NEW YORK: US stocks on Tuesday ended mostly lower as analysts pointed to the need for markets to absorb recent gains after a number of records in the last couple of weeks.
The Dow Jones Industrial Average fell 20.90 points (0.13 percent) to 15,618.22. The broad-based SandP 500 dipped 4.96 points (0.28 percent) to 1,762.97, while the tech-rich Nasdaq Composite Index edged up 3.27 points (0.08 percent) to 3,939.86.
Markets opened lower after the European Union cut its 2014 eurozone growth forecast. The indices rallied after that, but the rise was not enough to pull two of the three main indices into positive territory.
Art Hogan, head of product strategy for equity research at Lazard Capital Markets, said the selling could be expected because equities have risen a lot in recent weeks.
"We've got some wind at our back here, but we've also got a market that's worked its way pretty high in a short period of time," Hogan said.
Car rental company Hertz Global Holdings sank 10.5 percent amid concerns over higher fleet costs, which Morgan Stanley said clouded the 2014 profit outlook.
Retail pharmaceutical giant CVS Caremark rose 2.0 percent after earnings of US$1.09 per share bested forecasts by 7 cents. The company also increased its full-year earnings projections due to stronger sales from a range of US$3.90-US$3.96 per share to US$3.98-US$4.01.
Luxury fashion company Michael Kors shot up 5.8 percent after earnings topped expectations by 3 cents at 71 cents per share on surging sales. North American comparable-store sales rose 21 percent.
Canadian energy company Encana rose 2.8 percent after announcing a new corporate strategy that emphasises oil development at the expense of natural gas, cuts 20 percent of its staff, divests some assets and keeps a lower dividend.
Fertiliser company CF Industries fell 3.7 percent after earnings slumped 42 percent to US$234.1 million due to tough industry conditions in the wake of lofty supply. However, the company pointed to a "good demand outlook and favourable pricing dynamics" for the 2014 nitrogen market.
2013年11月5日星期二
US stocks firmer ahead of GDP, jobs data
NEW YORK: US stocks on Monday ended a quiet day higher as investors looked ahead to some important economic reports later in the week, including the monthly jobs report.
The Dow Jones Industrial Average tacked on 23.57 points (0.15 percent) at 15,639.12.
The broad-based SandP 500 rose 6.29 points (0.36 percent) to 1,767.93, while the tech-rich Nasdaq Composite Index added 14.55 points (0.37 percent) at 3,936.59.
Dan Greenhaus, chief global strategist at BTIG LLC, characterised Monday's economic news flow as "dead" but said markets will likely take notice of Thursday's report on third-quarter gross domestic product and Friday's monthly jobs report for October.
"We've had a really nice run here and the market feels a little tired," Greenhaus said.
Tech companies Groupon (+6.4 percent) and Tesla Motors (+8.0 percent) rose ahead of earnings reports this week.
Dow component Merck was lifted 1.1 percent after announcing promising results in a trial for a vaccine that it said protects against the HPV virus that can lead to cervical cancer.
Another Dow component, Johnson and Johnson, dipped 0.4 percent after it agreed to pay US$2.2 billion to settle allegations of fraudulently marketing drugs and paying kickbacks to promote their sales.
Smartphone company BlackBerry spent the day trading in the red after announcing a new chief executive and scuttling plans to sell the company and instead receive a US$1 billion infusion. Shares ended 16.4 percent lower amid revived questions about the Canadian company's prospects
The Dow Jones Industrial Average tacked on 23.57 points (0.15 percent) at 15,639.12.
The broad-based SandP 500 rose 6.29 points (0.36 percent) to 1,767.93, while the tech-rich Nasdaq Composite Index added 14.55 points (0.37 percent) at 3,936.59.
Dan Greenhaus, chief global strategist at BTIG LLC, characterised Monday's economic news flow as "dead" but said markets will likely take notice of Thursday's report on third-quarter gross domestic product and Friday's monthly jobs report for October.
"We've had a really nice run here and the market feels a little tired," Greenhaus said.
Tech companies Groupon (+6.4 percent) and Tesla Motors (+8.0 percent) rose ahead of earnings reports this week.
Dow component Merck was lifted 1.1 percent after announcing promising results in a trial for a vaccine that it said protects against the HPV virus that can lead to cervical cancer.
Another Dow component, Johnson and Johnson, dipped 0.4 percent after it agreed to pay US$2.2 billion to settle allegations of fraudulently marketing drugs and paying kickbacks to promote their sales.
Smartphone company BlackBerry spent the day trading in the red after announcing a new chief executive and scuttling plans to sell the company and instead receive a US$1 billion infusion. Shares ended 16.4 percent lower amid revived questions about the Canadian company's prospects
2013年10月5日星期六
Yun Fah Auto Services Cheating
This shop is located at manjalara Kepong. As last time I forgot to switch off the light and the car have run out of battery. And my car just park infont of this shop. After that I ask the boss to help me jump start and take about 30 second and the boss charge me RM 100 for the services. And did you think RM 100 is reasonable for 30 seconds simple jump start services ?
