- Researcher get to know situation surrounding the company to be invested
- Background investigation will help to refine the research iproblems
- Analysis competitor, potential investment opportunities, property market and industry in general
- Obtaining information about investment and business
situation analysis
- Research get to know situation surround the company
- analysis competitor, potential investment opportunity, property market and industry in general
- Obtaining information about investment and business
- Background information will help to refine researcher problem
situation analsysis
- Reserarcher to get know the information surround theproeprty to be invested
- Background investigation help to refine the researcher problem.
- Analyze competitor, potential investment opportunity, property market and industry in general
Situation analysis
- Reseracher to get know the situation surrdoungi the property to be invested
- Background investigation help to refine the researcher problem
- Analayze competitor, potential investment opportunity, property market and industry in general
- obtaining information about the investment and business
situation analysis
- obtaining infromation about the investment and business
- Reseracher to get know the situation surrounding to the properties
- Background investigation help to refine the researcher problem
- analysze competitor, potential investment opportunity, property market and industry in general
Survey method
- Conduct in person, telephone or mail
- Gathering data by interviewing people
- Advantage of direct get the infromation from people interested
Have several limitaiton
- Respondent are sometime refuse to answer, and some may not ge the true answer
- Can be expensive and time consuming
- Error in constructing quationaire and interview process
survey method
- conduct by person, telephone or mail
- gethering data by interview
- advantage of direct get the information from people intrested
have several limitation
- respondent sometime refuse to answer, and some cannot ge tthe true answer
- Error in constructing questionaire and interview process
- can be expensive and time consuming
survey method
- Conduct by person, tleephone or mail
- Gathering data by interviewing person
- Have advantage of direct get the information from people who are interested
Have several limitation
- can be expensive and time consuming
- Error in constructing questionaire and interview process
- Sometimes respondent may refuse to answer and some cannot give the true answer
Face to face interview
- More flexible as probe to get more deeply answer from respondent
- Interview person may have problem or interview bias
- more information can be obtained
- advantage of able to use various stimuli .
- Rising cost and time consuming with door to door interview
- Interview style, appearance, style of asking, body language may influence the respondent answer .
-
Face to face interview
- More flexible as intereview proble more deeply answer
- More information can be obtained
- Advantage of able to use various stimuli
- Rising cost and time consuming associated with the door to door interview
- Personal interview may face limitation problem such as interview bias.
- Interview appearance, style in asking, body language all may infuence the respondent answer
face to face interview
- Advantage of probe to get more deeply answer
- More information can be ogtained
- advantage of can use various stimuli
- personal interview may face problem such as interview bias.
- can be expensive and time consuming associated with the door to door interview
- Interview apperance , style in asking, body language may influence respondent answer
Mail Survey
- Sending questionaire to potential investor
- Problem is the compilation of the mailing list
- Answer problem is realibility of information
- Usually get low respondent rate
- Internet survey can done qucikly than other method
- Primary advantage is flexibility of a multimedia environment.
Mail Survey
- Sending questionaire to potential investor
- This survey is not hampered by interview bias
- Answer is more likely to be frank
- Problem is compilation of appropriate mailing list
- Answer problem is realibility of information
- Usually get low respone rates
- Internet survey can done quickly than other method
- Primary advantage is flexibility of a multimedia environment
Mail Survey
- sending questionaire to potential buyer
- This survey is not hampered by interview bias
- ANswer is usually more likely to be frank
Problem is the compilation of the mailing list
- Answer problem is realibility of information
- Usually get low respone rate
- Internet survey can done quickly than other method
- Primary advantage is flexibility of a multimedia environment
Mail Survey
- sending questionaire to the potential investor
- this type of questionaire does not face problem of interview bias
- answer is more likely to be frank
- Problem is the compilation of appropriate mailing list
- usually get low respone rate
- Internet survey can done quickly than other method
- Primary advantage is flexibility of a multimedia environment
Mail survey
- Sending questionaire to potential investor
- This type of survey didnt have interviews bias
- answer are more likely to be frank
= problem is the complilation of the mailing list
- Usually get low respone rate
- Internet survey can done quickly than other type of survey
- Primary advantage is flexibility of a multimedia environment
- answer problem is realibility of information
Characteristic of Property Investment
1) heterogeneity and fixed location
2) Borrowing
3) High Transaction Cost
4) The long term nature of the holding
5) Management
6) Development Cycle and Supply
7) Depreciation
