International Real Estate: An Institutional Approach

Contributors ix
<p>Foreword by Jeremy Newsum, Grosvenor Group Holdings xi</p>
<p>Preface xiii</p>
<p>Part 1 Analysis of Real Estate Transactions in Unfamiliar Markets, Using an Institutional Approach 1</p>
<p>1 Real Estate Transactions: an Institutional Perspective 3<br /> William Seabrooke and Hebe Hwee Hong How</p>
<p>The international real estate phenomenon 3</p>
<p>Real estate transactions and transacting 4</p>
<p>Transaction cost concepts 14</p>
<p>A transaction–based approach lends itself to institutional analysis 28</p>
<p>2 Resolving Institutional Uncertainty in International Real Estate Decisions 35<br /> William Seabrooke and Paul Kent</p>
<p>The institutional nature of transactions 35</p>
<p>Real estate transactions 37</p>
<p>A scoping template for ′mapping′ the institutional ′landscape′ within which a real estate transaction takes shape 55</p>
<p>Conclusion 70</p>
<p>3 An Institutional Analysis of the Subject Matter of Real Estate Transactions 73<br /> Paul Kent</p>
<p>Property rights in institutional analysis 73</p>
<p>Institutional determinants of title to real estate in Hong Kong 76</p>
<p>Institutional determinants of property rights in real estate in the PRC 81</p>
<p>Conclusion 88</p>
<p>Part 2 Evolution of the Institutional Context of International Real Estate 93</p>
<p>4 Local Property Markets and Effective Flexible Market Institutions 96<br /> Michael A. Goldberg</p>
<p>The issues 96</p>
<p>Global forces introduced: an overview 97</p>
<p>Indications of global integration in urban property markets 100</p>
<p>Local, regional and national forces impinging on global cities 102</p>
<p>Globalisation of world city property markets: observations and caveats on volatility 105</p>
<p>Vancouver: an emerging world city facing prototypical issues in the global economy 107</p>
<p>Vancouver s globalised property market: the cycle of the late 1980s 111</p>
<p>Policy issues and fl exible institutional responses for global cities when they are both determinants and outcomes of globalisation 113</p>
<p>Public attitudes to cope with change 115</p>
<p>Possible national government roles in urban policy in a global setting 119</p>
<p>Growing vulnerability of cities in the connected global environment 122</p>
<p>Conclusions 122</p>
<p>5 Facilitation and Constraint: Institutions of Urban Planning in Hong Kong 130<br /> Bo Sin Tang, Sujeet Sharma, Stanley Chi Wai Yeung</p>
<p>Urban planning and development control 133</p>
<p>Planning, politics and economy 144</p>
<p>Conclusions 148</p>
<p>6 Emerging Institutions in Europe 155<br /> Derek C. Nicholls</p>
<p>Historical context 155</p>
<p>Single market 157</p>
<p>Single continent? 160</p>
<p>Implications for real estate markets 168</p>
<p>7 Institutional Aspects of Real Estate Investment and Project Appraisal 173<br /> Eddie Chi Man Hui and Yat Hung Chiang</p>
<p>Institutional aspects 173</p>
<p>Institutional features of project appraisal 186</p>
<p>Role of international funding agencies: the World Bank and the Asian Development Bank 190</p>
<p>Conclusion 193</p>
<p>Part 3 Institutional Aspects of National Real Estate Markets&nbsp;197</p>
<p>8 US Pension Funds and Real Estate: Still Crazy After</p>
<p>All These Years 200<br /> Bernard Winograd</p>
<p>In the beginning 201</p>
<p>The end of innocence 204</p>
<p>The cavalry arrives 205</p>
<p>The pension funds react 211</p>
<p>Where do we go from here? 215</p>
<p>9 Real Estate Markets in the United States 220<br /> Mark J. Eppli and Charles C. Tu</p>
<p>The interrelation between the space and capital markets 223</p>
<p>Space markets in the United States 227</p>
<p>Capital markets in the United States 235</p>
<p>The space market/capital market disconnection 245</p>
<p>Summary 259</p>
<p>10 Real Estate Markets in the United Kingdom 262<br /> Andrew Baum</p>
<p>UK real estate: the asset class 262</p>
<p>The sectors: principal characteristics 266</p>
<p>The vehicles available for property investment 269</p>
<p>Commercial property owners 282</p>
<p>Property fund managers and advisers 284</p>
<p>The role of government 288</p>
<p>Conclusion 290</p>
<p>11 Real Estate Markets in Canada 293<br /> C. Tsuriel Somerville</p>
<p>Government institutions and real estate 295</p>
<p>Property rights 299</p>
<p>Land–use regulation 302</p>
<p>Canadian real estate markets 306</p>
<p>Conclusion 321</p>
<p>12 Real Estate Markets in Japan 325<br /> Yu Ichiro Kawaguchi</p>
<p>The Japanese rental market 326</p>
<p>The market for ownership of real estate assets 329</p>
<p>Capital markets 336</p>
<p>Conclusion 339</p>
<p>13 Real Estate Markets in Mainland China 342<br /> Chang Chun Feng and Stanley Chi Wai Yeung</p>
<p>Market structure 342</p>
<p>The reform of urban land–use policy 343</p>
<p>Reform of the urban housing system 347</p>
<p>Relationship between real estate industry and national economic development 352</p>
<p>Long–term development of the real estate market in China 356</p>
<p>Acknowledgement 361</p>
<p>References and further reading 361</p>
<p>Index 363</p>