{"product_id":"international-real-estate-isbn-9781405103084","title":"International Real Estate","description":"Real estate activity across national boundaries (investment, development and asset management) is firmly established as a major component of global economic activity. \u003ci\u003eInternational Real Estate\u003c\/i\u003e provides the understanding of real estate strategies and transactions that cross national boundaries. International organizations lament the narrow perspective of professionals in the real estate field, which stems from training that takes a parochial rather than international view of the practices and processes of real estate markets.  \u003cp\u003eThis book takes an explicitly international perspective to the decision-making process leading to final 'accept' or 'reject' investment decisions. It will be the first to adopt an institutional approach that directly addresses the problems of how to identify and avoid the main pitfalls of cross-border investment in real estate. The key to understanding international real estate comes from understanding the impact on investment and management decisions of differences in the formal and informal 'rules of the game'. The authors define the key feature of international real estate as the institutions that frame, facilitate or impede investment in land and buildings across national boundaries.\u003c\/p\u003e  Contributors ix  \u003cp\u003eForeword by Jeremy Newsum, Grosvenor Group Holdings xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1 Analysis of Real Estate Transactions in Unfamiliar Markets, Using an Institutional Approach 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Real Estate Transactions: an Institutional Perspective 3\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eWilliam Seabrooke and Hebe Hwee Hong How\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe international real estate phenomenon 3\u003c\/p\u003e \u003cp\u003eReal estate transactions and transacting 4\u003c\/p\u003e \u003cp\u003eTransaction cost concepts 14\u003c\/p\u003e \u003cp\u003eA transaction-based approach lends itself to institutional analysis 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Resolving Institutional Uncertainty in International Real Estate Decisions 35\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eWilliam Seabrooke and Paul Kent\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe institutional nature of transactions 35\u003c\/p\u003e \u003cp\u003eReal estate transactions 37\u003c\/p\u003e \u003cp\u003eA scoping template for 'mapping' the institutional 'landscape' within which a real estate transaction takes shape 55\u003c\/p\u003e \u003cp\u003eConclusion 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 An Institutional Analysis of the Subject Matter of Real Estate Transactions 73\u003cbr\u003e \u003c\/b\u003e\u003ci\u003ePaul Kent\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eProperty rights in institutional analysis 73\u003c\/p\u003e \u003cp\u003eInstitutional determinants of title to real estate in Hong Kong 76\u003c\/p\u003e \u003cp\u003eInstitutional determinants of property rights in real estate in the PRC 81\u003c\/p\u003e \u003cp\u003eConclusion 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2 Evolution of the Institutional Context of International Real Estate 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Local Property Markets and Effective Flexible Market Institutions 96\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eMichael A. Goldberg\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe issues 96\u003c\/p\u003e \u003cp\u003eGlobal forces introduced: an overview 97\u003c\/p\u003e \u003cp\u003eIndications of global integration in urban property markets 100\u003c\/p\u003e \u003cp\u003eLocal, regional and national forces impinging on global cities 102\u003c\/p\u003e \u003cp\u003eGlobalisation of world city property markets: observations and caveats on volatility 105\u003c\/p\u003e \u003cp\u003eVancouver: an emerging world city facing prototypical issues in the global economy 107\u003c\/p\u003e \u003cp\u003eVancouver’s globalised property market: the cycle of the late 1980s 111\u003c\/p\u003e \u003cp\u003ePolicy issues and fl exible institutional responses for global cities when they are both determinants and outcomes of globalisation 113\u003c\/p\u003e \u003cp\u003ePublic attitudes to cope with change 115\u003c\/p\u003e \u003cp\u003ePossible national government roles in urban policy in a global setting 119\u003c\/p\u003e \u003cp\u003eGrowing vulnerability of cities in the connected global environment 122\u003c\/p\u003e \u003cp\u003eConclusions 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Facilitation and Constraint: Institutions of Urban Planning in Hong Kong 130\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eBo Sin Tang, Sujeet Sharma, Stanley Chi Wai Yeung\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eUrban planning and development control 133\u003c\/p\u003e \u003cp\u003ePlanning, politics and economy 144\u003c\/p\u003e \u003cp\u003eConclusions 148\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Emerging Institutions in Europe 155\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eDerek C. Nicholls\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eHistorical context 155\u003c\/p\u003e \u003cp\u003eSingle market 157\u003c\/p\u003e \u003cp\u003eSingle continent? 160\u003c\/p\u003e \u003cp\u003eImplications for real estate markets 168\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Institutional Aspects of Real Estate Investment and Project Appraisal 173\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eEddie Chi Man Hui and Yat Hung Chiang\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eInstitutional aspects 173\u003c\/p\u003e \u003cp\u003eInstitutional features of project appraisal 186\u003c\/p\u003e \u003cp\u003eRole of international funding agencies: the World Bank and the Asian Development Bank 190\u003c\/p\u003e \u003cp\u003eConclusion 193\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 3 Institutional Aspects of National Real Estate Markets 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 US Pension Funds and Real Estate: Still Crazy After\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAll These Years 200\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eBernard Winograd\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIn the beginning… 201\u003c\/p\u003e \u003cp\u003eThe end of innocence 204\u003c\/p\u003e \u003cp\u003eThe cavalry arrives 205\u003c\/p\u003e \u003cp\u003eThe pension funds react 211\u003c\/p\u003e \u003cp\u003eWhere do we go from here? 