8) Government Intervention
9) Price Determination
10 ) Illiquidty
11) Underlying Tenant Quality
Hetergeonity and fixed location
- All ordinaryu shared in company are identical
- Location important for properties because of immobility
- Important of location vary by use of retail unit
- Finacial strenth of issuer influence value of bond
- more valueble if contact with government
- Not possible for two investor have identical holdings of share
- Unit value of property holdings much larger than other market
- Small investor should hold units in indirect vehicle
Heterogeinity and fixed location
- All ordinary share in company are identical
- Location are important for properties because of immobility
- Important of location vary by use of retail unit
- Not possible for two investor have identical holdings of share
- Unit value of property holding much larger than other market
- Small investor should hold unit in indirect vehicle
Heterogeneity and fixed location
- All ordinary share in company are identical
- Not possible for two investor have identical holdings of share
- location are important for properties because of immobility
- Important of location vary by use of retail unit
- Not possible for two investor have identical holding in shares
- Unit value of property holdings much large than other market
- Small investor should hold unit in indirect vehicle
Borrowing
- Many investor more likely to apply commerical loan
-Property developmet generally using short-term finance
- Borrowing is important and influence high value of property
borrowing
- Most investor are likely to apply loan
- Borrowing is important and influence high value of property
- Property development generally using short term finance
Borrowing
- Borrowing have influence the high value of the property
- Property development generally using short term finance
- Most investor are likely to apply loan
Borrowing
- Borrowing is important for high value of property
- Property development generaly using short term finance
- Most investor are likely to apply loan
Borrowing
- Most investor are likely too apply loan
- Borrowing is important for high value of property
- Property deelopment generally using short term finance
Borrowing
- Most investor are likely to apply loan
- Borrowing is important for high value of property
- Property development generally using short term finance
Borrowing
- Most investor are likely to apply loan
- Borrowing is important for high value of property
- Property development generally using short term finance
Borrowing
-Most investor are likely to apply loan
- Borrowing is important for high value of property
-Property development generally using short term finance
borrowing
- most investor are likely to apply loan instead of pay cahs
- borrowing is important for high value of property
- Property development generally using short term finance
High Transaction Cost
- Private market property have high purchase cost and sale costs
- Seller will sell at high price as mostly there have to paid the commissison to lawyer and agent
High Transaction Cost
- Private market have high sale cost and purchase cost
- The seller will sell at high price as mostly there have to paid the commission to lawyer and agent
High Transaction Cost
- Private market have sale cost and purchase cost
- The seller will sell at high price as mostly have to paid the comission to agent and lawyer
The long term nature of holding
- The building have long economic life expectancy, and seen as long term investment
- it is a real asset with long term real return
-More active portfolio managmenet lead to more frequent trading
The long term nature of holding
- the building have long economic life expectancy, seens as long term investment
-it is real asset with long term return
- more active portfolio mangement lead to more frequent trading.
The long term nature of holding
- the building have long economic life expectancy, seens as long term investment
- It is a real assets with long term return
- More active portfolio lead to more frequent trading
The long term nature of holding
- building have long economic life expectancy, seens as long term investment
- It is a real assets with long term return
- More active portfolio lead to more frequent trading
The long term nature of holding
- Building have long economic life expectancy, seens as long term investment
- It is a real assetst with long term return
- More active porfolio lead to more frequent trading
Management
- Ownership of a bond can be passive form of investment
- Ownership of share also a passive form of invesmtn
Management of rent review will affect the income and value
- management of rent review will affect the income and value
- management of rent review will affect the income and value
Management
- Ownership of bond can be passive form of investment
- Ownership of share also a passive form of invesmtnet
- Managemet of rent review will affect the income and value
Management
Ownership of bond can be passive form of invemsnt
Management of rent review will affect the income and value
Development Cycle and Supply
- Management opportunity is creation of new property invesmtnet but required land acquistion, financing, etc.
- Difficult to increase supply quickly
- Increase demand boost development activity, once new development is ready demand will fall back.
Depreciation
- Deterioration over time results in decline in income earning capacity
- Obsolescene changes in building technology and functional requirements.
Depreciation
- Deterioration over time results in decline in income earning capacity
- Deterioration over time results in decline in income earning capacity
- Obsolescene changes in building technology and functional requirements .
