Emerging markets in real estate investing have been an increasing
focus for institutional real estate investors worldwide. Part of
the Fabozzi series, this book is an insightful overview of
international real estate focusing on three of the BRICs: China,
India, and Brazil. The authors provide a framework for
thinking about these dynamic markets characterized by youthful
populations, extraordinary demand, capital inefficiency, and
aspiration. Also discussed are the sociopolitical issues, policy,
and entry/exit strategies. Notably, the book makes a sanguine
assessment of the risks and opportunities of alternative strategies
in each country.
Inhoudsopgave
Preface vii
Characterizing Emerging Market Real Estate x
China, India and Brazil x
Outline of the Book xvi
Note xvi
Disclaimer xvii
Acknowledgments xix
CHAPTER 1 Fundamentals of Real Estate Investment 1
Investing by Property Sector 3
Investing by Style 7
Investing by Phase 9
Asset Allocation 10
Notes 10
CHAPTER 2 Investing in International Real Estate 13
Why Invest in International Real Estate? 13
Risks in International Real Estate 22
Mitigating Country Risks 23
Notes 26
CHAPTER 3 China 27
Introduction 27
Overview of the Market Environment 29
The Real Estate Market 48
Property Sectors 56
Primary Markets 66
Secondary Markets 80
Investment Strategies 84
Notes 98
CHAPTER 4 India 101
Introduction 101
Overview of the Market Environment 102
The Real Estate Market 111
Property Sectors 115
Primary Markets 128
Secondary Markets 136
Investment Strategies 140
Notes 152
CHAPTER 5 Brazil 153
Introduction 153
Overview of the Market Environment 153
The Real Estate Market 171
Property Sectors 174
Primary Markets 200
Investment Strategies 203
Notes 209
APPENDIX A Country Risk 211
APPENDIX B Property Market Practice in China 213
Bibliography 217
About the Authors 219
Index 221
Over de auteur
DAVID J. LYNN, PHD, is an institutional real estate investor, strategist, and portfolio manager with extensive experience in national and international markets. Currently, he is Managing Director, Head of the Research and Investment Strategy Group, and Generalist Portfolio Manager at ING Clarion Partners. In this capacity, he directs the firm’s strategic and tactical investment decisions regarding investment portfolios. He is also a member of the Investment and Operating Committees, where he makes decisions on billions of dollars of new investments, portfolios, fund strategies, and dispositions. Lynn’s theoretical work has yielded new approaches and analytical techniques in the areas of active portfolio management, market forecasting, financial distress, and emerging markets. He has published widely on the subjects of real estate investment, development, economics, and land use. Lynn has written or coauthored over seventy articles, internal investment and strategy papers, and three major books, including Active Private Equity Real Estate Strategy. He writes a highly regarded column called ‘Capital Trends’ in National Real Estate Investor magazine and is frequently cited in the media for his views on the economy and the real estate industry. Lynn earned his Ph D in financial economics from the London School of Economics, where he also earned a master of science specializing in finance. He holds an MBA from MIT’s Sloan School of Management.
TIM WANG, PHD, is Senior Vice-President and Senior Investment Strategist with the Research and Investment Strategy Group at ING Clarion Partners. Dr. Wang joined ING Clarion Partners in 2006 and has authored more than fifty internal and external real estate investment strategy and market research articles and book chapters. He is a frequent speaker at industrial conferences. Tim holds an MBA from New York University and a Ph D from the University of Georgia.
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