2013年9月30日星期一
17,0 Employees Social Security Act, 1969
17.1 Registration with SOCSO
Without prejudice to his liability to indemnify the Government under clause 16, the Contractor shall register or cause to register all local workmen employed in the execution of the wORKS AND WHO ARE SUBJECT TO REGISTRATION UNDER THE eMPLOYEE'S sOCIAL sECURITY sCHEME ('THE socso sCHEME') in accordance with the Employee's Social Security Act 1969 or any subsequyent modification or re-enactment of the said Act. For the purpose of this sub-clause, the term "local workmen" shall include workmen who are Malaysian citizens and those who have permanent resident status.
17.2 Contribution to SOCSO
The Contractor shall submit the Code Number and Social Security Numbers of all the workmen registered under the SOCSO scheme to the S.O. for verification. The Contractor shall make payment of all contribution from time to time on the first contribution day on which the same ought to be paid and until the completion of this Contract and it shall be the duty of the Contractor to produce to the S.O. contribution statement or payument vouchers as evidence of payment of such contribution, whether demanded or not.
17.3 Default in Complying with SOCSO
If the Contractor fails to comply with the terms of this Clause, the Government or the S.O. on its behalf may without prejudice to any other remedy available to the Government for breach of any terms of this Contract:
(a) withhold an amount from any money which would otherwise be due to the Contractor under this Contract and which in the opinion of the S.O. will satisfy any claims for compensation by workmen that would have been borne by SOCSO Scheme had the Contractor not made default in maintaining the contribution; and/or
(b) pay such contributions as have become due and remain unpaid and deduct the amount of such contrubiton includingt On-Cost Charges ( calculated by applying the Percentage of On-Cost Charges stated in Appendix to the contributions paid), from any money due or to become due to the Contractor under this Contract, and failing which such contributions shall be recovered from the Performance Bond or as a debt due from the Contractor.
16.0 INDEMNITIES TO GOVERNMENT IN RESPECT OF CLAIMS BY WORKMEN
16.1 Workmen Compensation
(a) The Contractor shall be liable for and shall indemnify and keep indemnified the the Government and its officers or servants from all liabilities arising out of claims by any workman employed by the Contractor in and for the performance of this Contract for payment of compensation under or by virtue of the Workmen's Compensation Act 1952 and the Employee's Social Security Act 1969 or any other law amending or replacing such law and from all costs and expenses incidental and consequential thereto.
(b) The Contractor shall effect and maintain throughtout the Contract Period a "Workmen Compensation Insurance" or any other applicable insurance for its personnel, servants, agents or employees required under laws of Malaysia.
(a) The Contractor shall be liable for and shall indemnify and keep indemnified the the Government and its officers or servants from all liabilities arising out of claims by any workman employed by the Contractor in and for the performance of this Contract for payment of compensation under or by virtue of the Workmen's Compensation Act 1952 and the Employee's Social Security Act 1969 or any other law amending or replacing such law and from all costs and expenses incidental and consequential thereto.
(b) The Contractor shall effect and maintain throughtout the Contract Period a "Workmen Compensation Insurance" or any other applicable insurance for its personnel, servants, agents or employees required under laws of Malaysia.
15.0 INSURANCE AGAINST PERSONAL INJJURIES AND DAMAGE TO PROPERTY
15.1 TAKING OF INSURANCE
(A) Without prejudice to his liability to indemnify the Government under clause 14 hereof, the Contractor shall, as a condition precedent to the commencement of any work under this Contract, effect and maintain such insurances whether with or without an excess amount as specified in Appendix hereto as are necessary to cover the liability of the Contractor and all sub-contractors, whether nominated or otherwise.
(b) Such insurance shall be for the purpose of personal injuries or death, damage or loss to property, movable or immovable, arising out of, or in the course of, or by reason of the execution of the Works and caused by any negligence, omission, breach of contract or default of the Contractor or any sub-contractor, whether nominated or otherwise, or of any servants or agents of the Contractor or of any such sub-contractor, whether nominated or otherwise. Where an excess amount is specfified in Appendix, the Contractor shall bear the amount of such excess. The policy or policies of insurance shall contain a cross liability clause indemnifying each of the jointly insured against claims made by on him by the other jointly insured.
(c) Such insurance as referred to under sub-clause (a) hereof shall be effected with an insurnace company as approved by the Government and maintained in the joint names of the Government and Contractor and all sub-contractors, whether nominated or otherwise. Such insurance shall cover from the period of the date of possession of site until the date of issuance of Certificate of Making Good Defects for any claim occasioned by the Contractor or any sub-contractor in the course of any operations carried out by the Contractor or any sub-contractor for the purpose of complying with his obligations under Clause 48 hereof.