Depreciation
- Deterioration over time result decline in
Obsolescene change in building and functional requirements
Government Intervention
- Fixed nature properties is relationship with neighbourd and environment
- It is important quality of household have led to government intervention
- Government intervention including planning environment control, building regulation, etc
Government Intervention
- Fixed nature properties is relationship with neighbourd environment
- It is important quality of household have led to gfovernment intervention
- Government intervention including planning environment control, building regulation, etc
overnment Intervention
- Fixed nature properties is relathiship with neighbour environment
- It is important household have led to government intervention
- Government intervention including planning environment control, building regulation etc.
Government Intervention
- Fixed nature properties is relationship with neighbour environment
-It is important household have led to govenment intervention
- Government Intervention including planning environment control, building regulation, etc.
Price Determination
- Price in property market not determine by the interaction of many buyer and many seller.
Limited Information on transaction prices as no single trading market
- Price is negotiable between the seller and buyer
Price Determination
- Price in property market is not determine by the interaction of many buyer and many seller
- Limited information or transaction prices as no single trading market
- Price is negotiable betweent he seller and buyer
Illiquidity
- Property is illiquidity investment
-Reason of illiquidity
* Large unit size
* Uniqueness of each individual property
* Complexities and legal interest
* Need for physical surveys
* absence of single trading market match buyer and seller
* Difficult of agreeing the price
Illiquidity
* Property is illiquidity investment
* Reason of illiquidity
- Large unit size
- Uniqueness of each individual property
- Complexities and Legal interest
- Need for physical survey
- Absence of single trading market match buyer and seller
- Difficulty of agreeing price
Illiquidity
* Property is illiquidity invesment
* Reason of illiquidity
- Large unit size
- Uniqueness of each individual property
- Complexities and Legal interest
- Need for physical survey
- Absence of single trading market match buyer and seller
- Difficulty of agreeing price .
Underlying Tenant Quality
- Consideration of quality of underlying tenancy is important when accessing income producing property
- If tenant pay rental fees with monthly obligations, risk investment will be lower.
Underlying Tenant Quality
- Consideration of quality of underlying tenancy is important when accessing income productiong property
- If tenant pay rental fees with month obligations, risk invesmtnet will be lower
Underlying Tenant Quality
- Consideration of quiality of underlying tenancy is important when accessing income producing property
- If tenant pay rental fees with monthly obligations, risk invesmtnet will be lower.
Heterogeneity and Fixed Location
Management
Long Nature of Invesmtnet
Borrowing
High Transaction Cost
Long Term Investment of Nature Holding
Management
Development Cycle and Supply
Depreciation
Government Intervention
Illiquidity
Heterogeneity and Fixed Location
Management
Borrowing
Long Term Invesment of nature Holding
Management
Development Cycle and Supply
Depreciation
Government Intervention
Illiquidity
Heterogeneity and Fixed Location
- Fixed nature properties is relathnship with neighbourd and environment
- It is important quality of life of household have led to government intervention
- government intervention including planning environment control , building regulation, etc
Development Cycle and Supply
- Management opportunity is creation of new property inve
Comparison of REIT against Property Stock
Real Estate Investment Trust (REITs) is a coporate or trust as investment agent specialize in real estate and real estate mortage
Property Stock is a share
Characteris Of Property Investment
Heterogeneity and fixed location
Borrowing
High Transaction Cost
The long term nature for holding
Management
Development Cycle and supply
Government Intervention
Price Determination
Illiquidity
Underlying Tenant Quality
Hetergeneity and fixed location
Borrwoing
High Transaction Cost
The long term nature of holding
management
Development Cycle and Supply
Government Intervention
Price Determination
Illiquidity
Underyling Tenant Quality
Hetergeneity and Fixed Location
Borrowing
High Transaction Cost
The long Term Nature of Holding
Management
Develpment Cycle and supply
Price Determination
Illiquidity
Underlying Tenant Quality
Government Intervention
Depreciation
Heterogeneity and Fixed Location
Borrowing
high transaction cost
Government Intervention
Depreciation
Development Cycle and supply
Underlying Ternant Quality
Illiquidity
THe long tern nature of holding
Price Determination
Management
Characteristic of Fixed Property Location
Heterogeneity and Fixed Location
Borowwing
High Transaction Cost
Underlying Tenant Quality
Management
Development Cycle and Supply
Depreaciation
Illiquidity
Government Intervention
The long term nature of holding
MEthod of Research Analysis
Factor affecting property investment
1) location t
timing
branding
population and demand
type of property
rental income
legal remedy
