Briefings in Real Estate Finance最新文献

This paper presents further evidence that real estate markets around the world are interrelated. Although it is shown that an initial examination may reveal that international real estate markets are not linked, once structural changes are accounted for, it becomes apparent that there are long-running relationships in securitised real estate returns across the world. This paper also shows that monetary changes in the USA – the world's leading economy – can impact on international real estate markets. This has major implications for investment and fund managers alike, who must reconsider the benefits of international real estate diversification. Copyright © 2002 Henry Stewart Publications

The reform and open-door policy has brought continuous rapid economic growth and transformed China from a closed command economy to an open economy dominated by markets. This paper analyses the office markets in Beijing and Shanghai in an institutional context. It scrutinises the factors that led to the boom and bust of the office markets in these two largest cities in China in the 1990s. It provides an analysis of the changes to the ruling party and the government that lead to increased competition and reduced government intervention, transforming state firms into real market players. With surging domestic/foreign demand and more rational supply, growth of rental and capital values has returned. The paper concludes that the office markets in Beijing and Shanghai are becoming huge competitive playgrounds for genuine property developers and investors and show great potential as the two cities upgrade themselves into international as well as domestic business centres. Copyright © 2002 Henry Stewart Publications

Over the past two years, the use of international title insurance has increased markedly. Title insurance has ceased to be a uniquely American product and has become a component of real estate transactions in dozens of countries. International lenders are becoming more familiar with the protections and benefits of title insurance, and, consequently, it is playing an increasingly greater role in the evolution of standardised international transaction systems and processes. This paper discusses how and why title insurance works in international real estate transactions and how the market has responded. Copyright © 2004 Henry Stewart Publications

In this quarterly feature the nuts and bolts of loan document structuring and negotiations are investigated, as well as the closing process and loan administration. This issue's paper examines the most hotly negotiated legal issues between the senior and junior lenders in the context of A/B notes originated for the REMIC securitisation market, where both the senior (A) and junior (B) note share a mortgage interest in the same real property. The paper outlines the ways in which the holder of the B note may attempt to protect its interest in the face of actions by the A note holder that could otherwise modify or reduce the borrower's obligations to the B note holder, or eliminate the collateral for the B note. In each case, the author suggests typical compromise positions that should satisfy both the B note holder and the holders of all tranches of the securities backed by the A note. Copyright © 2002 Henry Stewart Publications

This is the third in a series of papers dealing with certain aspects of local law and practice concerning property investment and development finance transactions governed by certain jurisdictions in continental Europe. The author has previously dealt with the Netherlands and Italy; this paper deals with Spain. Copyright © 2004 Henry Stewart Publications

This paper outlines the principal reasons why commercial real estate investors are increasingly structuring investment in UK and European property indirectly through the use of offshore holding vehicles, and reviews the structuring options available. Copyright © 2003 Henry Stewart Publications

The aim of the Research reviews is to focus on current academic research which contributes to and enhances professional practice. The objective is to provide the busy practitioner with a synopsis of leading edge research in the area and hopefully to stimulate a desire for greater understanding and application of knowledge and techniques that will enhance professional practice. The reader is encouraged to examine in depth each of the reviewed papers. This issue of the Research Review comprises of one UK research report and three US academic articles encompassing the following topics:

In this short series of papers, points of law and practice in relation to a lender wishing to undertake a property investment or development finance transaction in particular jurisdictions will be examined.

The specific jurisdictions which will be dealt with are the Netherlands, France, Germany, Spain and Italy. Copyright © 2003 Henry Stewart Publications