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Real Estate Markets in the United States 220\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eMark J. Eppli and Charles C. Tu\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe interrelation between the space and capital markets 223\u003c\/p\u003e \u003cp\u003eSpace markets in the United States 227\u003c\/p\u003e \u003cp\u003eCapital markets in the United States 235\u003c\/p\u003e \u003cp\u003eThe space market\/capital market disconnection 245\u003c\/p\u003e \u003cp\u003eSummary 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Real Estate Markets in the United Kingdom 262\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eAndrew Baum\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eUK real estate: the asset class 262\u003c\/p\u003e \u003cp\u003eThe sectors: principal characteristics 266\u003c\/p\u003e \u003cp\u003eThe vehicles available for property investment 269\u003c\/p\u003e \u003cp\u003eCommercial property owners 282\u003c\/p\u003e \u003cp\u003eProperty fund managers and advisers 284\u003c\/p\u003e \u003cp\u003eThe role of government 288\u003c\/p\u003e \u003cp\u003eConclusion 290\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Real Estate Markets in Canada 293\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eC. Tsuriel Somerville\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eGovernment institutions and real estate 295\u003c\/p\u003e \u003cp\u003eProperty rights 299\u003c\/p\u003e \u003cp\u003eLand-use regulation 302\u003c\/p\u003e \u003cp\u003eCanadian real estate markets 306\u003c\/p\u003e \u003cp\u003eConclusion 321\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Real Estate Markets in Japan 325\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eYu Ichiro Kawaguchi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eThe Japanese rental market 326\u003c\/p\u003e \u003cp\u003eThe market for ownership of real estate assets 329\u003c\/p\u003e \u003cp\u003eCapital markets 336\u003c\/p\u003e \u003cp\u003eConclusion 339\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Real Estate Markets in Mainland China 342\u003cbr\u003e \u003c\/b\u003e\u003ci\u003eChang Chun Feng and Stanley Chi Wai Yeung\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMarket structure 342\u003c\/p\u003e \u003cp\u003eThe reform of urban land-use policy 343\u003c\/p\u003e \u003cp\u003eReform of the urban housing system 347\u003c\/p\u003e \u003cp\u003eRelationship between real estate industry and national economic development 352\u003c\/p\u003e \u003cp\u003eLong-term development of the real estate market in China 356\u003c\/p\u003e \u003cp\u003eAcknowledgement 361\u003c\/p\u003e \u003cp\u003eReferences and further reading 361\u003c\/p\u003e \u003cp\u003eIndex 363\u003c\/p\u003e  'an important and very valuable contribution to the understanding of the pitfalls and the functioning of foreign real estate markets. International Real Estate - An Institutional Approach is truly inspiring. It is written in a clear and understandable manner and can, without doubt, serve most participants of international real estate markets as a guide or 'handbook' for carrying out or advising on real estate investments in foreign market environments. Recommended to investors, corporate real estate and funds managers or project developers as well as undergraduate and postgraduate students. '\u003cbr\u003e \u003cp\u003eBuilding Research \u0026amp; Information 2005 33(3)\u003cbr\u003e \u003c\/p\u003e \u003cp\u003e\u003ci\u003eThis book is a wonderful contribution to greater knowledge and I look forward to making much use of it. It may hold the promise of fewer acts of self-destruction in our industry but it is also a fascinating insight into the disconnection between rational analysis and action\u003c\/i\u003e.’\u003cbr\u003e \u003c\/p\u003e \u003cp\u003eJeremy Newsum, Group Chief Executive, Grosvenor Group Holdings\u003c\/p\u003e \u003cp\u003e\u003cb\u003eWilliam Seabrooke\u003c\/b\u003e is the editor of \u003ci\u003eInternational Real Estate: An Institutional Approach\u003c\/i\u003e, published by Wiley.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePaul Kent\u003c\/b\u003e is the editor of \u003ci\u003eInternational Real Estate: An Institutional Approach\u003c\/i\u003e, published by Wiley.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHebe Hwee-Hong How\u003c\/b\u003e is the editor of \u003ci\u003eInternational Real Estate: An Institutional Approach\u003c\/i\u003e, published by Wiley.\u003c\/p\u003e  The needs of today's international business community is placing increasing pressure on its advisors to take a global approach. Traditional training of property professionals is strongly based on a single sovereignty and practitioners themselves prefer to focus their advice on markets with which they are familiar. However, as the demand from international clients increases, this narrow, single-country approach is no longer adequate.  \u003cp\u003eBy focussing on understanding transactions and how they form the basis of specific real estate projects in any sovereignty, \u003ci\u003eInternational Real Estate: an institutional approach\u003c\/i\u003e presents a way of looking at real estate investment and development which is more relevant to the challenges of international practice.\u003c\/p\u003e \u003cp\u003eThe book is structured in three parts: Part 1 introduces the transaction-based approach; Part 2 addresses contextual issues relating to city planning and large-scale project analysis; and Part 3 presents individual perspectives from six authors from real estate markets in the United States, Canada, the United Kingdom, Japan and China.\u003c\/p\u003e \u003cp\u003eThe book shows how the institutional features of real estate determine the manner in which it is integrated into market economies that vary in form from sovereignty to sovereignty by:\u003c\/p\u003e \u003cul\u003e \u003cli\u003efocusing on transactions as the primary building block of real estate investment, development and management\u003c\/li\u003e \u003cli\u003eidentifying institutional complexity as the key factor in achieving commercial success in international real estate\u003c\/li\u003e \u003cli\u003eintroducing a new decision-making template for mapping and navigating institutional complexity.giving practical examples that illustrate how this template can be used to unravel different aspects of international real estate including real estate markets.\u003c\/li\u003e \u003c\/ul\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989448638693,"sku":"NP9781405103084","price":173.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781405103084.jpg?v=1761784140","url":"https:\/\/k12savings.com\/products\/international-real-estate-isbn-9781405103084","provider":"K12savings","version":"1.0","type":"link"}