real property gain tax
factor affecting property investment
1) location
timinng
branding
population and demand
type of property
rental income
legal remedy
real property gain tax
location
timing
population and demand
branding
type of property
rental income
legal remedy
real property gain tax
location
timing
branding
population and demand
type of property
rental income
legal remedy
real property gain tax
Characteristic of Property Investment
- Heterogeinity and Fixed Location
- Borrowing
- High Transaction Cost
- Government Intervention
- Management
- Long term Nature of Holding
- Depreciation
- Price Determination
- Illiquidity
- Underling Tenant Quality
- Development Cycle and Supply
- Heterogeneity and Fixed Location
- Borrowing
- High Transaction Cost
- Government Intervention
- Management
- Long Term of Nature holidng
- Depreciation
- Underlying of Tenant Quality
- Illiquidityu
- Price Determination
- Development Cycle and supple
Heterogeneity and fixed location
ALl ordinary shaes in company are identical
Location important for properties because of immobility
Important of location vary by use of retail unit
more valueable if contact with government
Unit value of property holding much larger than other market
small investor shall invest in indirect vehicle
Heterogeneity and fixed location
- All ordinary shares in company are identical
- Location important for properties because of immobility
- Important of location vary by use of retail unit
- More valueable if contact with government
- Unit value of property holding is much larger than other market
- Small investor shall invest in indirect vehicle
Heterogeneity and Fixed Locaton
- All ordinary shall in company are identical
- Location important for properties because of immobility
- Important of location vary by use of retail unit
- More valueable if contract with governmnet
- Unit value of property holding much larger than other market
- Small investor should holds unit in indirect vehicle
Borrowing
- Borrowing is important and influence high value of properties
- Property Development generally using short-term finance
- Investors more likely to apply commercial loans
- Borrowing is important and influence high value of properties
- Property Development generally using short-term finance
- Investors more likely to apply commercial loans
- Borrowing is important and influence high value of properties
- Property Development generally using short-term finance
- Investors more likely to apply commercial loans
- Borrowing is important and influence high value of properties
- Property Development generally using short-term finance
- Investor more likely to apply commercial loans
- Borrowing is important for high value of properties
- Investor are more likely to apply commercial loan
- Property Development generally using short- term finance
Borrowing is important for high value property
Property Development Generally using short term finance
Investor are more likely to appky for commericial loan
High Transaction Cost
- Private market real estate have high purchase costs and sale costs
- Seller will sale at high price beecause have to pay commission for the agent and lawyer
- Private market real estate have high purchase cost and sale costs
- Seller will sale at high price because mostly have to pay commission for agent and lawyer
Private market real estate have high purchase costs and sale cost
seller will sale at highj price because have to pay commission for the agent and lawyer
private market real estate have higher puchaser and sale cost
seller will sate at high price because have to pay commission for the agent and lawyer
Private market real estate have high purchase cost and sale cost
seller will sale at high price because have to pay comission for the agent and lawyer
Private market real estate have high purchase cost and sale cost
Seller will sale at high price because have to pay commission for the agent and lawyer
Private market real estate have high purchase cost and sale cost
Seller will sale at high price because have to pay commission for the agent and lawyer
The long Nature of the Holding
- Building have long economic life expectancy, and as long term of invesmtne t
- It is a real asset with long term real return
- More active portfolio management lead to more frequent trading
Management
- Ownership of the bond can be passive form of invesmtnet
- Ownership of the share can also be passive form of invesment
Management
Ownershipo of bond can be passive form of invesmtne t
ownership of share can also be passive form of investment
Management
Ownership of bond can be passive form of invesment
Ownership of share can be passive form of invesment
Management
Ownership of bond can be passive form of invesmtnt
Ownership of share can also be passive form of invesment
Development Cycle and Supply
- Difficult to invest supply quickly
- Increase demand boost development activity, once new development ready, demand will fall back
Development Cycle and Supply
- DIfficult to invest supply quickly
- Increase demand boost development activity, once new development ready, demand will fall back
Development Cycle and Supply
- Difficult to invest supply quickly
- Increase demand boost development activity, once new development ready, demand will fall back
Development Cycle and Supply
- Difficult to invest supply quickly
- Inceasae
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