15.2 Production of Policies
It shall be the duty of the Contractor to produce and shall deposit the relevant policy or policies of the insurance together with receipts in respect of premiums paid to the S.O., whether demanded or not.
15.3 Default in insuring
If the Contractor fails to effect or renew such insurances as are required to be effected and maintained under this Contract , the Government or the S.O. on its behalf may effect or renew such insurance and shall be entitled to deduct a sum equivalent to the amount in respectr of the premiums paid and On-Cost Charges (calculated by applying the Percentage for on-cost Charges' stated in Appendix hereto the premiums paid), from any money due or to become due to the Contractor under this Contract or to recover the same from the Performance Bond or as a debt due from the Contractor.
15.4 Cancellation of Insurance
(a) The Contractor shall ensure that any insurance policy effected hereto shall only be cancelled by the insurer after the expiry of thrity (30) days from the date of receipt bny the Government of a written notice from the insurer advising of such impending cancellation PROVIDED THAT the Contractor has been issued with the Certificate of Making Good Defects in accordance with clause 48.
(b) The Contractor shall not at any time permit or cause to be done any act, matter or thing which may result in any insurance effected by virtue of this Contract being vitiated or rendered void or voidable or whereby the rate of the premium on any insurance effected shall be liable to tbe increased.
15.5 Loss or Damage Occasioned by Insured Risk
(c) In the event of any damage or loss occuring during the performance of this Contract, Contractor shall repair, replace or make good such damage or loss from the amount of insurance claimed, if sufficient, or if insufficient, using his own resources.
(A) Without prejudice to his liability to indemnify the Government under clause 14 hereof, the Contractor shall, as a condition precedent to the commencement of any work under this Contract, effect and maintain such insurances whether with or without an excess amount as specified in Appendix hereto as are necessary to cover the liability of the Contractor and all sub-contractors, whether nominated or otherwise.
(b) Such insurance shall be for the purpose of personal injuries or death, damage or loss to property, movable or immovable, arising out of, or in the course of, or by reason of the execution of the Works and caused by any negligence, omission, breach of contract or default of the Contractor or any sub-contractor, whether nominated or otherwise, or of any servants or agents of the Contractor or of any such sub-contractor, whether nominated or otherwise. Where an excess amount is specfified in Appendix, the Contractor shall bear the amount of such excess. The policy or policies of insurance shall contain a cross liability clause indemnifying each of the jointly insured against claims made by on him by the other jointly insured.
(c) Such insurance as referred to under sub-clause (a) hereof shall be effected with an insurnace company as approved by the Government and maintained in the joint names of the Government and Contractor and all sub-contractors, whether nominated or otherwise. Such insurance shall cover from the period of the date of possession of site until the date of issuance of Certificate of Making Good Defects for any claim occasioned by the Contractor or any sub-contractor in the course of any operations carried out by the Contractor or any sub-contractor for the purpose of complying with his obligations under Clause 48 hereof.
15.2 Production of Policies
It shall be the duty of the Contractor to produce and shall deposit the relevant policy or policies of the insurance together with receipts in respect of premiums paid to the S.O., whether demanded or not.
15.3 Default in insuring
If the Contractor fails to effect or renew such insurances as are required to be effected and maintained under this Contract , the Government or the S.O. on its behalf may effect or renew such insurance and shall be entitled to deduct a sum equivalent to the amount in respectr of the premiums paid and On-Cost Charges (calculated by applying the Percentage for on-cost Charges' stated in Appendix hereto the premiums paid), from any money due or to become due to the Contractor under this Contract or to recover the same from the Performance Bond or as a debt due from the Contractor.
15.4 Cancellation of Insurance
(a) The Contractor shall ensure that any insurance policy effected hereto shall only be cancelled by the insurer after the expiry of thrity (30) days from the date of receipt bny the Government of a written notice from the insurer advising of such impending cancellation PROVIDED THAT the Contractor has been issued with the Certificate of Making Good Defects in accordance with clause 48.
(b) The Contractor shall not at any time permit or cause to be done any act, matter or thing which may result in any insurance effected by virtue of this Contract being vitiated or rendered void or voidable or whereby the rate of the premium on any insurance effected shall be liable to tbe increased.
15.5 Loss or Damage Occasioned by Insured Risk
(c) In the event of any damage or loss occuring during the performance of this Contract, Contractor shall repair, replace or make good such damage or loss from the amount of insurance claimed, if sufficient, or if insufficient, using his own resources.
2013年8月24日星期六
Metrhod of Research Analysis
1. Situation analysis
- 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
- 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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