汇仅约20分钟车程的银都名墅,以近7成的土地面积建造江南园林景观。是一座城市中的森林公园。银都名墅专门挑选30年以上的成年桦树.种植在中国居住文化里象徵阖家兴旺的竹林。     

租购并举政策背景下青年群体房屋租购意愿及行为经济学解读

结合租购并举政策的政策背景,对青年群体进行了大范围的抽样调查,分析了青年群体的租赁与购买意愿,以及其影响因素,并利用行为经济学原理,分析了其消费倾向背后的心理动机,最后对租购并举政策的落地实施提出了政策建议。     

Riskiness of Real Estate Development: A Perspective from Urban Economics and Option Value Theory

In this article, we define a new construct for urban economic and investment analysis, which revisits the conventional wisdom that investment in real estate development is riskier than investment in stabilized property assets. This new construct, referred as a “development asset value index” (DAVI), is a value index for newly developed properties (only) in a given geographical property market. It tracks longitudinal changes in the highest and best use (HBU) value of locations, and it reveals developer and landowner behavior taking advantage of the optionality inherent in land ownership. In particular, the DAVI reflects developers' use of flexibility in the exercise of the call option to (re)develop the property to any legal use and density. We empirically estimate a DAVI for commercial property (i.e., central locations) and compare it with a corresponding traditional transaction‐price‐based property asset price index (PAPI) corrected for depreciation. We believe that the difference primarily reflects the realized value of flexibility in land development. We find that the DAVIs display greater value growth and are smoother over time and less cyclical than their corresponding PAPIs for the same locations. This suggests that developers successfully use flexibility, and that development may be riskier than stabilized property investment due primarily only to leverage effects (construction costs). Practical implications are also discussed.     

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.